Request for Information Regarding Private Education Loans and Private Educational Lenders, 71329-71331 [2011-29737]
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Federal Register / Vol. 76, No. 222 / Thursday, November 17, 2011 / Notices
pursuant to 5 U.S.C. 5516, 5517, and
5520, for the purpose of furnishing
employees with IRS Forms W–2 that
report such tax distributions;
(13) Unions recognized as exclusive
bargaining representatives under the
Civil Service Reform Act of 1978,
5 U.S.C. 7111, 7114; and
(14) Carriers, providers and other
federal agencies involved in
administration of employee retirement
and benefits programs and such
agencies’ contractors or plan
administrators, when necessary to
determine employee eligibility to
participate in retirement and benefits
programs, process employee
participation in those programs, process
claims with respect to individual
employee participation in those
programs, audit benefits paid under
those programs, or perform any other
administrative function in connection
with those programs and federal
agencies that perform payroll and
personnel processing and employee
retirement and benefits plan services
under interagency agreements or
contracts, including the issuance of
paychecks to employees, the
distribution of wages, the
administration of deductions from
paychecks for retirement and benefits
programs, and the distribution and
receipt of those deductions. These
agencies include, without limitation, the
Department of Labor, the Department of
Veterans Affairs, the Social Security
Administration, the Federal Retirement
Thrift Investment Board, the
Department of Defense, the Office of
Personnel Management, the Board of
Governors of the Federal Reserve
System, the Department of the Treasury,
and the National Finance Center at the
U.S. Department of Agriculture.
Paper and electronic records.
Records are retrievable by a variety of
fields including, without limitation, the
individual’s name, social security
number, address, account number,
transaction number, phone number,
date of birth, or by some combination
thereof.
jlentini on DSK4TPTVN1PROD with NOTICES
RETENTION AND DISPOSAL:
The CFPB will maintain electronic
and paper records under the National
Archives and Records Administration
(NARA) schedules General Records
Schedule (GRS) GRS 01 and GRS 02.
NOTIFICATION PROCEDURE:
Individuals seeking notification and
access to any record contained in this
system of records, or seeking to contest
its content, may inquire in writing in
accordance with instructions appearing
in 12 CFR 1070.50 et seq. Address such
requests to: Chief Privacy Officer,
Consumer Financial Protection Bureau,
1700 G St., NW., Washington, DC 20006.
RECORD ACCESS PROCEDURES:
See ‘‘Notification Procedures’’ above.
CONTESTING RECORD PROCEDURES:
See ‘‘Notification Procedures’’ above.
RECORD SOURCE CATEGORIES:
Information in this system is obtained
from individuals and entities associated
with benefits, retirement, human
resource, and payroll systems
administration.
EXEMPTIONS CLAIMED FOR THE SYSTEM:
None.
[FR Doc. 2011–29689 Filed 11–16–11; 8:45 am]
BILLING CODE 4810–AM–P
BUREAU OF CONSUMER FINANCIAL
PROTECTION
Bureau of Consumer Financial
Protection.
ACTION: Notice and request for
information.
AGENCY:
RETRIEVABILITY:
SAFEGUARDS:
Access to electronic records is
restricted to authorized personnel who
have been issued non-transferrable
access codes and passwords. Other
records are maintained in locked file
cabinets or rooms with access limited to
Jkt 226001
Consumer Financial Protection
Bureau, Chief Technology Officer, 1700
G St. NW., Washington, DC 20006.
Request for Information Regarding
Private Education Loans and Private
Educational Lenders
STORAGE:
17:25 Nov 16, 2011
SYSTEM MANAGER(S) AND ADDRESS:
[Docket No. CFPB–2011–0037]
POLICIES AND PRACTICES FOR STORING,
RETRIEVING, ACCESSING, RETAINING, AND
DISPENSING OF RECORDS IN THE SYSTEM:
VerDate Mar<15>2010
those personnel whose official duties
require access.
