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Published: April 2013
Protecting consumers from predatory student loans
Consumer Action and coalition organizations respond to the Consumer Financial Protection Bureau’s (CFPB) request for information regarding an initiative to promote student loan affordability. The CFPB should be aggressive and creative in seeking solutions for these borrowers that satisfy five essential criteria.
Consumer Action and other advocates urge the CFPB to evaluate any proposed student loan modification program to determine whether it will – at a minimum – satisfy the following essential criteria:
1. Affordability
2. Preservation of Borrower Protections
3. Enforceability
4. Efficiency and Scale
5. Fairness
Lead Organization
Americans for Financial Reform (AFR)
Other Organizations
Americans for Financial Reform | Consumer Action | NAACP | National Consumer Law Center (on behalf of its low income clients) Public Citizen | The Institute for College Access and Success
More Information
For more information, please visit the AFR website.
Download PDF
Protecting consumers from predatory student loans (CFPBStudentLoanCommentLetter4-13.pdf)
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