Removing Barriers Blog

CFPB Releases Draft Student Loan Payback Playbook
Posted April 29, 2016 by Chandler Schuette

This week, the CFPB released the student loan Payback Playbook, a set of prototype disclosures that would provide borrowers with personalized information about their repayment options from loan servicers. Specifically, the Payback Playbook outlines repayment options for borrowers who may be struggling to keep up with their monthly payment or trying an appropriate repayment plan. The Payback Playbook would be available to borrowers on their monthly bills, in regular email communications from their student loan servicers, or when accessing their accounts online.

The Payback Playbook was released as part of a CFPB request for information on student loan borrower communications. The CFPB is seeking comments related to consumer decision-making when repaying student loans, including the presentation of information about alternative repayment options. In the coming months, the Department of Education, in consultation with the CFPB, plans to finalize new disclosures related to repayment options.

CUNA will be posting a Regulatory Comment Call once the CFPB request for information is published in the Federal Register.