The CFPB and College Assistance

Personal Finance
a piggy bank symbolizing a saved college fund

The Consumer Financial Protection Bureau is a special organization in charge of looking out for the financial interests of consumers.

Some of the CFPB’s main duties include outlining and enforcing consumer lending laws and taking complaints from disgruntled consumers. The CFPB also helps students who want to find financing to go to college. The organization believes in providing only the best resources for American consumers and citizens. A prospective student can find a wealth of helpful information on the home page of the CFPB. Prospective students can locate resources on the following aspects of going to college:

1. Student Loan Options

The CFPB site offers a wealth of resources to help a prospective student obtain funding for school. Scholarships, grants, and student loans can pay up to 100 percent of a student’s tuition. It is important for prospective students to know about different grants and loans so they can apply for everything they are eligible for. The CFPB offers an extensive set of tools that assist students with completing FAFSA forms, which is important for obtaining student loans. Resources on the site also explain the difference between federal loans and private loans. Each loan type has its different advantages and disadvantages.

2. Student Banking Resources

The CFPB serves as a guide for student bank accounts. Students will need to open bank accounts to store their money while they are going to school. They may also need bank accounts for direct deposit from college jobs. The CFPB explains when to open a bank account, how to avoid unexpected costs, and how to sign up for direct deposit. Additionally, the resources explain how financial aid disbursements are distributed.

3. Financial Aid Comparisons

The CFPB helps students choose which school they want to attend by way of comparison. Some schools charge students much more money for attendance than other schools. The comparison tool offers students a close-up look at the monetary figures, which will help them make the right choice for their education needs. Students can compare up to three schools at a time.

4. Student Debt Repayment Information

A student can get way over his or her head in debt if that person is not careful. Going to an out-of-state or online college can be much more expensive than going to a local university. The CFPB can help consolidate the separate bills or call the lending organizations and request deferments or forbearances. Deferments and forbearances allow a student to get back on his or her feet until that person can repay student loans.

Finally, a student who has a problem with a university or lender can contact the CFPB and file a complaint. The CFPB will try to help to resolve the issue between the parties.

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