Section 1077 of the DoddFrank Wall Street Reform and Consumer
Protection Act of 2010 (‘‘Dodd-Frank’’)
requires the Bureau of Consumer
Financial Protection (‘‘Bureau’’ or
‘‘CFPB’’) and the Department of
Education, in consultation with the
Department of Justice and the Federal
Trade Commission, to prepare a Report
on Private Education Loans and Private
Education Lenders. The Bureau seeks
information on private education loans
SUMMARY:
PO 00000
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71329
and related consumer financial products
and services that are currently being
offered to or used by students and their
families for the financing of
postsecondary education.
DATES: Comment Due Date: January 17,
2012.
ADDRESSES: You may submit comments,
identified by Docket No. CFPB–2011–
0037, by any of the following methods:
• https://www.regulations.gov. Follow
the instructions for submitting
comments.
• Email:
CFPB_StudentsFedReg@cfpb.gov.
• Mail: Monica Jackson, Office of the
Executive Secretary, Consumer
Financial Protection Bureau, 1500
Pennsylvania Ave. NW., (Attn: 1801 L
Street), Washington, DC 20220.
• Hand Delivery/Courier in Lieu of
Mail: Monica Jackson, Office of the
Executive Secretary, Consumer
Financial Protection Bureau, 1700 G
Street NW., Washington, DC 20006.
Instructions: The CFPB encourages
the early submission of comments. All
submissions must include the document
title and docket number. Please note the
number of the question to which you are
responding at the top of each response
(respondents need not answer each
question). In general, all comments
received will be posted without change
to https://www.regulations.gov. In
addition, comments will be available for
public inspection and copying at 1700
G Street NW., Washington, DC 20006,
on official business days between the
hours of 10 a.m. and 5 p.m. Eastern
Time. You can make an appointment to
inspect the documents by telephoning
(202) 435–7275. All comments,
including attachments and other
supporting materials, will become part
of the public record and subject to
public disclosure. Sensitive personal
information such as account numbers or
Social Security numbers should not be
included. Comments will not be edited
to remove any identifying or contact
information.
FOR FURTHER INFORMATION CONTACT: For
general inquiries, submission process
questions or any additional information,
please call Monica Jackson at (202) 435–
7275.
SUPPLEMENTARY INFORMATION: In support
of the study required under section 1077
of Dodd-Frank, the Bureau seeks
information on private education loans
and related consumer financial products
and services that are currently being
offered to or used by students and their
families for the financing of
postsecondary education. As used in
Section 1077 of Dodd-Frank, ‘‘private
education loans’’ refers to loans made
E:\FR\FM\17NON1.SGM
17NON1
71330
Federal Register / Vol. 76, No. 222 / Thursday, November 17, 2011 / Notices
jlentini on DSK4TPTVN1PROD with NOTICES
by a school or by a financial institution
to finance the cost of post-secondary
education, but excluding loans
guaranteed under Title IV of the Higher
Education Act, commonly referred to as
‘‘federal’’ loans.1
Section 1077 of Dodd-Frank requires
the Bureau and the Department of
Education, in consultation with the
Department of Justice and the Federal
Trade Commission, to prepare a Report
on Private Education Loans and Private
Education Lenders (‘‘Report’’).2 Section
1077 mandates that the Report address
a list of questions, some of which may
best be answered with quantitative data.
For those questions, the Bureau will
initially utilize records already held by
the Department of Education,
information obtained directly from
lenders (both for-profit and non-profit)
and industry associations, and
information already collected or
otherwise available from other public
and private sources. To supplement
these data and to capture qualitative
information that may help to answer the
questions posed by Congress, this notice
and request for information seeks input
from all sources, both inside and
outside of the financial services
industry, including consumers,
financial services providers, schools,
organizations, and other members of the
public regarding (a) Issues concerning
private education loans and lending,
where existing quantitative data may be
incomplete, and (b) qualitative issues
where public input will add perspective
that may improve the Report.
