CFPB Seeks Information on Private Education Loans
November 17, 2011
As required by the Dodd-Frank Act, the Bureau of Consumer Financial Protection (CFPB), in consultation with the Department of Justice and the Federal Trade Commission, is beginning the process of preparing a report on private education lenders, private education loans, and related consumer financial products and services currently being offered to or used by students and their families. The Bureau is "interested in learning what information would help students make informed decisions about which financial services and products are right for them."
In a November 17 Federal Register notice requesting public input, CFPB notes that some of the information needed for the report to Congress will best be answered with quantitative data. The Bureau will use existing records held by the Department of Education, information directly obtained from lenders and industry associations, and information already collected from other public and private sources for those parts of its report.
To capture qualitative data, the Bureau is seeking input from multiple sources, both inside and outside of the financial services industry, including consumers, financial services providers, schools, organizations, and other members of the public.
There are 16 questions grouped into four broad categories
- Scope and use of private education loans
- Information and shopping for private loans
- Institutional loans
NACUBO members are encouraged to respond to the questions posed on institutional loans in particular:
- Question 5. To what extent are students offered or solicited to take out private education loans made directly by the school they are attending? How do such programs compare to those offered by non-school private educational lenders (e.g., interest rates, ease of approval, underwriting criteria, repayment terms etc.)?
- Question 6. What types of schools most commonly offer their own private student loan programs? How do schools select the students they deem eligible for their loan programs (e.g., academic merit, financial need, recruitment, retention)? How are school loan programs funded?
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