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January 29, 2015

Student-loan repayment guide out on graduated repayment

The State Liaison Committee of the Federal Financial Institutions Examination Council issued guidance Thursday for financial institutions on how to offer private student loan borrowers graduated repayment terms at origination.

NCUA and CFPB are members of the FFIEC. The SLC says "the competitive job market, traditionally low entry-level salaries, and higher student debt loads can contribute to some borrowers preferring greater flexibility with their payments as they transition into the labor market. Graduated repayment terms are structured to provide for lower initial monthly payments that gradually increase."

SLC also said financial institutions should provide disclosures that clearly explain the timing and amount of payments to be made the lender.

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