Request for Information Regarding Private Education Loans and Private Educational Lenders, 71329-71331 [2011-29737]

Download as PDF 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 Frm 00023 Fmt 4703 Sfmt 4703 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: • http://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 http://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 http://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 17NON1 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 http:// 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 http://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 PO 00000 Frm 00025 Fmt 4703 Sfmt 4703 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 17NON1

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:
     http://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 
http://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 http://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