81 FR 26529 - Request for Information Regarding Student Loan Borrower Communications

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 81, Issue 85 (May 3, 2016)

Page Range		26529-26534
FR Document		2016-10327

The Bureau of Consumer Financial Protection (Bureau or CFPB) is seeking comments from the public related to consumer decision-making when repaying student loans, including the presentation of information about alternative repayment options. The submissions to this request for information will assist policymakers and market participants when considering potential options to enhance, supplement, or revise written communications made to student loan borrowers by student loan servicers, related to repayment options. The Bureau is seeking public comments about how these communications could reduce defaults, improve borrower outcomes, and spur innovation.

Federal Register, Volume 81 Issue 85 (Tuesday, May 3, 2016)

[Federal Register Volume 81, Number 85 (Tuesday, May 3, 2016)]
[Notices]
[Pages 26529-26534]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-10327]

[[Page 26529]]

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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2016-0018]

Request for Information Regarding Student Loan Borrower
Communications

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for information.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau or CFPB)
is seeking comments from the public related to consumer decision-making
when repaying student loans, including the presentation of information
about alternative repayment options. The submissions to this request
for information will assist policymakers and market participants when
considering potential options to enhance, supplement, or revise written
communications made to student loan borrowers by student loan
servicers, related to repayment options. The Bureau is seeking public
comments about how these communications could reduce defaults, improve
borrower outcomes, and spur innovation.

DATES: Comments must be received on or before June 12, 2016.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2016-
0018, by any of the following methods:
Electronic: http://www.regulations.gov. Follow the
instructions for submitting comments.
Email: FederalRegisterComments@cfpb.gov. Include Docket
No. CFPB-2016-0018 in the subject line of the message.
Mail: Monica Jackson, Office of the Executive Secretary,
Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC
20552.
Hand Delivery/Courier: Monica Jackson, Office of the
Executive Secretary, Consumer Financial Protection Bureau, 1275 First
Street NE., Washington, DC 20002.
Instructions: All submissions should include the agency name and
docket number for this proposal. Because paper mail in the Washington,
DC area and at the Bureau is subject to delay, commenters are
encouraged to submit comments electronically. In general, all comments
received will be posted without change to http://www.regulations.gov.
In addition, comments will be available for public inspection and
copying at 1275 First Street NE., Washington, DC 20002, on official
business days between the hours of 10 a.m. and 5 p.m. eastern time. You
can make an appointment to inspect the documents by telephoning (202)
435-7275.
All comments, including attachments and other supporting materials,
will become part of the public record and subject to public disclosure.
Sensitive personal information, such as account numbers or social
security numbers, should not be included. Comments generally will not
be edited to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: For general inquiries, submission
process questions, or any additional information, please contact Monica
Jackson, Office of the Executive Secretary, at 202-435-7275.

Authority: 12 U.S.C. 5511(c).

SUPPLEMENTARY INFORMATION: This Request for Information Regarding
Student Loan Borrower Communications seeks feedback from the public on
a series of potential borrower communications--Student Loan Payback
Playbooks--developed by the Bureau in coordination with the Department
of Education and the Department of the Treasury. The Bureau also seeks
public comment about the role that written communications play in
enabling successful student loan repayment.
The submissions to this request for information may assist market
participants and policymakers when considering potential options to
enhance, supplement, or revise written communications provided to
student loan borrowers, related to repayment options. Submissions will
further inform stakeholders' understanding of the relationship between
written communications and borrower decision-making related to student
loan repayment, particularly as a means to reduce delinquencies and
defaults. Comments submitted in response to this request for
information may also be used to inform the development of certain
disclosures required of the Department of Education by the Presidential
Memorandum on a Student Aid Bill of Rights, signed on March 10,
2015.\1\ The deadline for submission of comments is June 12, 2016.
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\1\ See The White House, Presidential Memorandum--Student Aid
Bill of Rights (Mar. 10, 2015), available at https://www.whitehouse.gov/the-press-office/2015/03/10/presidential-memorandum-student-aid-bill-rights.
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The Bureau encourages comments from the public, including:
Student loan borrowers;
Organizations representing students and student loan
borrowers;
Innovators, technology providers, and recent entrants into
the student loan market;
Institutions of higher education and affiliated parties;
Financial services providers, including but not limited to
lenders and servicers in the student loan market;
State law enforcement agencies and regulators;
Participants in the consumer data industry, including
credit reporting agencies;
Debt collectors;
Organizations promoting financial education;
Civil rights groups; and
Nationally recognized statistical rating organizations.
Please note that the Bureau is not soliciting individual student
account information in response to this notice and request for
information, nor is the Bureau seeking personally identifiable
information (PII) regarding student accounts.
All comments, including attachments and other supporting materials,
will become part of the public record and subject to public disclosure.
Sensitive personal information, such as account numbers or social
security numbers, should not be included. Comments generally will not
be edited to remove any identifying or contact information.

