Students
What’s the deal with student cards and bank accounts?
With credit cards, financial companies have to publicly disclose these types of agreements with schools. However, we know less about these arrangements when it comes to other things, like debit cards to access your student loan funds and student checking accounts. We’ve heard from students that sometimes these arrangements are a convenience, while other times we’ve heard that they didn’t feel they had a choice. We want to see if students are getting a good deal and what schools can do to help them through the process. That’s why we need your help. We want to hear about your experience with financial products designed for college students.
Paying for College
From start to finish, we can help you make informed financial decisions about paying for college.
Repay student debt
While we can’t give you advice for your exact situation, we can point you in the right direction.
Student loan reports
Annual Report of the CFPB Student Loan Ombudsman
Based on complaints, comments, and other input, we explain how some borrowers face obstacles when repaying their private student loans.
Student loan servicing and the military – Servicemembers face unique challenges when paying back student debt.
Private student loans – With the the Secretary of Education, we submitted a report to Congress. Thousands of consumers gave us their comments.
Student cards and checking
Financial aid disbursement cards
We issued a consumer advisory to all students expecting to receive scholarship and student loan proceeds onto – what appears to be – a school-endorsed debit card. We also asked consumers to tell us about their experiences getting their financial aid funds.
Managing your college money
Choosing your first bank account is an important decision. Unlike that first school ID photo, your first banking relationship could last long after you graduate. Making a smart decision now will mean fewer surprise fees that can add up later.
Leveling the playing field
Know Before You Owe
In partnership with the Department of Education, we’ve developed a financial aid shopping sheet to improve the way schools communicate financial aid offers. More than 500 colleges have agreed to use the shopping sheet.
What we heard – We released a prototype and received feedback from the public
Colleges agree to adopt financial aid shopping sheet – Read the Department of Education’s announcement
Military education accountability
We’re working with the Departments of Education, Defense, and Veterans Affairs to take steps to ensure that servicemembers, veterans and their families can get the information they need about the schools where they spend their education benefits.
Updates
Paying for college [beta] – Peter Jackson, 12/13/2012
Launching the college credit card agreement database – Marla Blow, 11/1/2012
Debt déjà vu for students – Rohit Chopra, 10/25/2012
Congressional Forum on Student Loans in Chicago, IL – Rohit Chopra, 8/27/2012
Written testimony at a Senate hearing on private student loans – Rohit Chopra, 7/24/2012
Read more about the CFPB’s work for students on our blog.
Share
