Congress recently stopped credit card companies from using dirty tricks to keep millions of Americans from paying off their card debt.
But college students? Not so much. Some 40 million have student loan debt, yet they don’t get the same protections against repayment tricks that have kept even the most responsible borrowers from getting out of the red.
We can change that, just like we did with credit cards. Demand Education Secretary Arne Duncan stop these unfair tactics. He controls the four private companies that service student loans – send him the letter below demanding that he make repayment more fair so students can more easily get out of debt.
Stop student loan dirty tricks!
Dear Secretary Arne Duncan,
Congress stopped credit card companies from using tricks and traps to keep borrowers in an endless cycle of debt. But student loan companies under your oversight continue to use many of these same tricks, keeping responsible borrowers stuck in red ink. I urge you to immediately improve the repayment terms for student loans, so college students can more quickly pay down their loans and secure the American dream.
Sincerely,[Your Name] [Your Address] [City, State ZIP]
Consumers Union (CU) is an expert, independent, nonprofit organization whose mission is to work for a fair, just and safe marketplace for all consumers and to empower consumers to protect themselves.