Part A: Accurate and Actionable Information Related to Student Loan
Repayment

In May 2015, the Bureau, in coordination with the Department of
Education and the Department of the Treasury, launched a public inquiry
into student loan servicing practices that sought input from the public
related to potential barriers to student loan repayment. A broad cross-
section of respondents, including consumers, student loan servicers,
consumer advocates, and others, highlighted the lack of information
regarding student loan repayment options as one of the potential
barriers to borrower success.\2\ Commenters emphasized that accurate
and actionable information about various consumer protections and
borrower benefits could improve borrower decision-making.\3\
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\2\ See, e.g., Borrower Comment, CFPB-2015-0021-0076
(``[M]onthly statements are the most convoluted statements I've ever
seen in my entire life. I work in the banking industry and I
struggle each month to figure out what I'm supposed to be
paying.''); Comment from Axis Financial Services, CFPB-2015-0021-
0374 (``Most defaulted borrowers need to hear about the opportunity
and benefits of rehabilitation, affordable income-based repayment
options, procedures for setting up a rehabilitation and answers to
any questions the borrowers may have.''); Comment from The Institute
for College Access & Success, CFPB-2015-0021-0356 ``[B]orrowers
cannot count on servicers to provide information and assistance that
could help them make affordable payments and stay out of
default.''); Comment from Pennsylvania Higher Education Assistance
Agency, CFPB-2015-0021-0974 (``While most borrowers are served well
by customer service agents that are versed in a wide variety of
student loan programs and options, some borrowers need the
assistance of specially trained teams of representatives who can
provide specialized information and counseling.'').
\3\ See, e.g., Borrower Comment, CFPB-2015-0021-0996 (``Re-
payment options are not clearly stated . . . Servicers should
include what my monthly bill payments would be if I'm considering
different payment options.''); Borrower Comment, CFPB-2015-0021-6521
(``I have dealt with several loan servicers and received
inconsistent and erroneous answers to common questions. . . .
[R]epresentatives would scream at me over the phone that I owed a
substantial amount of money immediately, more than I could possibly
afford to pay. I would have to hang up and call again hoping to get
a representative that was more reasonable. The next representative
would tell me something completely different. . . . They told me I
do not qualify for Income-Based Repayment because I have Grad Plus
Loans . . . This information is completely false, this restriction
only applies to Parent Plus loans which I do not have and I do not
exceed any income restrictions . . . . This false and inconsistent
information led me to defer payments when I could have been making
them under IBR.'').

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[[Page 26530]]

Approximately 42 million Americans owe student loan debt.\4\ In
less than a decade, the volume of outstanding federal student loan debt
has more than doubled, rising from $516 billion in 2007 to greater than
$1.2 trillion in the first quarter of 2016,\5\ surpassing all other
categories of consumer debt aside from mortgages.
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\4\ See U.S. Department of Education, Federal Student Aid
Portfolio Summary (accessed on Apr. 12, 2016), available at https://studentaid.ed.gov/sa/sites/default/files/fsawg/datacenter/library/PortfolioSummary.xls.
\5\ See U.S. Department of Education, Federal Student Aid
Portfolio Summary (accessed on Apr. 12, 2016), available at https://studentaid.ed.gov/sa/sites/default/files/fsawg/datacenter/library/PortfolioSummary.xls.
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Unlike other types of consumer debt, which have realized reduced
levels of delinquency and default compared to highs reached following
the Great Recession, the student loan market continues to show signs of
distress.\6\ The Bureau estimates that a quarter of student loan
borrowers are, collectively, either delinquent or in default on
approximately $200 billion in student debt.\7\ Elevated levels of
student loan borrower distress exist despite the availability of a
range of protections for borrowers that are designed to mitigate
delinquency and default, including income-driven repayment plans
provided for by law for the vast majority of borrowers with federal
student loans.\8\ Given the growing share of consumers managing student
loan debt, consumers, policymakers, consumer advocates, market
participants, policy experts, and other stakeholders have recognized
the critical importance of consistent, accurate, and actionable
information in order to facilitate successful repayment.\9\
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\6\ See Federal Reserve Bank of New York, Quarterly Report on
Household Debt and Credit (Aug. 2015), available at http://www.newyorkfed.org/householdcredit/2015-q2/data/pdf/HHDC_2015Q2.pdf.
\7\ U.S. Department of Education, Federal Student Loan
Portfolio: Direct Loan and Federal Family Education Loan Portfolio
by Loan Status (accessed on Apr. 12, 2016), available at https://studentaid.ed.gov/sa/sites/default/files/fsawg/datacenter/library/PortfoliobyLoanStatus.xls; U.S. Department of Education, Federal
Perkins Loan Program Status of Default as of June 30, 2015 (Mar. 17,
2016), available at https://ifap.ed.gov/eannouncements/031716PerkinsCDR1415.html; U.S. Department of Education and Consumer
Financial Protection Bureau, Private Student Loans (July 2012),
available at http://www.consumerfinance.gov/reports/private-student-loans-report/; U.S. Department of Education, Federal Student Loan
Portfolio: Direct Loan Portfolio by Delinquency Status (accessed on
Apr. 12, 2016), available at https://studentaid.ed.gov/sa/sites/default/files/fsawg/datacenter/library/DLPortfoliobyDelinquencyStatus.xls; U.S. Department of Education,
Federal Student Loan Portfolio: ED-Held FFEL Portfolio by
Delinquency Status (accessed on Apr. 12, 2016), available at https://studentaid.ed.gov/sa/sites/default/files/fsawg/datacenter/library/EDHeldFFELPortfoliobyDelinquencyStatus.xls.
\8\ Readers should note that access to Income-Based Repayment
(IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE)
is limited to borrowers with federal loans used to finance their own
education. Parents with federal student loans made under the Parent
PLUS program may use another income-driven repayment plan, Income-
Contingent Repayment (ICR), but must first refinance any parent
loans into a new Direct Consolidation Loan in order to be eligible.
See U.S. Department of Education, Income-Driven Plans, available at
https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven.
\9\ See Consumer Financial Protection Bureau, U.S. Department of
Education, U.S. Department of the Treasury, Joint Statement of the
Principles on Student Loan Servicing, 80 FR 67389 (Nov. 2, 2015),
available at http://files.consumerfinance.gov/f/201509_cfpb_treasury_education-joint-statement-of-principles-on-student-loan-servicing.pdf; see also Comment from the National
Consumer Law Center, CFPB-2015-0021-6840 (``Student loan borrowers
lack information about the current status of their accounts and
options for restructuring payments.); Comment from the National
Association of Student Financial Aid Administrators, CFPB-2015-0021-
0806 (``NASFAA advocates . . . for making the consumption of the
disclosure more efficient and user-friendly by simplifying,
refining, and consolidating all consumer information requirements .
. .''); Borrower Comment, CFPB-2015-0021-0996 (``Re-payment options
are not clearly stated . . . Servicers should include what my
monthly bill payments would be if I'm considering different
repayment options.''); Borrower Comment, CFPB-2015-0021-0076 (``[My
servicer's] monthly statements are the most convoluted statements
I've ever seen in my entire life. I work in the banking industry and
I struggle each month to figure out what I'm supposed to be
paying.''); Comment from Axis Financial Services, CFPB-2015-0021-
0374 (``Borrowers who have recently rehabilitated loans, have fallen
behind in payments or otherwise need special counseling need more
support than just a monthly bill or occasional phone call. . . .
Some borrowers may benefit from additional contact such as reminders
via email, additional letters, invoices or call campaigns.'').
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According to data recently released by the Department of Education
regarding Direct Loans, borrowers in Pay As You Earn (PAYE) and Income-
Based Repayment (IBR) (the most generous income-driven repayment plans
at the time of the snapshot) had the lowest delinquency rates. In
contrast, borrowers enrolled in a standard 10-year repayment plan had
delinquency rates nearly seven times higher than borrowers enrolled in
PAYE (Figure 1).

