Your feedback on Know Before You Owe: Student Loans

[FarCenter]

Earlier this week, we issued a memorandum to consumers and industry participants who submitted comments on our Know Before You Owe: Student Loans project.

We got feedback on almost every aspect of the “financial aid shopping sheet” prototype, and a majority of those who commented said a standardized way of receiving financial aid information is needed. Participants ranked features they thought were most important, and here were their top choices:

•Estimated debt at graduation
•Estimated monthly payment after graduation
•My likely ability to repay my loans
•A complete breakdown of cost at school by category
•Whether students at this school have been able to repay loans

We have shared all the comments we received with the Department of Education so they can use this feedback to develop a financial aid form for schools to use.

http://www.consumerfinance.gov/your-feedback-on-know-before-you-owe-student-loans/

Consumer Financial Protection Bureau at work!

[mike_c]

1. smoke screen....

Disclosure is fine, but it won't solve the real problem. Student loans are predatory, and knowledge of that is only marginally helpful. Far better, would be to prevent predation. People should not be trapped into a lifetime of debt servitude in order to go to school. Period.