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Rich Williams, a higher education advocate for U.S. Public Interest Research Groups (PIRG) said he's looking forward to the consumer bureau's work with student loans, as well as credit cards and debit cards issued on campus. With a director, the bureau can now set rules of the road for all providers of student loans, not just those issued by banks.

"Every year, students graduate owing tens of thousands of dollars before they've even earned their first paycheck," said Williams. "The Consumer Financial Protection Bureau can set rules of the game to rein in the worst abuses in the campus marketplace, and ultimately to drive down the cost of college."