The Consumer Financial Protection Bureau was dealt another blow Thursday, as Senate Republicans blocked President Obama's nomination of Richard Cordray to head up the months-old watchdog agency.

But while both sides of the aisle continue to duke it out, many college students and graduates are struggling to pay down billions in debt without the aid of much-needed lending reform.

Until a director is in place, the CFPB is a sitting duck when it comes to reforming practices in the private student loan sector – one of the main culprits behind the student debt crisis, says Mark Kantrowitz, publisher of Fastweb.com and FinAid.org

"Students are following their dreams and don't pay attention to their debt," Kantrowitz says. "They sign whatever piece of paper is put in front of them, figuring they'll pay it back when they graduate."

Unlike federal loans, private loans usually come with variable interest rates that seem low at first glance but can skyrocket by 5 points over the loan's lifetime. They also offer far fewer options for cash-strapped graduates struggling with payments, such as deferment, lengthy forbearance periods and income-based relief.

And since it's next to impossible to discharge student loan debt in bankruptcy, millions of students are left drowning in private debt they have no hopes of ever paying off.

In November, the CFPB put out a call for consumers to share their student loan stories on its message board and get the ball rolling on lending reform.

But for these nine commenters, it may already be too little, too late.