[Federal Register Volume 87, Number 17 (Wednesday, January 26, 2022)]
[Notices]
[Pages 4002-4003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01484]


=======================================================================
-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2022-0004]


Agency Information Collection Activities: Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: In accordance with the Paperwork Reduction Act of 1995

[[Page 4003]]

(PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is 
publishing this notice seeking comment on a Generic Information 
Collection titled, ``Partnership with EVERFI to Study High School 
Students' Estimation of College Costs,'' prior to requesting the Office 
of Management and Budget's (OMB's) approval of this collection under 
the Generic Information Collection ``Generic Information Collection 
Plan for Studies of Consumers using Controlled Trials in Field and 
Economic Laboratory Settings'' under OMB Control number 3170-0048.

DATES: Written comments are encouraged and must be received on or 
before February 25, 2022 to be assured of consideration.

ADDRESSES: You may submit comments, identified by the title of the 
information collection, OMB Control Number (see below), and docket 
number (see above), by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include Docket No. CFPB-
2022-0004 in the subject line of the email.
     Mail/Hand Delivery/Courier: Comment intake, Bureau of 
Consumer Financial Protection (Attention: PRA Office), 1700 G Street 
NW, Washington, DC 20552.
    Please note that due to circumstances associated with the COVID-19 
pandemic, the Bureau discourages the submission of comments by mail, 
hand delivery, or courier. Please note that comments submitted after 
the comment period will not be accepted. In general, all comments 
received will become public records, including any personal information 
provided. Sensitive personal information, such as account numbers or 
Social Security numbers, should not be included.

FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of 
this information collection request is available at 
www.regulations.gov. Requests for additional information should be 
directed to Anthony May, PRA Officer, at (202) 435-7278, or email: 
[email protected]. If you require this document in an alternative 
electronic format, please contact [email protected]. Please 
do not submit comments to these email boxes.

SUPPLEMENTARY INFORMATION:
    Title of Collection: Partnership with EVERFI to Study High School 
Students' Estimation of College Costs.
    OMB Control Number: 3170-0048.
    Type of Review: Request for approval of a generic information 
collection under an existing Generic Information Collection Plan.
    Affected Public: Individuals.
    Estimated Number of Respondents: 10,000.
    Estimated Total Annual Burden Hours: 1,667.
    Abstract: The Bureau plans to engage in research under its 
authority to conduct research on ``consumer awareness and understanding 
of costs, risks, and benefits of consumer financial products and 
service.'' To this end, the Bureau plans to partner with EVERFI, Inc. 
(a provider of financial education services) to distribute a survey 
about student loans and the costs of attending college through their 
proprietary software. Previous research has indicated that students 
tend to err in estimating the costs of attending college and the costs 
of borrowing student loans that are used to attend college. This survey 
will ask questions to measure high school students' expectations about 
college costs and the costs of borrowing student loans. The survey will 
then include a randomized experiment where some students are shown 
information about the average net costs of college, the cost of 
borrowing student loans, and the availability of certain income-driven 
repayment programs. Students will answer a battery of questions about 
their anticipated college attendance, major choice, and likelihood of 
borrowing student loans. The randomized experiment will measure the 
effect of the information treatments on the students' reported 
postsecondary plans. Doing so will contribute to our understanding of 
providing certain pieces of information that may affect students' 
postsecondary education plans.
    The survey will involve U.S. high school students as respondents. 
The CFPB will distribute the survey as an addendum to EVERFI, Inc.'s 
main survey of students that enroll in EVERFI's Financing Higher 
Education, course. The CFPB survey will contain mostly questions about 
the respondents' estimates of college costs, the cost of borrowing 
student loans, and the questions about their post-high school plans 
discussed above. The CFPB will also receive the responses to EVERFI's 
main survey which includes demographic questions about the students as 
well as questions measuring their college enrollment intentions, 
preparations, and perceptions.
    Request for Comments: The Bureau is publishing this notice and 
soliciting comments on: (a) Whether the collection of information is 
necessary for the proper performance of the functions of the Bureau, 
including whether the information will have practical utility; (b) The 
accuracy of the Bureau's estimate of the burden of the collection of 
information, including the validity of the methods and the assumptions 
used; (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) Ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. Comments submitted in response to this notice will be 
submitted to OMB as part of its review of this request. All comments 
will become a matter of public record.

Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-01484 Filed 1-25-22; 8:45 am]
BILLING CODE 4810-AM-P