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Your feedback on Know Before You Owe: Student Loans

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Earlier this week, we issued a memorandum to consumers and industry participants who submitted comments on our Know Before You Owe: Student Loans project.

We got feedback on almost every aspect of the “financial aid shopping sheet” prototype, and a majority of those who commented said a standardized way of receiving financial aid information is needed. Participants ranked features they thought were most important, and here were their top choices:

  • Estimated debt at graduation
  • Estimated monthly payment after graduation
  • My likely ability to repay my loans
  • A complete breakdown of cost at school by category
  • Whether students at this school have been able to repay loans

We have shared all the comments we received with the Department of Education so they can use this feedback to develop a financial aid form for schools to use.

We’ve also been gathering information on your experiences with private student loans through the Federal Register notice we posted in November. The comment period for that notice closed on January 17, and we have begun analyzing the more than 2,000 comments we received.

We’re always looking for your thoughts on how to ensure students better understand their student loan choices and obligations. Write to us in the comments of this post, Tweet at us, Facebook us, or Tell Your Story if you have something you’d like to share.

  • http://pulse.yahoo.com/_NHZO25JZG6AONOHE65YWZ62I3I HeXt

    For-profit schools need to have their program prices marked PROMINENTLY on their advertising somewhere so that people aren’t being suckered so easily.

    Private loan lenders need to be more honest and flexible.

    Bankruptcy rights need to be restored to Student loans.

  • http://www.choose-your-accountant.co.uk/ Jon Smith

    Does this relate to the US only or the UK too?

  • http://webctor.com/ Medical Questions

    Thi is quite unfair for most students

  • http://www.facebook.com/people/Scott-Putnam/1429090230 Scott Putnam

    A great help would be the requirement that the average rate of pay from the chosen profession be clearly compared with the amount they will be paying once the loan payments start. Because of Federal working age requirements and minimum wage, many students have never had a job and don’t understand the reality of  earning money and paying bills which should be considered when choosing a major.

  • http://najlepszelokatybankowe.net/ Lokaty Bankowe

    I agree it is quite unfair. Some students can feel upset.

  • http://www.twistfix.co.uk/ damp proofing

    the more information given the better. one thing i would really like to know is the amount of interest i have to pay based on how long i take to repay my loan

  • http://www.loans.net Loans

    Compare
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  • http://www.filmschoolsonline.com/film-schools-in-la.html Online Film School

    What a wonderful article? You have described very well. How you got this idea? Great work.

  • http://www.mercadeoporinternet.com rafaelmontilla

    I think, High School  teachers should be teaching about Student Loans long before they finish High School.

  • http://www.dansatori.ro/ Cursuri dansuri

    Is totally unfair for the students because they need more money to continue studying. The costs are very “graduated” ! Do something!

The CFPB blog aims to facilitate conversations about our work. We want your comments to drive this conversation. Please be courteous, constructive, and on-topic. To help make the conversation productive, we encourage you to read our comment policy before posting. Comments on any post remain open for seven days from the date it was posted.