CFPB asking private loan borrowers to provide feedback on their experiences
November 17, 2011
It's not uncommon for individuals to take out both federal and private loans in order to attend the college of their dreams. However, doing so can result in debt, much of which can continue to grow as interest rates rise over time.
In an effort to crack down on private lenders who may be attempting to take advantage of borrowers, the government is now looking to collect information to form a report on the issue that will eventually be sent to Congress. The Consumer Financial Protection Bureau (CFPB) is asking private loan borrowers to provide feedback that could help them cope with their debt later down the line, according to Businessweek.
"Shedding light on this industry will benefit students, lenders and the market as a whole," Raj Date, who works with the CFPB, told the news source.
Students who want to avoid the burden of education loan debt might want to look into college grants and scholarships. This money does not have to be repaid over time and can help reduce the cost of tuition. As colleges continue to increase the price tag on degrees, free financial aid is growing in significance.
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