CU Releases “Seven Principles for Fair Student Lending”
By Consumers Union on Thursday, March 14th, 2013
This week, we unveiled a bold agenda to make the student loan market work better for students and families trying to invest in their future by pursuing higher education.
Our Seven Principles for Fair Student Lending call on policymakers, regulators and schools to take action in the following key areas:
- Transparency: Lending options should be easily comparable
- Borrowing Options: Schools should help students find the most affordable loans
- Flexible Repayment: Borrowers must be given reasonable options
- Reasonable Costs: Fees should be reasonable and proportional to services provided
- Accountability: Students should have access to effective and timely loan inquiries and dispute resolution
- Fairness: Abusive, unfair or fraudulent practices must not be permitted
- Reasonable Relief: Loans shouldn’t be a lifelong burden
As Congress and the CFPB consider measures this year to address problems in the student loan market, we will be at the forefront of the discussion promoting these principles. The time is now to ensure that every student who seeks higher education can make informed choices and find affordable ways to pay for college.
To learn more about how to graduate with less student debt, click here.