Alert November 29, 2011

CFPB Requests Information Concerning Private Education Loans

The Consumer Financial Protection Bureau announced a request for information concerning private education loans.  Pursuant to Section 1077 of the Dodd-Frank Act, the Bureau and the Department of Education must prepare a report for Congress on private education loans and student lenders.  The Bureau is seeking information to supplement data that it plans to obtain from Department of Education records, lenders, industry associations, and other sources.  The Bureau is particularly interested in learning what information would help students make informed decisions about which financial services and products are right for them and what approaches would best assist recent graduates facing (or about to face) difficulty making private education loan payments. The questions are grouped into four broad categories: (1) scope and use of private education loans, (2) information and shopping for private education loans, (3) institutional loans, and (4) repayment. Click here for the information request.