I work for a federal agency set up by Elizabeth Warren that’s looking to clean up the mess in the student loan market. AMA.
Hi, I’m Rohit Chopra of the Consumer Financial Protection Bureau. Ask me anything.
This is a little servicey to start, but I know all the tricks about student loans. Are you figuring out how to repay loans? Have no idea how to deal with all the jargon and fine print? I do. Consider me a sort of advice mallard, if you will.
You might be here because we, collectively, owe more than $1.1 trillion in student loans (yikes).
Usually I give reports and recommendations to congress about student loans. Today, I’m talking to reddit.
Never heard of CFPB? We’re a fairly new federal agency that regulates a lot of different consumer financial products, including private student loans. The Bureau was created in 2010, and we spent the next year setting up under the leadership of Treasury Secretary Geithner and Elizabeth Warren, who was then Special Assistant to the President for the CFPB. Since July 2011, we’ve been doing it on our own.
I’ll answer questions starting at noon eastern.
EDIT: If we didn't get to your question, or if you're coming here after it's over, check out www.consumerfinance.gov for more resources.