On April 28th the Consumer Financial Protection Bureau (CFPB) released information that they were making available a prototype of the Payback Playbook for consumers to review. The Payback Playbook will allow consumers with student loan debt to view personalized payment options on their bill, online and through email to see what options would be most affordable in their situation. The playbook will provide three personalized options for the consumer to help reduce the likelihood of default on the loan.
With 43 million Americans having student loan debt, it is important that the information is clear and straight forward. The Payback Playbook will provide this information to consumers so they can make an informed decision what repayment option is best for them. The public can view the prototypes online until June 12, 2016 and can also provide feedback on them. If you are one of the 43 million Americans with student loan debt, this is your chance to provide feedback on this new program and make sure that it provides the information you need to be informed. More information about this new program can be found in this article by the CFPB.