We need public input on important questions about private student loans. Whether you have two sentences or two pages to tell us, we want to hear from you.
The comment period has closed. Read the Federal Register notice.
What kind of information are you looking for?
Among the questions we hope to answer:
- What kind of non-federal financing do families rely on to pay for education? When families choose private loans before exhausting their federal loans, what prompts this choice?
- What sources do families rely on for information about private student loan options? What sources and types of information do students consider about debt loads? How effective are private loan disclosures?
- What can students tell us about loans offered directly by the schools they are attending or have attended? What can schools tell us about how they select students for aid and how they fund this aid?
- What experiences have people had with repaying private student loans? Does it affect field of study or career choice? What resources or techniques have assisted students with avoiding default and understanding their rights as borrowers?
For a more detailed list of the specific questions we hope to answer, read our full Federal Register notice. (Note: even if you don’t have an answer to every single question, we want to hear from you. We are looking for a diverse set of perspectives.)
Why do you want my input?
Your stories can help us understand how people make decisions about which loans to borrow. You can tell us more about how the private student loan market functions or doesn’t, how and why you got a private loan, and how it is or is not working for you. We want to make sure we have all the facts as we prioritize our work to make sure this market works for students, lenders, and schools.
Anyone can comment: applicants for private student loans, students in school, people in repayment, lenders, etc. We need your help to make sure we have a diverse set of perspectives as we prepare this report.
What actions will the CFPB take?
We will read every single comment. This summer, the CFPB and Department of Education will submit a report on the private student loan market to Congress. As we prepare our report to Congress on the private student loan market, we will use the comments we receive here to guide us as we prepare an in-depth view of private student lending.
In addition, your comment will be published in the Federal Register. Other people who may share your experience will be able to read your comment.
Tell me more.
For more information about what we’re trying to do, read the full Federal Register notice.
Read our blog post that introduced the notice when we first submitted it to the Federal Register.