CFPB Releases Student Repayment Assistant
Apply for a Loan
Secured with SHA-256 Encryption
UPDATED: Nov 16, 2011
Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.
The Consumer Financial Protection Bureau (CFPB) recently released an automated advice system for student debt on their website. This debt assistant asks borrowers questions about their student loans and financial situation in order to provide them with helpful information on how they can effectively repay their debt.
After determining what kind of loans a borrower has, the student debt repayment assistant offers such advice as:
- Call your student loan provider and ask for payment reductions or extensions on bills
- Enroll in the income-based repayment (IBR) program
- Defer your loans if eligible
This assistant is but one step in the CFPB’s plan to provide help for student loan borrowers.
“The private student loan market is one of the least understood consumer credit markets. It has been operating in the shadows for too long,” said Raj Date, Special Advisor to the Secretary of the Treasury on the CFPB. “Shedding light on this industry will benefit students, lenders, and the market as a whole.”
In an effort to live up to this promise, the CFPB is asking the public to give their personal input on private student loans. The CFPB is asking for student loan borrowers to read and submit responses to a questionnaire on their site.
“It doesn’t matter whether you have two sentences or two pages of input,” the CFPB wants to receive any and all public input about private student loans, as reported on the CFPB’s blog.
The information collected from this questionnaire will aid the CFPB in preparing a report to be brought to congress on student lending.