Spurred by the Consumer Financial Protection Bureau's recent ombudsman report on student loan debt (about which we posted), the New York Times has penned this editorial about the subject, focusing in part on private student loans (which amount to a mere $150 billion of the outstanding $1 trillion in student loan debt). The Times suggests that private student loans should be accompanied by the same or similar consumer protections and disclosures as federally-guaranteed student loans (for instance, with respect to the debtor's right to defer repayment in certain circumstances). It recommends that
The federal government needs to open up refinancing and debt relief
opportunities for these people, as it did for some mortgage holders. The
bureau should also set national standards for loan servicers to require
clear disclosure of conditions, advance notice of any changes in the
status of the account and prompt resolution of customer requests for
information. And borrowers who might be eligible for federal loans
should be advised to examine that option before plunging headlong into
private debt.
Almost everybody knows that federal student loans and better than private ones. Federal loans are available with lower interest rates like 3.4 while interest rates on private ones are higher. That’s why I agree that there should be some changes made, because it makes no sense to apply for high interest rate loans when there are better options available. Student loans should have some better terms and I am sure that there should be programs which would allow students to get emplonment after the graduation and pay off their debts faster.
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Thought I would leave my first comment. I do not know what to say except that I have enjoyed reading. Nice blog, I will continue to visit this blog very often.
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