Latest CFPB Effort to Improve Things for Student Loan Borrowers: “Payback Playbook”
Student loan borrowers struggle mightily to get information tailored to our specific circumstances. Ever get a form letter from your student loan servicer that left you scratching your head? Advocates at the Consumer Financial Protection Bureau (CFPB) are working to improve the way loan servicers communicate with us about our loans with the goal of giving consumers real-time, up-to-date information about our repayment options. The CFPB has released new Payback Playbook prototypes (say that six times fast) and they want our feedback.…
Enrollment in Income-Driven Repayment is Up
Nerds like me will want to check out recently released updates to the Department of Education’s Federal Student Aid Data Center for reports including outstanding balances and recipients by loan program, loan type, loan status, repayment plan, and delinquency status. Unemployment and economic hardship deferments are down 31.5 percent from the previous year, as enrollment in income-driven repayment plans has increased. As of December 31, 2015, approximately 4.8 million borrowers are enrolled in Income-Driven Repayment plans.