On May 8, 2013, the CFPB issued a report highlighting the
role that student debt increasingly plays in affecting both consumers and the
broader economy. Pursuant to a February 2013 Notice
and Request for Information, the CFPB received nearly 28,000 comments
concerning ways to provide affordable private student loan repayment
options. From the comments it gathered to produce the study, the CFPB
determined that the burden of student debt has ripple effects throughout the
broader economy that warrant the attention of policymakers.
The report's recommendations involve possible payment
options for private student loan providers to consider in response to consumer
concerns that could potentially mitigate the adverse economic impacts of
student loan debt. Unlike other reports from the CFPB, it is not clear
that the recommendations set forth in the report lend themselves to formal
regulatory action from the CFPB, nor does it provide specific recommendations
for Congress or the Department of Education. Rather, the report appears
to be an aggregation of consumer concerns about student debt burdens and a
consideration of the impact of student loan debt on the broader economy.
The full report is available here.
Read more at Consumer Financial Protection Bureau
Report by Troutman Sanders LLP.
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