We refer the public to the questions
posed by Congress in Section 1077 of
Dodd-Frank at https://go.usa.gov/XDr. To
assist the Bureau in responding to those
questions, we seek public comment on
the questions below. The Bureau is
particularly interested in learning what
information would help students make
informed decisions about which
financial services and products are right
for them and what approaches would
best assist recent graduates facing (or
about to face) difficulty making private
education loan payments. The questions
are grouped into four broad categories,
(a) Scope and use of private education
loans, (b) information and shopping for
1 Title IV loans are commonly referred to as
‘‘federal loans’’ and are often known as ‘‘Stafford
Loans,’’ Perkins Loans,’’ and ‘‘PLUS and
GradPLUS’’ loans in the current federal Direct Loan
program guaranteed under Title IV of the Higher
Education Act.
2 For the purposes of this request for information,
the terms ‘‘private education loans’’ and ‘‘private
student loans’’ may be used interchangeably, as
may the terms ‘‘private educational lenders’’ and
‘‘private student lenders.’’ Dodd-Frank defines
‘‘private education loans’’ by reference to section
140 of the Truth-in-Lending Act, 15 U.S.C. 1650.
VerDate Mar<15>2010
17:25 Nov 16, 2011
Jkt 226001
private education loans, (c) institutional
loans, and (d) repayment. Please feel
free to respond to all of the questions or
only those that interest you, but please
be sure to indicate in your comments
which questions you are answering.
Scope and Use of Private Education
Loans
1. In addition to private education
loans, to what extent do students and
their families rely on other forms of
non-federal debt financing to pay for
postsecondary education (e.g. tuition
payment plans, student credit cards,
parent or family credit cards, home
equity lines of credit, etc.)?
2. For students who do not exhaust
their federal loan options, including
those that require the completion of a
Free Application for Federal Student
Aid (FAFSA), before turning to private
education loans, what explains their
choice of private loans?
Information and Shopping for Private
Loans
3. From what sources do students and
their families obtain information about
private education loans and private
lenders? What sources are most helpful
and accurate?
a. How effective are the existing
disclosures provided by private
education lenders regarding the terms
and conditions of the loans? Among
other things, comments could address
issues such as whether students and
their families feel they adequately
understand the terms and conditions of
various financial products offered to
finance their education goals.
4. What sources of information do
students rely upon to gauge the
appropriate amount of student debt
when selecting a school or program? Do
students rely on financial aid budgets
provided by the school or on other
sources to determine amounts needed to
cover tuition and other expenses? Do
they consider ability to repay in
choosing amounts of debt to incur? If so,
what resources are available to help
them determine their ability to repay?
Institutional Loans
5. To what extent are students offered
or solicited to take out private education
loans made directly by the school they
are attending? How do such programs
compare to those offered by non-school
private educational lenders (e.g.,
interest rates, ease of approval,
underwriting criteria, repayment terms
etc.)?
6. What types of schools most
commonly offer their own private
student loan programs? How do schools
select the students they deem eligible
PO 00000
Frm 00024
Fmt 4703
Sfmt 4703
for their loan programs (e.g., academic
merit, financial need, recruitment,
retention)? How are school loan
programs funded?
Repayment
7. How well are the amount and
timing of private education loan
repayment terms understood (a) When
borrowers take out the loan, (b) during
school, (c) at graduation, and (d) when
repayment begins? Among other things,
comments could address individual
experiences at each stage of a student’s
education, or reference existing studies
or survey work concerning the
percentage of students with different
levels of understanding regarding their
debt load at each stage of their
education.
8. What are the best practices at
school financial aid offices in providing
students with information about
students’ future loan payments and
ability to afford those payments? The
Bureau is particularly interested in steps
or programs schools voluntarily use to
create or enhance students’ awareness of
their debt loads and ability to afford
their loan payments, as well as any
evidence concerning the impact of such
initiatives.
9. How much does a student’s debt
load affect undergraduate field of study
or career choices after graduation? To
what extent do undergraduates’ or
recent graduates’ debt loads affect their
decision to attend graduate school or
seek advanced professional degrees?
10. Are students adequately informed
of their rights as borrowers on private
education loans? What resources are
students offered to protect their rights?
Who directs them to resources that may
help them protect their rights (e.g.,
friends, schools, lenders, particular Web
sites, etc.)?