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[GRAPHIC] [TIFF OMITTED] TN03MY16.004

However, evidence suggests that borrowers who could benefit from
these arrangements may end up in delinquency or default instead. One
recent analysis by the Government Accountability Office found that 70
percent of borrowers in default had income that would entitle them to a
reduced monthly payment under one of these plans.\12\ Additionally,
borrowers told us how inconsistent and incomplete information from
servicers can be a direct impediment to successful repayment,\13\
noting that current written communications do not provide the
information necessary to make informed decisions about various
repayment options.\14\ Student loan servicers note that the expansion
of income-driven repayment plans and other alternative options has
introduced new challenges for servicers seeking to counsel borrowers
about how to navigate loan repayment.\15\ One trade association
representing the student loan servicing industry observed that the
breadth of options available to consumers is ``so confusing as to be
counter-productive,'' noting that this may lead to borrowers ``giving
up or not taking action at all.'' \16\
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\10\ See U.S. Department of Education, Federal Student Aid,
Servicing Summit Portfolio Overview (Dec. 2014), available at http://fsaconferences.ed.gov/conferences/library/2014/servicing/2014ServicingSummitPortfolioOverview.ppt.
\11\ Id.
\12\ See U.S. Government Accountability Office, GAO-15-663,
Federal Student Loans: Education could do more to help ensure
borrowers are aware of repayment and forgiveness options (Aug.
2015), available at http://www.gao.gov/products/GAO-15-663.
\13\ See Request for Information on Student Loan Servicing,
CFPB-2015-0021-0001 (May 21, 2015), available at http://www.regulations.gov/#!documentDetail;D=CFPB-2015-0021-0001; Borrower
Comment, CFPB-2015-0021-4023 (``I was originally with [my servicer]
when I heard about a new program . . . that would let me consolidate
my loan and . . . since I am a teacher, I could have my loan
forgiven after 10 years. I naturally signed right up and at the time
they told me that the standard plan would be eligible for
forgiveness. It turns out I received the wrong information. I would
have to use a different [repayment] plan which would be income
sensitive. . . . It's not fair that I got bad advice from the
[servicer] and that I will now be paying my loan well into
retirement.'').
\14\ See, e.g., Borrower Comment, CFPB-2015-0021-2288 (``I was
given wrong information about a lower payment plan. I am paying more
on my loans, rather than a lower payment, which is causing financial
distress. The employees of the company have given me false
information and I'm not sure if I am on the correct repayment
plan.'').
\15\ See, e.g., Comment from Pennsylvania Higher Education
Assistance Agency, CFPB-2015-0021-0974 (``Student loan borrowers and
student loan servicers must both cope with the complex nature of
student loans and the wide variety of terms and conditions attached
to these loans. . . . This situation makes navigating student loans
difficult for borrowers and presents challenges to student loan
servicers as they attempt to counsel and assist these borrowers.'').
\16\ Comment from Student Loan Servicing Alliance, CFPB-2015-
0021-0357 (``We believe the number of plans and the variety in their
terms have become so confusing as to be counter-productive. Given
the number and complexity of the plans, it is increasingly difficult
for consumers to understand and can lead to borrowers giving up or
not taking action at all.'').
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These observations, taken together with other academic
research,\17\ findings by state law enforcement agencies,\18\ and
public comments from consumers reporting servicing problems,\19\ raise
serious questions about the adequacy of current servicing practices
related to enrollment in income-driven repayment plans.
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\17\ See generally Adam Looney & Constantine Yannelis, A Crisis
in Student Loans? How Changes in the Characteristics of Borrowers
and in the Institutions they Attend Contributed to Rising Loan
Defaults, BPEA Conference Draft, The Brookings Institution (Sept.
2015), available at http://www.brookings.edu/~/media/projects/bpea/
fall-2015_embargoed/
conferencedraft_looneyyannelis_studentloandefaults.pdf (finding that
70 percent of defaulted borrowers in the authors' sample were
formerly enrolled at for-profit or two-year colleges, and that these
borrowers' median wages were between $20,900-$23,900). Based on the
Bureau's calculation, depending on a borrower's family size, the
average borrower with these characteristics would likely be eligible
to make a $0 monthly payment under an income-driven repayment plan.
\18\ See, e.g., Letter from State Attorneys General Lisa Madigan
et al., CFPB-2015-0021-0376, available at https://www.regulations.gov/#!documentDetail;D=CFPB-2015-0021-0376.
\19\ For a complete collection of comments received in response
to the Bureau's May 2015 Request for Information on Student Loan
Servicing, see CFPB-2015-0021-0001, available at http://www.regulations.gov/#!docketDetail;D=CFPB-2015-0021. Public comments
and other qualitative inputs described in this report are not
necessarily representative of the experience of over 41 million
borrowers in the student loan market; however, comments help to
illustrate where there may be a mismatch between borrower needs and
actual service delivered.
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In response, the Bureau engaged in a joint effort with the
Department of Education and the Department of the

[[Page 26532]]

Treasury to develop a vision for market-wide reform, including an
emphasis on the importance of accurate and actionable information for
borrowers seeking to make decisions about student loan repayment.\20\
In early 2016, in support of this effort, the Bureau engaged in a
series of structured interviews with individual student loan borrowers
in order to better understand the barriers student loan borrowers face
when repaying their loans, and to identify opportunities for improving
borrower communications about repayment options. The Bureau's initial
observations include:
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\20\ Consumer Financial Protection Bureau, U.S. Department of
Education, U.S. Department of the Treasury, Joint Statement of the
Principles on Student Loan Servicing, 80 FR 67389 (Nov. 2, 2015),
available at http://files.consumerfinance.gov/f/201509_cfpb_treasury_education-joint-statement-of-principles-on-student-loan-servicing.pdf.

