Letter to Director Cordray Urging the CFPB to Deny “Grace Periods” for Private Loan Disclosures
A letter from TICAS urging the CFPB to deny private lenders’ request for a 30-day “compliance grace period,” during which the lenders would not be required to inform borrowers of the interest rates on federal student loans. Students cannot ‘know before they owe’ if they are not given the information required under the Truth in Lending Act, are not given accurate information, or only given it after they take out the loan.