11. What financial education
techniques and resources have
empirically-demonstrated effectiveness
in helping borrowers avoid default on
private education loans? How prevalent
are these techniques and resources?
Among other things, the CFPB is
particularly interested to learn:
a. Which alternative repayment plans
have proven most effective in keeping
borrowers out of default and why?
b. Whether private lenders adopted
repayment program modifications to
respond to the high unemployment rate
among recent graduates in the wake of
the financial crisis?
c. Are there techniques that private
education lenders should try to help
reduce default?
d. Have private lenders developed
rehabilitation programs for defaulted
loans?
E:\FR\FM\17NON1.SGM
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Federal Register / Vol. 76, No. 222 / Thursday, November 17, 2011 / Notices
Dated: November 9, 2011.
Meredith Fuchs,
Chief of Staff, Consumer Financial Protection
Bureau.
[FR Doc. 2011–29737 Filed 11–16–11; 8:45 am]
BILLING CODE 4810–AM–P
DEPARTMENT OF DEFENSE
Office of the Secretary
Department of Defense Task Force on
the Care, Management, and Transition
of Recovering Wounded, Ill, and
Injured Members of the Armed Forces;
Notice of Meeting
Office of the Assistant
Secretary of Defense, Department of
Defense.
ACTION: Meeting notice.
AGENCY:
Under the provisions of the
Federal Advisory Committee Act of
1972 (5 U.S.C., Appendix, as amended),
the Government in the Sunshine Act of
1976 (5 U.S.C. 552b, as amended), and
41 CFR 102–3.150, the Department of
Defense announces that the following
Federal Advisory Committee meeting
will take place: Department of Defense
Task Force on the Care, Management,
and Transition of Recovering Wounded,
Ill, and Injured Members of the Armed
Forces (subsequently referred to as the
Task Force).
DATES: Thursday, December 8, 2011–
Friday, December 9, 2011, from 8:30
a.m. to 5 p.m. CST, each day.
ADDRESSES: St. Anthony Riverwalk
Wyndham Hotel-Peraux Room, 300 East
Travis Street, San Antonio, TX 78205.
FOR FURTHER INFORMATION CONTACT: Mail
Delivery service through Recovering
Warrior Task Force, Hoffman Building
II, 200 Stovall St., Alexandria, VA
22332–0021 ‘‘Mark as Time Sensitive
for December Meeting.’’ Emails to
rwtf@wso.whs.mil. Denise F. Dailey,
Designated Federal Officer; Telephone
(703) 325–6640. Fax (703) 325–6710.
SUPPLEMENTARY INFORMATION:
Purpose of the Meeting: The purpose
of the meeting is for the Task Force
Members to convene and gather data
from panels and briefers on the Task
Force’s topics of inquiry.
Agenda: (Please refer to https://
dtf.defense.gov/rwtf/meetings.html for
the most up-to-date meeting
information).
jlentini on DSK4TPTVN1PROD with NOTICES
SUMMARY:
Thursday, December 8, 2011
8:30 a.m.–10 a.m. Task Force Members
After Action Review
10:15 a.m.–10:45 a.m. Servicemembers
Panel Views of VA Case
Management prior to DD214
VerDate Mar<15>2010
17:25 Nov 16, 2011
Jkt 226001
10:45 a.m.–12 p.m. Panel on PreSeparation VA Case Management
12 p.m.–1 p.m. Break for lunch
1 p.m.–1:30 p.m. Veteran Views of PreDD214 Programs and Policies
1:30 p.m.–2:30 p.m. Post DD 214
Challenges Panel
2:30 p.m.–2:45 p.m. Break
2:45 p.m.–3:45 p.m. Panel on VA IDES
Support
3:45 p.m.–4 p.m. Break
4 p.m.–5 p.m. Public Forum
5 p.m. Closing
Friday, December 9, 2011
8:30 a.m.–8:45 a.m. Opening
8:45 a.m.–10 a.m. Army WTU Cadre
Training Briefing–AMEDD
10 a.m.–10:15 a.m. Break
10:15 a.m.–11:15 a.m. FLO Briefing
11:15 a.m.–12:15 p.m. VA Vet Center
Counselors Panel
12:15 p.m.–1:15 p.m. Break for lunch
1:15 p.m.–2:15 p.m. Hearing CoE
Briefing
2:15 p.m.–3:45 p.m. Panel of Private
Organizations: VSOs, MSOs
3:45 p.m.–4 p.m. Break
4 p.m.–5 p.m. Panel of DVOPs and
LVERs
5 p.m. Closing
Public’s Accessibility to the Meeting:
Pursuant to 5 U.S.C. 552b and 41 CFR
102–3.140 through 102–3.165, and the
availability of space, this meeting is
open to the public. Seating is on a firstcome basis.