Borrowers respond more favorably to actionable
information. Borrowers explained that they are seeking actionable
information regarding available repayment options. Borrowers stated
that billing statements are difficult to understand, and not indicative
of available alternative repayment options.
Personalized communications may be more effective.
Borrowers indicated that they would respond most favorably to
personalized billing written communications that provide actionable
repayment information reflective of a borrower's actual income and
family size.
Routine electronic communications may present an
opportunity for targeted outreach. Borrowers described that they may be
more likely to take action in response to monthly email communications
containing personalized repayment information, rather than written
statements instructing borrowers to log in to review their account or
to call a customer service representative to discuss available options.
Once borrowers fall behind, they may be less likely to
engage with their debt. Delinquent borrowers described how they need
some prompting to re-engage with a past-due debt; written
communications that suggest ``business as usual'' are often ignored.

These observations, along with other qualitative and quantitative
inputs, including responses to our May 2015 Request for Information on
Student Loan Servicing, consumer complaints, consultation with state
law enforcement officials, and discussions with consumer advocates,
individual market participants, and organizations representing
participants in the student loan servicing market, informed the
development of a series of potential borrower Payback Playbooks
developed by the Bureau, in coordination with the Department of
Education and the Department of the Treasury.\21\ The Bureau is seeking
comments discussing how these Playbooks could affect borrowers when
evaluating available alternative repayment plans and facilitate
enrollment in alternative repayment plans, when appropriate.\22\ The
Bureau requests comments in response to three documents:
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\21\ In December 2015, the Department of Education announced a
new set of student loan billing statement disclosure requirements
designed to provide clear and direct information to borrowers. In
addition to enhanced disclosures while borrowers are in school, in a
grace period, or entering repayment, borrowers will receive monthly
statements with specific information. Additionally, delinquent
borrowers will receive increased outreach efforts to help facilitate
repayment. Submissions provided in response to this RFI may also
inform the development of these disclosures. See U.S. Department of
Education, Advancing the Student Aid Bill of Rights--An Update on
Deliverables (Dec. 22, 2015), available at http://sites.ed.gov/ous/2015/12/advancing-the-student-aid-bill-of-rights-an-update-on-deliverables/.
\22\ http://www.consumerfinance.gov/payback-playbook.
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Payback Playbook A: Personalized information about
alternative repayment options (.pdf attachment or image).
Payback Playbook B (variant of Payback Playbook A):
Alternate approach to personalized information about alternative
repayment options (.pdf attachment or image).
Payback Playbook C: Information about income-driven
repayment options for borrowers likely at risk of default (.pdf
attachment or image).

Part B: Questions About Written Communications to Student Loan
Borrowers

The Bureau is seeking general feedback on a series of draft Payback
Playbooks that student loan servicers would send to borrowers,
developed in collaboration with the Department of Education and the
Department of the Treasury, as well as responses to the specific
questions below. Section I of this Part provides a set of questions for
respondents related to these draft Playbooks. Section II of this Part
provides a set of questions directed to student loan borrowers related
to Playbooks A and C. Section III of this Part provides a set of
questions for respondents about the general communication of
information related to student loans.

Section I: Specific Questions About Elements of Payback Playbooks A, B,
and C

The Bureau, in coordination with the Department of Education and
the Department of the Treasury, developed three potential Payback
Playbooks designed to assist student loan borrowers when selecting
between alternative repayment plans. Playbooks A and B present three
options to consumers: (1) Their current repayment arrangement; (2) one
alternative repayment arrangement with an amortizing payment schedule
(e.g., graduated repayment, extended repayment, extended-graduated
repayment); and (3) one income-driven repayment plan (e.g., Pay As You
Earn, Income-Based Repayment, Income-Contingent Repayment). In
contrast, Playbook C presents a single income-driven repayment plan to
consumers. Policymakers and market participants may wish to consider
whether a combination of these approaches is appropriate in order to
best serve a broad cross-section of student loan borrowers in various
stages of repayment, experiencing varying levels of distress, and
reflecting variations in risk levels between different segments of
servicers' loan portfolios.
Payback Playbooks A and B
Playbooks A and B are identical, other than the description of
income information and estimated payment amount under an income-driven
repayment plan. These designs present two approaches to
personalization. One approach offers a more precise estimate of a
monthly payment under this plan and informs the borrower that this
estimate was derived from actual information about his or her income
and family size. The alternative approach provides a rounded estimate
of a borrower's likely monthly payment, based on similar information
about income and family size used to populate Playbook A. Estimated
payment amounts indicated in either communication require that the
borrower's servicer have access to information about the borrower's
income and family size. The Bureau understands that such information
could potentially be available through various channels, including
other government agencies. The Bureau encourages respondents to provide
general feedback related to both approaches, as well as responses to
any of the specific questions included below.
1. Please provide general feedback related to Playbook A and
Playbook B,

