Need Help Paying Your Federal Student Loans?

FEDERAL STUDENT LOANS: ‘PAYBACK PLAYBOOK’ UNVEILED BY CONSUMER FINANCIAL PROTECTION BUREAU. 
INTENDED TO PROVIDE BORROWERS WITH PERSONALIZED SNAPSHOT OF REPAYMENT OPTIONS.
Prototype Disclosures Outline Path to Affordable Payments for Borrowers Trying to Avoid Debt Distress 
WASHINGTON, D.C. — April 27, 2016 the Consumer Financial Protection Bureau (CFPB) unveiled a federal student loan Payback Playbook, “a set of prototype disclosures that outline a path to affordable payments for borrowers trying to avoid student debt distress. The Payback Playbook provides borrowers with personalized information about their repayment options from loan servicers so they can secure a monthly payment they can afford. The Payback Playbook would be available to borrowers on their monthly bills, in regular email communications from their student loan servicers, or when they log into their student loan accounts.”
“Millions of consumers needlessly fall behind on their student loan debt, despite their right under federal law to a payment they can afford,” said CFPB Director Richard Cordray. “The Payback Playbook, which has grown out of our joint work with Illinois Attorney General Lisa Madigan and her colleagues, is designed to help ensure student loan servicers provide personalized information, tailored to the borrower’s individual situation. This will help these borrowers take action, stay on track, and steer clear of financial distress.“
View the Payback Playbook prototypes at: http://files.consumerfinance.gov/f/documents/201604_cfpb_student-loan-playbooks-website.pdf
The public can weigh in starting April 28, 2016 on the Payback Playbook prototypes at: www.consumerfinance.gov/payback-playbook
A copy of the CFPB public request for information is available at: http://files.consumerfinance.gov/f/documents/201604_cfpb_rfi-regarding-student-loan-borrower-communications.pdf

Student loans are the next financial balloon just waiting to burst.  There is little to no education to help students understand how their financial future will be affected by borrowing to pay for some future job which may, or may not, happen.  A graduate with a masters in counseling will likely find themselves burdened with $200,000 in student loans.  The average income is $44,000 annual gross.  The average cost of living for a family of four is $50,000.  This cost of living does not include student loans.  You do the math!!
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