WASHINGTON (11/28/11)--The Credit Union National Association (CUNA) is asking credit unions to comment on the Consumer Financial Protection Bureau's (CFPB) plans to address the private student loan market.
The CFPB earlier this month published a notice and request for information to collect data on a series of issues impacting private student loans from origination to servicing to collection. The CFPB is asking the public, students, families, the higher education community, and the student loan industry to provide information.
Click for larger view
Much of the information will be used to develop a comprehensive report on the private student lending market, and the CFPB is scheduled to deliver that report in the summer of 2012.
The bureau is seeking a broad swath of information, including information available to shop for private student loans; the role of schools in the marketplace; underwriting criteria; repayment terms and behavior; impact on field of study and career choice; servicing and loan modification; financial education and default avoidance.
The CUNA comment call specifically asks what other forms of non-federal debt financing options students would consider as alternatives to private student loans.
Information on the types of schools that offer their own private student loan programs, and how these schools market these loans to students, is also requested in the comment call.
Comments should be sent to CUNA by Jan. 6. The CFPB is accepting comments until Jan. 17.
For the full comment letter, use the resource link.