A Big Win, CFPB Needs Your Story by 1/17

TICAS' Statement on Obama's Appointment of Cordray as CFPB Director

President Obama's appointment of Richard Cordray to direct the Consumer Financial Protection Bureau is a big win for students and their families, signaling the beginning of the end of the ‘wild west' of student lending.  There's finally a sheriff in town to protect consumers in the woefully under-regulated private student loan market.

See TICAS' full statement 

Take Action: The CFPB Wants to Hear from YOU about Private Loans!

More than 600 of you responded to our request two weeks ago to share your private student loan experiences with the Consumer Financial Protection Bureau (CFPB). If you haven't already responded, take a moment now to share your thoughts with them, whether it's two sentences or two pages, on what you think of the private student loan market, how and why you got a private loan, and how it is or isn't working for you. For the CFPB's request and how to submit comments, click here - the deadline is January 17, 2012

The CFPB says, "Hearing your stories will help us understand how people make decisions. The goal is to have all the facts as we prioritize what we do to make sure that the market works for students, lenders, and schools." Your input will shape the report and recommendations the CFPB must send to Congress next summer.  You can answer as many or as few of the CFPB's questions as you like, on topics such as:

  • What sources you used to shop around and learn about private loans and lenders, and how helpful those sources were

  • Whether you filled out a Free Application for Federal Student Aid (FAFSA) and, if not, why you chose private student loans over federal options

  • How well the terms and conditions of the private loans were explained

  • How well your school guided you through the financial aid process

  • How much you relied on other kinds of debt besides student loans to pay for college (e.g., tuition payment plans, credit cards, home equity lines of credit, etc.)

  • If you had trouble paying your private loan because of unemployment, whether your lender offered you a more affordable repayment plan

Sharing your thoughts about private student loans will help the CFPB do its job: protecting consumers from deceptive or unfair loan practices, and making sure people have the information they need to make informed borrowing decisions.  Please tell the CFPB what you think by January 17, 2012.
Income-Based Repayment and Pay As You Earn are two ways to help keep monthly payments affordable based on your income and family size. Visit the Department of Education’s Repayment Estimator to find out what your payments might be.
 

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