; and (B) by inserting after subsection (g) the following: (h) Office of Students and Young Consumers (1) In general The Director shall, not later than the end of the 60-day period beginning on the date of enactment of this section, establish an Office of Students and Young Consumers, which shall work to empower students, young people, and their families to make more informed financial decisions about saving and paying for college, accessing safer and more affordable financial products and services, all matters related to private education loans (as defined under section 1035(e)), and repaying student loan debt, including private education loans. (2) Head of the Office The head of the Office of Students and Young Consumers shall be the Assistant Director and Student Loan Ombudsman, and the Assistant Director and Student Loan Ombudsman shall carry out all functions established under section 1035 through the Office of Students and Young Consumers. (3) Supervisory, enforcement, and regulatory matters The Office of Students and Young Consumers shall assist in all supervisory, enforcement, and regulatory matters of the Consumer Bureau related to the functions of the Office. (4) Coordination The Director shall enter into memoranda of understanding and similar agreements with the Department of Education and other Federal and State agencies, as appropriate, in order to carry out the business of the Office of Students and Young Consumers. . (2) Renaming and appointment clarification of the Private Education Loan Ombudsman (A) In general Section 1035 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5535 ) is amended— (i) in the heading of the section by striking PRIVATE EDUCATION and inserting ASSISTANT DIRECTOR AND STUDENT ; and (ii) in subsection (a), by striking The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman and inserting The Director shall designate an individual as the Assistant Director and Student Loan Ombudsman