COHEAO Submits Comments to CFPB on Institutional and Private Student Loans

essay writing servicesp>Yesterday, COHEAO submitted comments to the Consumer Financial Protection Bureau in response to a Federal Register notice seeking information on private education loans. The full letter is a special attachment with this “Spark.”  As COHEAO members know, institutional loan programs are considered “private education loans” and are subject to regulation under the Truth in Lending Act (TILA), including student loan specific disclosures required by the HEOA.

COHEAO’s comments address regulatory issues with student loans, particularly when they add to confusion for students. Our letter also addresses campus-based financial literacy programs as well as issues associated with traditional private loans, such as the use of preferred lender lists in helping students select a loan provider.

If you have any comments or questions on the COHEAO CFPB letter or would like copies of the letters submitted by other student loan related associations, please contact Wes Huffman (whuffman@wpllc.net, 202.289.3910).  The CFPB Federal Register notice requesting the information is available online:  http://www.federalregister.gov/articles/2011/11/17/2011-29737/request-for-information-regarding-private-education-loans-and-private-educational-lenders