The Student Loan Scam: The Most Oppressive Debt in U.S. History, and How We Can Fight Back

By Alan Collinge | Go to book overview

CHAPTER NINE
Practical Advice for Borrowers

There is a compelling need to return standard consumer protections to student loans. There is also a critical need to reduce the out-of-pocket cost of a college education. These are large issues that are in the nation's best interest to address, and it is hoped that this book will help stimulate changes.

Student borrowers and their families need to educate themselves about their options and take an active role as consumers throughout the entire financial aid process. It is only by doing the necessary research beforehand that the chance of encountering problems can be minimized. Simply trusting the university financial aid offices and lenders is not enough. From career colleges to Ivy League universities, many institutions of higher learning tend to serve their own interests first rather than the best interests of the students.

This chapter provides some practical advice. This guidance comes from research on the subject and interviews with experts in the field, and it also relates some hard lessons learned from borrowers who have gone through the default process and had some success.


Before Choosing a University

The best advice for incoming and prospective students is obvious: Don't borrow. This advice is easy to give but much harder

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