Student Beware: A lesson in avoiding predatory lending
September marks the beginning of a school year, and a new era of independence for many college students. This year, AFFIL is asking for your help in reaching out to college students to help them avoid predatory lending, while also continuing to work toward a system of fair lending for all consumers.
Today, you can:
- – Write to your Representatives about the importance of HR 3221, the Student Aid and Fiscal Responsibility Act.
- – Contact your members of Congress about the need for a CFPA to protect all consumers from abusive lending practices.
- – Share your own financial wisdom with the students in your life. For talking points, see the issue pages or this website of our Partner, Consumers’ Union.
Student lending has been all over the news recently, with good reason. A report in the Wall Street Journal notes an increase in the amount of money distributed through student loans and the way it effects a graduate’s ability to have a successful career, while an extensive article in the New York Times points out the dangers associated with debit cards, a popular product among young consumers. By participating in the activities listed above, you can help ensure that the students in your life don’t get caught in a credit trap that ruins their chances to succeed.