Comment on CFPB-2013-0003-0001

Document ID: CFPB-2013-0003-0013
Document Type: Public Submission
Agency: Consumer Financial Protection Bureau
Received Date: February 27 2013, at 12:00 AM Eastern Standard Time
Date Posted: March 4 2013, at 12:00 AM Eastern Standard Time
Comment Start Date: February 5 2013, at 12:00 AM Eastern Standard Time
Comment Due Date: March 18 2013, at 11:59 PM Eastern Standard Time
Tracking Number: 1jx-83xb-s1gf
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This is comment on Notice

Financial Products Marketed to Students Enrolled in Institutions of Higher Education

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By the time I retire in 20 years, I expect to pay $600,000 in principal and interest. I graduated from law school with $180,000 debt in both private and public loans. I was disabled and unable to work for over a year. My private lender, Sallie Mae, "helped" me at that time by nominally suspending my payments. Sallie Mae's "helping hand" meant that the payments I would have had to make while I was ill with Crohn's Disease was capitalized back into the principal of the loan. When I regained my health, I owed more in private loans than I did the day I graduated. Currently, I owe Sallie Mae $74,000 with another $250,000 in public debt. As a result of my illness, I was physically disabled and unable to secure the type of highly compensated work that would let me repay my debt. Half of my income goes to repay these debts and I expect to be have to pay until the day I retire.