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including any relevant information related to how these written
communications could affect consumer decision-making regarding student
loan repayment options and mitigate defaults.
2. Please provide feedback related to specific elements of Playbook
A and Playbook B, including, for example, feedback related to:
a. The language used to introduce the communication;
b. The number and selection of repayment plans presented to
consumers;
c. The relative emphasis on specific repayment plans;
d. The emphasis on lowering the borrower's monthly payment amount;
e. The presentation of the advantages and disadvantages to student
loan borrowers associated with an alternative repayment plan with an
amortizing repayment schedule (e.g., graduated, extended, or extended-
graduated plans);
f. The presentation of the advantages and disadvantages to student
loan borrowers associated with income-driven repayment plans (e.g.,
Income-Based Repayment, Pay As You Earn, and Revised Pay As You Earn);
g. The presentation of information about the terms and conditions
of specific repayment plans;
h. The presentation of information regarding how borrowers can
obtain more information about repayment options;
i. The presentation of current and future monthly payment amounts
for each repayment plan;
j. The description of the costs associated with each repayment
plan, including the depiction of future monthly payment levels and
description of the impact of repayment plan selection on total lifetime
loan costs;
k. The visual representation of information contained in these
communications; and
l. The means by which a borrower is provided with this information
(e.g., periodic statement, routine email communication, standalone
written communication, online payment portal, etc.).
3. The Bureau seeks feedback on the appropriate audience for these
Playbooks. In particular, please provide feedback related to the
efficacy and applicability of these Playbooks to specific populations
of student loan borrowers, including, for example:
a. Borrowers who are current on their student loans (i.e., have no
past-due student loan balance);
b. Borrowers who are at risk of delinquency;
c. Borrowers who are delinquent on one or more student loans;
d. Borrowers who have missed multiple monthly student loan
payments;
e. Borrowers who are at imminent risk of default;
f. Borrowers who have previously been in default, including
borrowers who have successfully rehabilitated defaulted loans;
g. Borrowers who have high levels of student loan indebtedness;
h. Borrowers who have not completed a program of study;
i. Borrowers who attended certain categories of institutions of
higher education (e.g., four-year college, community college, for-
profit college, vocational school);
j. Borrowers who are currently enrolled in an income-driven
repayment plan;
k. Borrowers who are in school or in a grace period;
l. Borrowers with Direct Loans;
m. Borrowers with Federal Family Education Loan Program (FFELP)
loans;
n. Borrowers with Perkins loans;
o. Parents with loans made through the PLUS program; and
p. Borrowers with Federal Consolidation Loans or Direct
Consolidation Loans.
Payback Playbook C
Payback Playbook C provides borrowers with information on a single
income-driven repayment plan, including a personalized description of
the estimated monthly payment under this arrangement, similar to the
approach used to describe income-driven repayment plans in Playbook A.
Respondents are encouraged to evaluate this communication in the
context of the specific needs of borrowers who are at risk of default,
potentially including borrowers who have missed multiple monthly
payments, borrowers who have not completed a program of study, or
borrowers who exhibit other criteria predictive of future financial
distress. When evaluating this communication, including the proposed
approach to personalization, respondents are encouraged to consider the
advantages, disadvantages, and risks associated with enrollment in an
income-driven repayment plan, as well as the potential costs to
borrowers resulting from delinquency and default.
1. Please provide general feedback related to Playbook C, including
any relevant information related to the extent to which these written
communications could affect consumer decision-making regarding student
loan repayment options and mitigate delinquencies or defaults.
2. Please provide feedback related to specific elements of Playbook
C, including, for example, feedback related to:
a. The language used to introduce the communication;
b. The number and selection of the repayment plan(s) presented to
consumers;
c. The relative emphasis on a specific repayment plan;
d. The emphasis on lowering the borrower's monthly payment amount;
e. The presentation of the advantages and disadvantages to student
loan borrowers associated with income-driven repayment plans (e.g.,
Income-Based Repayment, Pay As You Earn, and Revised Pay As You Earn);
f. The presentation of information regarding how borrowers can
obtain more information about repayment options;
g. The presentation of the current and future monthly amount for
the repayment plan;
h. The description of the cost associated with the repayment plan,
including the depiction of future monthly payment amount and
description of the impact of repayment plan selection on total lifetime
loan costs;
i. The visual representation of information contained in these
written communications; and
j. The means by which a borrower is provided with this information
(e.g., periodic statement, routine email communication, stand-alone
written communication, online payment portal, etc.).
3. The Bureau seeks feedback on the appropriate audience for this
Playbook. In particular, please provide feedback related to the
efficacy and applicability of this Playbook to specific populations of
student loan borrowers, including, for example:
a. Borrowers who are current on their student loans (i.e., have no
past-due student loan balance);
b. Borrowers who are at risk of delinquency;
c. Borrowers who are delinquent on one or more student loans;
d. Borrowers who have missed multiple monthly student loan
payments;
e. Borrowers who are at imminent risk of default;
f. Borrowers who have previously been in default, including
borrowers who have successfully rehabilitated defaulted loans;
g. Borrowers who have high levels of student indebtedness;
h. Borrowers who have not completed a program of study;
i. Borrowers who attend certain categories of institutions of
higher

[[Page 26534]]

education (e.g., four-year college, community college, for-profit
college, vocational school);
j. Borrowers who are currently enrolled in an income-driven
repayment plan;
k. Borrowers who are in school or in a grace period;
l. Borrowers with Direct Loans;
m. Borrowers with Federal Family Education Loan Program (FFELP)
loans;
n. Borrowers with Perkins loans;
o. Parents with loans made through the PLUS program; and
p. Borrowers with Federal Consolidation Loans or Direct
Consolidation Loans.

Section II. Specific Questions to Borrowers About Elements of Payback
Playbooks A and C

To supplement this request for information, the Bureau launched a
consumer-facing landing page soliciting feedback on these prototype
Payback Playbooks.\23\ The Bureau developed the following specific
questions for individual student loan borrowers, in order to better
understand how the Playbook could most effectively serve their needs.
Although all commenters are encouraged to review this request for
information in its entirety, consumers should consider following
questions when evaluating these prototype borrower communications:
---------------------------------------------------------------------------

\23\ http://www.consumerfinance.gov/payback-playbook.
---------------------------------------------------------------------------

1. How would the Playbook help you understand and evaluate the
options you have to pay your student loan if it reflected your likely
payments based on your actual income?
2. How could the Playbook better provide you with important
information about your repayment options?
3. How would it be best to see the Playbook (e.g., in monthly
billing statements, when you log on to your account online, etc.)?
4. At what point during repayment would you like to receive
personalized information about available repayment options (e.g.,
during your grace period, during repayment, etc.)?