Pursuant to 41 CFR 102–3.105(j) and
102–3.140, and section 10(a)(3) of the
Federal Advisory Committee Act of
1972, the public or interested
organizations may submit written
statements to the Department of Defense
Task Force on the Care, Management,
and Transition of Recovering Wounded,
Ill, and Injured Members of the Armed
Forces about its mission and functions.
If individuals are interested in making
an oral statement during the Public
Forum time period, a written statement
for a presentation of two minutes must
be submitted as below and must identify
it is being submitted for an oral
presentation by the person making the
submission.
Identification information must be
provided and at a minimum must
include a name and a phone number.
Individuals may visit the Task Force
Web site at https://dtf.defense.gov/rwtf/
to view the Charter. Individuals making
presentations will be notified by Friday,
December 2, 2011. Oral presentations
will be permitted only on Friday
December 9, 2011 from 4 p.m. to 5 p.m.
CST before the Task Force. The number
of oral presentations will not exceed
ten, with one minute of questions
available to the Task Force members per
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71331
presenter. Presenters should not exceed
their two minutes.
Written statements in which the
author does not wish to present orally
may be submitted at any time or in
response to the stated agenda of a
planned meeting of the Department of
Defense Task Force on the Care,
Management, and Transition of
Recovering Wounded, Ill, and Injured
Members of the Armed Forces.
All written statements shall be
submitted to the Designated Federal
Officer for the Task Force through the
above contact information, and this
individual will ensure that the written
statements are provided to the
membership for their consideration.
Statements, either oral or written,
being submitted in response to the
agenda mentioned in this notice must be
received by the Designated Federal
Officer at the address listed no later
than 5 p.m. EST (4 p.m. CST),
Wednesday, November 30, 2011 which
is the subject of this notice. Statements
received after this date may not be
provided to or considered by the Task
Force until its next meeting. Please
mark mail correspondence as ‘‘Time
Sensitive for December Meeting.’’
The Designated Federal Officer will
review all timely submissions with the
Task Force Co-Chairs and ensure they
are provided to all members of the Task
Force before the meeting that is the
subject of this notice.
Reasonable accommodations will be
made for those individuals with
disabilities who request them. Requests
for additional services should be
directed to Heather Jane Moore, (703)
325–6640, by 5 p.m. EST (4 p.m. CST),
Wednesday, November 30, 2011.
Dated: November 14, 2011.
Aaron Siegel,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
[FR Doc. 2011–29729 Filed 11–16–11; 8:45 am]
BILLING CODE 5001–06–P
DEPARTMENT OF DEFENSE
Office of the Secretary
Department of Defense Wage
Committee; Notice of Closed Meetings
Department of Defense (DoD).
Notice of closed meetings.
AGENCY:
ACTION:
Pursuant to the provisions of
section 10 of Public Law 92–463, the
Federal Advisory Committee Act, notice
is hereby given that a closed meeting of
the Department of Defense Wage
Committee will be held.
SUMMARY:
E:\FR\FM\17NON1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 222 (Thursday, November 17, 2011)]
[Notices]
[Pages 71329-71331]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-29737]
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2011-0037]
Request for Information Regarding Private Education Loans and
Private Educational Lenders
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for information.
