High-cost, unregulated private student loans are just one example of why we need a strong Consumer Financial Protection Agency (CFPA). Indiana's Democratic Senator Evan Bayh sits on the Senate Banking Committee and is a key vote to create a robust new watchdog that would keep an eye on the loan market for students and set strong rules for fairer private student loan marketing and terms.
As someone who will graduate with about $70,000 in private loan debt from IU Bloomington, I urge the senator to create the CFPA.
We've been told since we were young that a college degree is the key to our future. Now that I've been in college for a few years, I also understand how society benefits from our education. We are challenged to form a vision for impacting the world, and we get the training and tools necessary to do it.