Section III: General Questions About the Communication of Information
to Student Loan Borrowers in Repayment

The following questions solicit input from the public about the
effects of increased disclosure of information regarding repayment
options in written communications to student loan borrowers from
student loan servicers.
1. How could personalized information related to repayment options,
including income-driven repayment plans, affect consumer decision-
making? Personalized information means repayment information based on a
borrower's personal information, including income and family size.
2. Please provide any additional relevant information related to
written communications with student loan borrowers regarding repayment
options, including, for example:
a. Examples of existing written communications provided to student
loan borrowers;
b. Information about the advantages and disadvantages of such
communications, including any relevant information related to
implementation, operations, and maintenance associated with
dissemination of these communications;
c. Information related to privacy and data security considerations
when populating and disseminating information about borrowers' loans,
income information, or other sensitive financial or personal
information, including protecting the privacy of borrowers in
electronic communications like email or text message;
d. Feedback about information systems and other technical
considerations when populating and disseminating personalized
information about student loans, including any feedback about existing
information systems that provide accurate, personalized information to
consumers with student loans;
e. Information about the availability, cost, and accuracy of
potential data sources that include the income and family size of
student loan borrowers; and
f. Information about the use of consumer data, in order to populate
information contained in personalized communications.
3. How could the communication channel (e.g., U.S. Mail, email,
SMS, online portal) used to deliver borrower communications affect
borrower engagement (e.g., email open rates, click-through rates,
inbound telephone calls)?
4. How could personalized information obtained to populate written
communications be adapted to enhance oral communications with
consumers?
5. Please provide any relevant information about the applicability
of personalized communications to different segments of the student
loan market (i.e., private student loans, guaranteed loans made under
the Federal Family Education Loan Program, and Direct Loans).
6. How could the visual presentation of information, including the
presentation of additional or supplemental information in electronic
communications, affect consumer decision-making when repaying student
loans?

Dated: April 25, 2016.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2016-10327 Filed 5-2-16; 8:45 am]
BILLING CODE 4810-AM-P

26532 Federal Register / Vol. 81, No. 85 / Tuesday, May 3, 2016 / Notices

Treasury to develop a vision for market- loan servicing market, informed the Section I: Specific Questions About
wide reform, including an emphasis on development of a series of potential Elements of Payback Playbooks A, B,
the importance of accurate and borrower Payback Playbooks developed and C
actionable information for borrowers by the Bureau, in coordination with the The Bureau, in coordination with the
seeking to make decisions about student Department of Education and the Department of Education and the
loan repayment.20 In early 2016, in Department of the Treasury.21 The Department of the Treasury, developed
support of this effort, the Bureau Bureau is seeking comments discussing three potential Payback Playbooks
engaged in a series of structured how these Playbooks could affect designed to assist student loan
interviews with individual student loan borrowers when evaluating available borrowers when selecting between
borrowers in order to better understand alternative repayment plans and alternative repayment plans. Playbooks
the barriers student loan borrowers face
facilitate enrollment in alternative A and B present three options to
when repaying their loans, and to
repayment plans, when appropriate.22 consumers: (1) Their current repayment
identify opportunities for improving
The Bureau requests comments in arrangement; (2) one alternative
borrower communications about
response to three documents: repayment arrangement with an
repayment options. The Bureau’s initial
amortizing payment schedule (e.g.,
observations include: • Payback Playbook A: Personalized
graduated repayment, extended
• Borrowers respond more favorably information about alternative repayment
repayment, extended-graduated
to actionable information. Borrowers options (.pdf attachment or image). repayment); and (3) one income-driven
explained that they are seeking • Payback Playbook B (variant of repayment plan (e.g., Pay As You Earn,
actionable information regarding Payback Playbook A): Alternate Income-Based Repayment, Income-
available repayment options. Borrowers approach to personalized information Contingent Repayment). In contrast,
stated that billing statements are about alternative repayment options Playbook C presents a single income-
difficult to understand, and not
(.pdf attachment or image). driven repayment plan to consumers.
indicative of available alternative
• Payback Playbook C: Information Policymakers and market participants
repayment options.
• Personalized communications may about income-driven repayment options may wish to consider whether a
be more effective. Borrowers indicated for borrowers likely at risk of default combination of these approaches is
that they would respond most favorably appropriate in order to best serve a
(.pdf attachment or image).
to personalized billing written broad cross-section of student loan
communications that provide actionable Part B: Questions About Written borrowers in various stages of
repayment information reflective of a Communications to Student Loan repayment, experiencing varying levels
borrower’s actual income and family Borrowers of distress, and reflecting variations in
size. risk levels between different segments of
• Routine electronic communications The Bureau is seeking general servicers’ loan portfolios.
may present an opportunity for targeted feedback on a series of draft Payback
Playbooks that student loan servicers Payback Playbooks A and B
outreach. Borrowers described that they
may be more likely to take action in would send to borrowers, developed in Playbooks A and B are identical, other
response to monthly email collaboration with the Department of than the description of income
communications containing Education and the Department of the information and estimated payment
personalized repayment information, Treasury, as well as responses to the amount under an income-driven
rather than written statements specific questions below. Section I of repayment plan. These designs present
instructing borrowers to log in to review this Part provides a set of questions for two approaches to personalization. One
their account or to call a customer respondents related to these draft approach offers a more precise estimate
service representative to discuss Playbooks. Section II of this Part of a monthly payment under this plan
available options. provides a set of questions directed to and informs the borrower that this
• Once borrowers fall behind, they student loan borrowers related to
estimate was derived from actual
may be less likely to engage with their information about his or her income and
Playbooks A and C. Section III of this
debt. Delinquent borrowers described family size. The alternative approach
Part provides a set of questions for provides a rounded estimate of a
how they need some prompting to re- respondents about the general
engage with a past-due debt; written borrower’s likely monthly payment,
communication of information related based on similar information about
communications that suggest ‘‘business
to student loans. income and family size used to populate
as usual’’ are often ignored.
These observations, along with other Playbook A. Estimated payment
21 In December 2015, the Department of
qualitative and quantitative inputs, amounts indicated in either
Education announced a new set of student loan
including responses to our May 2015 billing statement disclosure requirements designed
communication require that the
Request for Information on Student to provide clear and direct information to borrower’s servicer have access to
Loan Servicing, consumer complaints, borrowers. In addition to enhanced disclosures information about the borrower’s
consultation with state law enforcement while borrowers are in school, in a grace period, or income and family size. The Bureau
entering repayment, borrowers will receive monthly understands that such information
officials, and discussions with statements with specific information. Additionally,
consumer advocates, individual market could potentially be available through
delinquent borrowers will receive increased
various channels, including other
asabaliauskas on DSK3SPTVN1PROD with NOTICES