-----------------------------------------------------------------------
SUMMARY: Section 1077 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (``Dodd-Frank'') requires the Bureau of Consumer
Financial Protection (``Bureau'' or ``CFPB'') and the Department of
Education, in consultation with the Department of Justice and the
Federal Trade Commission, to prepare a Report on Private Education
Loans and Private Education Lenders. The Bureau seeks information on
private education loans and related consumer financial products and
services that are currently being offered to or used by students and
their families for the financing of postsecondary education.
DATES: Comment Due Date: January 17, 2012.
ADDRESSES: You may submit comments, identified by Docket No. CFPB-2011-
0037, by any of the following methods:
https://www.regulations.gov. Follow the instructions for
submitting comments.
Email: CFPB_StudentsFedReg@cfpb.gov.
Mail: Monica Jackson, Office of the Executive Secretary,
Consumer Financial Protection Bureau, 1500 Pennsylvania Ave. NW.,
(Attn: 1801 L Street), Washington, DC 20220.
Hand Delivery/Courier in Lieu of Mail: Monica Jackson,
Office of the Executive Secretary, Consumer Financial Protection
Bureau, 1700 G Street NW., Washington, DC 20006.
Instructions: The CFPB encourages the early submission of comments.
All submissions must include the document title and docket number.
Please note the number of the question to which you are responding at
the top of each response (respondents need not answer each question).
In general, all comments received will be posted without change to
https://www.regulations.gov. In addition, comments will be available for
public inspection and copying at 1700 G Street NW., Washington, DC
20006, on official business days between the hours of 10 a.m. and 5
p.m. Eastern Time. You can make an appointment to inspect the documents
by telephoning (202) 435-7275. All comments, including attachments and
other supporting materials, will become part of the public record and
subject to public disclosure. Sensitive personal information such as
account numbers or Social Security numbers should not be included.
Comments will not be edited to remove any identifying or contact
information.
FOR FURTHER INFORMATION CONTACT: For general inquiries, submission
process questions or any additional information, please call Monica
Jackson at (202) 435-7275.
SUPPLEMENTARY INFORMATION: In support of the study required under
section 1077 of Dodd-Frank, the Bureau seeks information on private
education loans and related consumer financial products and services
that are currently being offered to or used by students and their
families for the financing of postsecondary education. As used in
Section 1077 of Dodd-Frank, ``private education loans'' refers to loans
made
[[Page 71330]]
by a school or by a financial institution to finance the cost of post-
secondary education, but excluding loans guaranteed under Title IV of
the Higher Education Act, commonly referred to as ``federal'' loans.\1\
---------------------------------------------------------------------------
\1\ Title IV loans are commonly referred to as ``federal loans''
and are often known as ``Stafford Loans,'' Perkins Loans,'' and
``PLUS and GradPLUS'' loans in the current federal Direct Loan
program guaranteed under Title IV of the Higher Education Act.
---------------------------------------------------------------------------
Section 1077 of Dodd-Frank requires the Bureau and the Department
of Education, in consultation with the Department of Justice and the
Federal Trade Commission, to prepare a Report on Private Education
Loans and Private Education Lenders (``Report'').\2\ Section 1077
mandates that the Report address a list of questions, some of which may
best be answered with quantitative data. For those questions, the
Bureau will initially utilize records already held by the Department of
Education, information obtained directly from lenders (both for-profit
and non-profit) and industry associations, and information already
collected or otherwise available from other public and private sources.
To supplement these data and to capture qualitative information that
may help to answer the questions posed by Congress, this notice and
request for information seeks input from all sources, both inside and
outside of the financial services industry, including consumers,
financial services providers, schools, organizations, and other members
of the public regarding (a) Issues concerning private education loans
and lending, where existing quantitative data may be incomplete, and
(b) qualitative issues where public input will add perspective that may
improve the Report.
---------------------------------------------------------------------------
\2\ For the purposes of this request for information, the terms
``private education loans'' and ``private student loans'' may be
used interchangeably, as may the terms ``private educational
lenders'' and ``private student lenders.'' Dodd-Frank defines
``private education loans'' by reference to section 140 of the
Truth-in-Lending Act, 15 U.S.C. 1650.
