We see enough horror stories about private student loans that we know there must be quite a few of them out there. If you’d like to contribute to the public good by sharing your experience, the Consumer Financial Protection Bureau would like to hear what you have to say. And if you actually had a good experience the CFPB would like to hear about that, too.
Here’s what they’d like to know:
- 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 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?
You should understand that these are public comments, so if you’re looking for privacy, you won’t necessarily find it here. (You can always send your stories to firstname.lastname@example.org if you want to vent privately. We’re always listening.)
Here’s what will happen once you submit your story, according to the CFPB:
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.
If you are interested in helping out, you can find more information about how to make a public comment here.