participants, and organizations outreach efforts to help facilitate repayment.
representing participants in the student Submissions provided in response to this RFI may government agencies. The Bureau
also inform the development of these disclosures. encourages respondents to provide
20 Consumer Financial Protection Bureau, U.S. See U.S. Department of Education, Advancing the general feedback related to both
Department of Education, U.S. Department of the Student Aid Bill of Rights—An Update on approaches, as well as responses to any
Treasury, Joint Statement of the Principles on Deliverables (Dec. 22, 2015), available at http://
sites.ed.gov/ous/2015/12/advancing-the-student-
of the specific questions included
Student Loan Servicing, 80 FR 67389 (Nov. 2, 2015),
available at http://files.consumerfinance.gov/f/ aid-bill-of-rights-an-update-on-deliverables/. below.
201509_cfpb_treasury_education-joint-statement-of- 22 http://www.consumerfinance.gov/payback- 1. Please provide general feedback
principles-on-student-loan-servicing.pdf. playbook. related to Playbook A and Playbook B,

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Federal Register / Vol. 81, No. 85 / Tuesday, May 3, 2016 / Notices 26533

including any relevant information d. Borrowers who have missed including, for example, feedback related
related to how these written multiple monthly student loan to:
communications could affect consumer payments; a. The language used to introduce the
decision-making regarding student loan e. Borrowers who are at imminent risk communication;
repayment options and mitigate of default; b. The number and selection of the
defaults. f. Borrowers who have previously repayment plan(s) presented to
2. Please provide feedback related to been in default, including borrowers consumers;
specific elements of Playbook A and who have successfully rehabilitated c. The relative emphasis on a specific
Playbook B, including, for example, defaulted loans; repayment plan;
feedback related to: g. Borrowers who have high levels of d. The emphasis on lowering the
a. The language used to introduce the student loan indebtedness; borrower’s monthly payment amount;
communication; h. Borrowers who have not completed e. The presentation of the advantages
b. The number and selection of a program of study; and disadvantages to student loan
repayment plans presented to i. Borrowers who attended certain borrowers associated with income-
consumers; categories of institutions of higher driven repayment plans (e.g., Income-
c. The relative emphasis on specific education (e.g., four-year college, Based Repayment, Pay As You Earn,
repayment plans; community college, for-profit college, and Revised Pay As You Earn);
d. The emphasis on lowering the vocational school); f. The presentation of information
borrower’s monthly payment amount; j. Borrowers who are currently regarding how borrowers can obtain
e. The presentation of the advantages enrolled in an income-driven repayment more information about repayment
and disadvantages to student loan plan; options;
borrowers associated with an alternative k. Borrowers who are in school or in g. The presentation of the current and
repayment plan with an amortizing a grace period; future monthly amount for the
repayment schedule (e.g., graduated, l. Borrowers with Direct Loans;
m. Borrowers with Federal Family repayment plan;
extended, or extended-graduated plans); h. The description of the cost
f. The presentation of the advantages Education Loan Program (FFELP) loans;
n. Borrowers with Perkins loans; associated with the repayment plan,
and disadvantages to student loan including the depiction of future
borrowers associated with income- o. Parents with loans made through
the PLUS program; and monthly payment amount and
driven repayment plans (e.g., Income- description of the impact of repayment
Based Repayment, Pay As You Earn, p. Borrowers with Federal
Consolidation Loans or Direct plan selection on total lifetime loan
and Revised Pay As You Earn);
Consolidation Loans. costs;
g. The presentation of information
i. The visual representation of
about the terms and conditions of Payback Playbook C information contained in these written
specific repayment plans;
h. The presentation of information Payback Playbook C provides communications; and
regarding how borrowers can obtain borrowers with information on a single j. The means by which a borrower is
more information about repayment income-driven repayment plan, provided with this information (e.g.,
options; including a personalized description of periodic statement, routine email
i. The presentation of current and the estimated monthly payment under communication, stand-alone written
future monthly payment amounts for this arrangement, similar to the communication, online payment portal,
each repayment plan; approach used to describe income- etc.).
j. The description of the costs driven repayment plans in Playbook A. 3. The Bureau seeks feedback on the
associated with each repayment plan, Respondents are encouraged to evaluate appropriate audience for this Playbook.
including the depiction of future this communication in the context of In particular, please provide feedback
monthly payment levels and description the specific needs of borrowers who are related to the efficacy and applicability
of the impact of repayment plan at risk of default, potentially including of this Playbook to specific populations
selection on total lifetime loan costs; borrowers who have missed multiple of student loan borrowers, including, for
k. The visual representation of monthly payments, borrowers who have example:
information contained in these not completed a program of study, or a. Borrowers who are current on their
communications; and borrowers who exhibit other criteria student loans (i.e., have no past-due
l. The means by which a borrower is predictive of future financial distress. student loan balance);
provided with this information (e.g., When evaluating this communication, b. Borrowers who are at risk of
periodic statement, routine email including the proposed approach to delinquency;
communication, standalone written personalization, respondents are c. Borrowers who are delinquent on
communication, online payment portal, encouraged to consider the advantages, one or more student loans;
etc.). disadvantages, and risks associated with d. Borrowers who have missed
3. The Bureau seeks feedback on the enrollment in an income-driven multiple monthly student loan
appropriate audience for these repayment plan, as well as the potential payments;
Playbooks. In particular, please provide costs to borrowers resulting from e. Borrowers who are at imminent risk
feedback related to the efficacy and delinquency and default. of default;
applicability of these Playbooks to 1. Please provide general feedback f. Borrowers who have previously
asabaliauskas on DSK3SPTVN1PROD with NOTICES

specific populations of student loan related to Playbook C, including any been in default, including borrowers
borrowers, including, for example: relevant information related to the who have successfully rehabilitated
a. Borrowers who are current on their extent to which these written defaulted loans;
student loans (i.e., have no past-due communications could affect consumer g. Borrowers who have high levels of
student loan balance); decision-making regarding student loan student indebtedness;
b. Borrowers who are at risk of repayment options and mitigate h. Borrowers who have not completed
delinquency; delinquencies or defaults. a program of study;
c. Borrowers who are delinquent on 2. Please provide feedback related to i. Borrowers who attend certain
one or more student loans; specific elements of Playbook C, categories of institutions of higher