---------------------------------------------------------------------------
We refer the public to the questions posed by Congress in Section
1077 of Dodd-Frank at https://go.usa.gov/XDr. To assist the Bureau in
responding to those questions, we seek public comment on the questions
below. The Bureau is particularly interested in learning what
information would help students make informed decisions about which
financial services and products are right for them and what approaches
would best assist recent graduates facing (or about to face) difficulty
making private education loan payments. The questions are grouped into
four broad categories, (a) Scope and use of private education loans,
(b) information and shopping for private education loans, (c)
institutional loans, and (d) repayment. Please feel free to respond to
all of the questions or only those that interest you, but please be
sure to indicate in your comments which questions you are answering.
Scope and Use of Private Education Loans
1. In addition to private education loans, to what extent do
students and their families rely on other forms of non-federal debt
financing to pay for postsecondary education (e.g. tuition payment
plans, student credit cards, parent or family credit cards, home equity
lines of credit, etc.)?
2. For students who do not exhaust their federal loan options,
including those that require the completion of a Free Application for
Federal Student Aid (FAFSA), before turning to private education loans,
what explains their choice of private loans?
Information and Shopping for Private Loans
3. From what sources do students and their families obtain
information about private education loans and private lenders? What
sources are most helpful and accurate?
a. How effective are the existing disclosures provided by private
education lenders regarding the terms and conditions of the loans?
Among other things, comments could address issues such as whether
students and their families feel they adequately understand the terms
and conditions of various financial products offered to finance their
education goals.
4. What sources of information do students rely upon to gauge the
appropriate amount of student debt when selecting a school or program?
Do students rely on financial aid budgets provided by the school or on
other sources to determine amounts needed to cover tuition and other
expenses? Do they consider ability to repay in choosing amounts of debt
to incur? If so, what resources are available to help them determine
their ability to repay?
Institutional Loans
5. To what extent are students offered or solicited to take out
private education loans made directly by the school they are attending?
How do such programs compare to those offered by non-school private
educational lenders (e.g., interest rates, ease of approval,
underwriting criteria, repayment terms etc.)?
6. What types of schools most commonly offer their own private
student loan programs? How do schools select the students they deem
eligible for their loan programs (e.g., academic merit, financial need,
recruitment, retention)? How are school loan programs funded?
Repayment
7. How well are the amount and timing of private education loan
repayment terms understood (a) When borrowers take out the loan, (b)
during school, (c) at graduation, and (d) when repayment begins? Among
other things, comments could address individual experiences at each
stage of a student's education, or reference existing studies or survey
work concerning the percentage of students with different levels of
understanding regarding their debt load at each stage of their
education.
8. What are the best practices at school financial aid offices in
providing students with information about students' future loan
payments and ability to afford those payments? The Bureau is
particularly interested in steps or programs schools voluntarily use to
create or enhance students' awareness of their debt loads and ability
to afford their loan payments, as well as any evidence concerning the
impact of such initiatives.
9. How much does a student's debt load affect undergraduate field
of study or career choices after graduation? To what extent do
undergraduates' or recent graduates' debt loads affect their decision
to attend graduate school or seek advanced professional degrees?
10. Are students adequately informed of their rights as borrowers
on private education loans? What resources are students offered to
protect their rights? Who directs them to resources that may help them
protect their rights (e.g., friends, schools, lenders, particular Web
sites, etc.)?
11. What financial education techniques and resources have
empirically-demonstrated effectiveness in helping borrowers avoid
default on private education loans? How prevalent are these techniques
and resources? Among other things, the CFPB is particularly interested
to learn:
a. Which alternative repayment plans have proven most effective in
keeping borrowers out of default and why?
b. Whether private lenders adopted repayment program modifications
to respond to the high unemployment rate among recent graduates in the
wake of the financial crisis?
c. Are there techniques that private education lenders should try
to help reduce default?
d. Have private lenders developed rehabilitation programs for
defaulted loans?
[[Page 71331]]
Dated: November 9, 2011.
Meredith Fuchs,
Chief of Staff, Consumer Financial Protection Bureau.
[FR Doc. 2011-29737 Filed 11-16-11; 8:45 am]
BILLING CODE 4810-AM-P
