There’s been a lot of talk about the financial reform bill and how it will affect Wall Street, mortgage loans and credit cards, but not a lot has been said about how it will affect private student loans.
According to the latest version of the bill, a new watchdog agency called the Consumer Financial Protection Bureau (CFPB) would oversee financial products, including private student loans.
Lawmakers believe the loans should be watched because they are among the riskiest available, offering fewer consumer protections and higher interest rates. The protections will include the ability to file a complaint and will eliminate the need for school certification to receive a loan (Smart Money).
Back in school, I’m doing so much lenainrg.