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26534 Federal Register / Vol. 81, No. 85 / Tuesday, May 3, 2016 / Notices

education (e.g., four-year college, repayment plans, affect consumer 6. How could the visual presentation
community college, for-profit college, decision-making? Personalized of information, including the
vocational school); information means repayment presentation of additional or
j. Borrowers who are currently information based on a borrower’s supplemental information in electronic
enrolled in an income-driven repayment personal information, including income communications, affect consumer
plan; and family size. decision-making when repaying student
k. Borrowers who are in school or in 2. Please provide any additional loans?
a grace period; relevant information related to written Dated: April 25, 2016.
l. Borrowers with Direct Loans; communications with student loan Richard Cordray,
m. Borrowers with Federal Family borrowers regarding repayment options, Director, Bureau of Consumer Financial
Education Loan Program (FFELP) loans; including, for example: Protection.
n. Borrowers with Perkins loans; a. Examples of existing written [FR Doc. 2016–10327 Filed 5–2–16; 8:45 am]
o. Parents with loans made through communications provided to student BILLING CODE 4810–AM–P
the PLUS program; and loan borrowers;
p. Borrowers with Federal b. Information about the advantages
Consolidation Loans or Direct and disadvantages of such
Consolidation Loans. DEPARTMENT OF DEFENSE
communications, including any relevant
Section II. Specific Questions to information related to implementation, Department of the Army
Borrowers About Elements of Payback operations, and maintenance associated
Playbooks A and C with dissemination of these Notice of Intent To Grant Partially
communications; Exclusive Patent License to 3D-sensIR,
To supplement this request for c. Information related to privacy and Inc.; Stevenson Ranch, CA
information, the Bureau launched a data security considerations when
consumer-facing landing page soliciting AGENCY: Department of the Army, DoD.
populating and disseminating
feedback on these prototype Payback information about borrowers’ loans, ACTION: Notice of intent.
Playbooks.23 The Bureau developed the income information, or other sensitive
following specific questions for SUMMARY: In compliance with 35 U.S.C.
financial or personal information, 209(e) and 37 CFR 404.7(a)(1)(i), the
individual student loan borrowers, in including protecting the privacy of
order to better understand how the Department of the Army hereby gives
borrowers in electronic communications notice of its intent to grant to 3D-sensIR,
Playbook could most effectively serve like email or text message;
their needs. Although all commenters Inc.; a corporation having its principle
d. Feedback about information place of business at 25762 Hawthorne
are encouraged to review this request for systems and other technical
information in its entirety, consumers Place, Stevenson Ranch, CA 91381, a
considerations when populating and partially exclusive license, for their
should consider following questions disseminating personalized information
when evaluating these prototype design and development of handheld 3D
about student loans, including any smart cameras with specific application
borrower communications: feedback about existing information
1. How would the Playbook help you in the areas of photorealistic 3D
systems that provide accurate, measurements in the fields of
understand and evaluate the options personalized information to consumers
you have to pay your student loan if it Architecture, Engineering, Construction
with student loans; (AEC), Utility Assets Management, Law
reflected your likely payments based on
e. Information about the availability, Enforcement (i.e., crime and accident
your actual income?
cost, and accuracy of potential data scene investigations), Real-Estate, Arts
2. How could the Playbook better
sources that include the income and and Entertainment, Commercial Drones,
provide you with important information
family size of student loan borrowers; Commercial Robotics and Logistics. The
about your repayment options?
and proposed license would be relative to
3. How would it be best to see the
f. Information about the use of the following:
Playbook (e.g., in monthly billing
statements, when you log on to your
consumer data, in order to populate • U.S. Patent Number 8,081,301
information contained in personalized entitled ‘‘LADAR Transmitting and
account online, etc.)?
communications. Receiving System and Method’’,
4. At what point during repayment
would you like to receive personalized 3. How could the communication Inventors Stann, Giza and Lawler, Issue
information about available repayment channel (e.g., U.S. Mail, email, SMS, Date Dec. 20, 2011.
options (e.g., during your grace period, online portal) used to deliver borrower DATES: The prospective partially
during repayment, etc.)? communications affect borrower exclusive license may be granted unless
engagement (e.g., email open rates, within fifteen (15) days from the date of
Section III: General Questions About the click-through rates, inbound telephone this published notice, the U.S. Army
Communication of Information to calls)? Research Laboratory receives written
Student Loan Borrowers in Repayment 4. How could personalized objections including evidence and
The following questions solicit input information obtained to populate argument that establish that the grant of
from the public about the effects of written communications be adapted to the license would not be consistent with
increased disclosure of information enhance oral communications with the requirements of 35 U.S.C. 209 and
consumers? 37 CFR 404.7. Competing applications
asabaliauskas on DSK3SPTVN1PROD with NOTICES

regarding repayment options in written
communications to student loan 5. Please provide any relevant completed and received by the U.S.
borrowers from student loan servicers. information about the applicability of Army Research Laboratory within
1. How could personalized personalized communications to fifteen (15) days from the date of this
information related to repayment different segments of the student loan published notice will also be treated as
options, including income-driven market (i.e., private student loans, objections to the grant of the
guaranteed loans made under the contemplated exclusive license.
23 http://www.consumerfinance.gov/payback- Federal Family Education Loan Objections submitted in response to
playbook. Program, and Direct Loans). this notice will not be made available to

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Document Created: 2016-05-03 00:30:53
Document Modified: 2016-05-03 00:30:53

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for information.
Dates		Comments must be received on or before June 12, 2016.
Contact		For general inquiries, submission process questions, or any additional information, please contact Monica Jackson, Office of the Executive Secretary, at 202-435-7275.
FR Citation		81 FR 26529