The Consumer Financial Protection Bureau, or CFPB, today announced that it is seeking information from students, schools, industry, and other stakeholders on the private student loan market. The CFPB is interested in a complete picture of private student lending, so it is seeking a broad swath of information, including:
- Information available to shop for private student loans
- The role of schools in the marketplace
- Underwriting criteria
- Repayment terms and behavior
- Impact on choice of field of study and career choice
- Servicing and loan modification
- Financial education and default avoidance
The CFPB will use the collected input to assist with preparation of a report to Congress on private student lending. The Dodd-Frank Act requires the CFPB and the Department of Education to produce this report by July 21, 2012. The CFPB will also use the information it gathers to prioritize its own regulatory and education work.
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