Quick! Speak Up About Private Loans
Some people don't want me to say what I think about private student loans, but the Consumer Financial Protection Bureau wants to hear from all of us about this important subject.
As for me, I'm not a big fan of private student loans. I don't like having to tell borrowers that private student loans aren't eligible for Income-Based Repayment or Public Service Loan Forgiveness. I don't like telling borrowers that, when the federal government calculates how much a borrower can afford to pay under Income-Based Repayment, they pretend like the borrower doesn't have private loans to pay too. And I don't like telling borrowers that their private student loan lender isn't required to offer the deferments and forbearances that go with federal student loans, and that the lender won't hesitate to go after their grandma, who co-signed on that bad boy.
Tell the Consumer Financial Protection Bureau what you think by Tuesday, January 17, 2012. Sharing your thoughts about private student loans will help the Consumer Financial Protection Bureau protect consumers and make sure people have the information they need to make good decisions. You can say as much or as little as you like! Our comments will help the Consumer Financial Protection Bureau as they work to make sure that the market works for students, lenders, and schools.
You might want to talk about some of these things:
- How well the terms and conditions of the private loans were explained to you
- How well your school guided you through the financial aid process
- If you had trouble paying your private loan because of unemployment, whether your lender offered you a more affordable repayment plan
Go for it!
