Apr 27 -- The Consumer Financial Protection Bureau (Bureau or CFPB) invites comments by June 26, 2023 regarding the proposed Student Loan Survey.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau is charged with researching, analyzing, and reporting on topics including consumer behavior, consumer awareness, and developments in markets for consumer financial products and services. To improve its understanding of how consumers engage with financial markets, the Bureau has successfully used credit record data as a sampling frame to survey people about their experiences in consumer credit markets.
The Bureau now seeks to obtain approval for a new survey of student loan borrowers to understand their borrowing decisions, their experience managing their loans, and their expectations for the future. The survey will be sent to a random sample selected from individuals in the Bureau's new Consumer Credit Information Panel (CCIP) which is itself a sample of de-identified credit records from one of the nationwide consumer reporting agencies. The survey responses will be matched to the Bureau's CCIP data to provide a more complete picture of borrowers' financial standings. The survey will follow similar methods as in the Bureau's prior Making Ends Meet Survey (approved under OMB Control Number 3170–0066) and Consumer Views on Debt Survey (approved under OMB Control Number 3170–0047) but sample a different population of borrowers and focus primarily on student loans. The Bureau expects to recruit about 15,000 participants to participate in the survey. The Bureau will collect demographics, measures of financial well-being, consumers' feelings about their financial well-being, experiences with the student loan system, and behavioral measures related to seeking out financial information or willingness to take financial-related actions.
CFPB Student Loans:
https://www.consumerfinance.gov/data-research/consumer-credit-trends/student-loans/
Draft survey instruments and technical documentation requested from CFPB by AEAStat.
FRN:
https://www.federalregister.gov/d/2023-08822
