Are you one of the millions of college graduates struggling to pay off a private student loan while searching for promising career opportunities in this tough economy? Or maybe you’re a parent of a college graduate, or a high school Senior trying to navigate your way through the maze of student loan paperwork. No matter what your experience with private student loans has been, now’s your chance to tell the government how it should change the laws that govern those loans.
The recently formed Consumer Financial Protection Bureau (CFPB) is busy preparing a report on private student loans, to be submitted next summer to the Congress. To guide the direction of this report, they actually want to hear from you, the student or recent grad or parent, who’s had experience with private student loans, and has something to say about it.
They want to understand how people make decisions about which loans to borrow, how well these decisions have worked out for them, and what parts of the private student loans market need work. The hope is that, with the help of this report, Congress will introduce some regulatory acts that govern how these loans are given out.
How often do government entities actually reach out to consumers to voice their opinion in this way? You simply write in a comment on their site, and the CFPB has promised it’ll read every single one of these comments to guide the report it’s creating.
If you care about this subject, here’s your chance to make a difference. Click on this link to visit the CFPB’s site, where you can learn a bit more about the kind of responses they’d like from you. Or if you already know what you want to tell them, skip that step and go directly to the comments. You have until 1/17 to share your opinion.