What’s your experience with private student loans? This is the question that the Consumer Financial Protection Bureau (CFPB) is asking and they want to hear your story.
Together with the Department of Education, the CFPB is compiling an in-depth study of the student loan market to be presented to Congress later this year. The bureau has a strong history of operating transparently, and this open approach continues with this latest effort at reaching out to better understand what consumers are really experiencing.
What Is The CFPB Looking For?
- What kind of non-federal loans are students and families using, and why are these being used before all federal loan options have been exhausted?
- What is the source of the loans you are choosing? How did you rationalize the loan decision? Were the disclosures adequate?
- What type of loan options were offered by your school? What kind of student aid was offered at your school?
- What is your private student loan repayment experience? Have funding options impacted your study decisions and career choice?
These are the types of questions that the CFPB is seeking answers to, and are necessary to better understand what the consumers of student loans are experiencing. Whether you have two sentences or two pages to share, they want to hear from you.
Whether your student loan experience has been beneficial or negative, I hope you are able to share your story. This is an opportunity to participate in new policy formation that will hopefully improve the experience for everyone seeking student loans in the future.
For more information please visit the CFPB website where you can read the full Federal Register notice for information.