WASHINGTON — The Consumer Financial Protection Bureau's push to encourage private lenders to refinance student loan debt is raising questions about whether the agency is focusing on the right target.

A report issued by the agency last week focused solely on private lenders, who represent anywhere between 7% and 15% of student loan originations, while the rest are backed by the federal government. That has left many in the industry arguing that the solution to systemic problems in the student loan market, which echo those of the mortgage market before the financial crisis, lies with the government, not bankers.

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