Sound Off on Student Loans

We’ve spent the past few months working hard on student loan issues. We launched a Know Before You Owe student loans project, released the Student Debt Repayment Assistant, and gathered information on the private student loan marketplace.

To make sure this market works for students, lenders, and schools, we need more information from the people who know this market best: the people who have been part of it.

We’ve published a notice in the Federal Register asking people to share their experiences with private student loans. We want to hear from anyone who has ever dealt with these loans: students, their families, school counselors, lenders, and servicers.

Do any of those sound like you? Then we need your input, but we need it soon. The comment period for this notice closes in just six days.

Tell us about your experience with private student loans.

Already, we’ve received hundreds of comments. But other people know their own experiences, not yours.

Your story gives your unique perspective on how people make decisions about which loans to borrow. That’s a perspective we want to hear.

If you’ve ever borrowed a private student loan, tell us more about whether this market did or did not work for you. Why did you take out a private loan? How did you decide to do it? Did it affect your study or career choices?

We’ll read every single comment. This summer, when we prepare a report to Congress on the private student loan market, your comment will help inform our work. And your comment will be part of the Federal Register so other people who may share a similar experience to yours can read it.

It’s a chance to have a direct impact on which issues we’ll examine closely in the coming months. But to add your comment to the Register, you need to submit it by January 17th.

Whether you have two sentences or two pages to tell us, we want to hear from you. It takes just a few minutes to submit your comment online.

Submit your comment today.

Thank you,
Rohit Chopra
Student Loan Ombudsman
The Consumer Financial Protection Bureau

P.S. There’s also still time to tell us your thoughts on our Know Before You Owe student loans project. Tell us what you like and what you’d improve about our prototype Financial Aid Shopping Sheet. We’ll be sure to read your feedback and share it with the Department of Education. Click here to participate.