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. The prototypes are examples of the kind of personalized disclosures an individual borrower might see. Weigh in on the Payback Playbook prototypes at: www.consumerfinance.gov/payback-playbook.
Shout out to Illinois Attorney General Lisa Madigan and her colleagues for collaborating with the CFPB on this initiative.