Tell the CFPB about your #StudentDebtStress | More Student Loan News
The CFPB Wants to Hear About Your #StudentDebtStress
The CFPB wants to hear from borrowers like you about things student loan servicers do - or don't do - that make it harder to get out of debt. Have you had trouble getting the information you need from your servicer? What about payment processing problems? Issues after your student loans were transferred from one servicer to another?
The Consumer Financial Protection Bureau (CFPB) wants to hear about your #StudentDebtStress. It's easy: just visit Consumerfinance.gov and click on "Share your story" at the top of the page. (You can also send an email to FederalRegisterComments@cfpb.gov with "Docket No. CFPB-2015-0021″ in the subject line.)
The CFPB is accepting comments through July 13, and you can spread the word to friends and family by using #StudentDebtStress on social media.
For more information, visit the Consumer Financial Protection Bureau
New REPAYE Plan on the Way
A panel convened by the Department of Education recently agreed on the design of a new income-driven repayment plan called REPAYE (for "Revised Pay As You Earn"). REPAYE would be available to everyone with Direct Loans, regardless of when you borrowed or your debt-to-income ratio. It would cap monthly payments at 10 percent of your discretionary income. If you've got only undergraduate loans, it would forgive any debt remaining after 20 years. If you borrowed for grad school, any debt would be forgiven after 25 years. We think 20 years is long enough to have to repay your student debt, and we'll be saying so when the Department invites public comments on REPAYE's design this summer. We'll let you know when they start accepting comments so you can weigh in. The new plan is expected to be available for enrollment by the end of 2015.
The FSA ID Has Replaced the PIN - Get Yours Now!
Earlier this month, the Department of Education introduced the FSA ID - a username and password - to replace the Federal Student Aid PIN. You now need an FSA ID to log in to your accounts on Federal Student Aid websites like StudentLoans.gov and Fafsa.gov.
The FSA ID:
Removes your personally identifiable information, like your Social Security number, from your log-in credentials
Creates a more secure and efficient way to verify your information when you log in to access to your federal student aid information online
Gives you the ability to easily update your personal information, like your phone number, e-mail address, or your name, and
Allows you to easily retrieve your username and password by requesting a secure code be sent to your e-mail address or by answering challenge questions
Looking for information about repayment options?
New data show that that over 3 million federal student loan borrowers were successfully enrolled in an income-driven repayment plan by the end of March 2015. If you or someone you know needs help figuring out repayment options, the Department of Education has made its online tools and resources easier to tap into.
Visit StudentAid.gov/repay to learn:
How to find the right repayment plan for you
What to do if you can't afford your student loan payments, and
If you're eligible for loan forgiveness, cancellation, or discharge