Student loans got you down? Start a petition.
You’re not alone. Since 1999, student debt has increased by 511%, eclipsed credit card debt, and will soon exceed $1 Trillion. But intense lobbying has stripped away basic consumer rights and bankruptcy protection for student loans, subjecting borrowers such as Stef Gray to exploding interest rates, questionable fees, delinquencies, and default.
Like so many other recent graduates today, Stef Gray has been unable to find full-time work since graduating and faces a mound of private student loan debt. But Stef is now changing the game by directly petitioning Sallie Mae to stop charging a fee to delay payment on her loan until she is employed - and thousands of people have joined her petition on Change.org.
You can start a petition to make a change, too. If you, or someone you know, has experienced the unfair practices of the student loan industry, here are some helpful resources to help you fight back:
1.) Get help! At least one out of five borrowers default on their student loans. Groups such as Student Loan Justice, Forgive Student Loan Debt, and Occupy Student Debt are just a few grassroots organizations mobilizing to shift the balance of power. You should also visit The Project on Student Debt, FinAid.org, Demos.org, Student Loan Borrower’s Assistance, and the Office of the Ombudsman.
2.) Keep meticulous records of all communication with your lender. Start with using a call log including the date and time you called, who you spoke with, how long you were on hold, and detailed notes about your conversation. (Stef Gray made a video of her conversation with Sallie Mae.) Keep any documents on file, too. The more evidence you have to back-up your claims, the easier to prove your case and build support. Be sure to keep copies of your promissory notes, all statements of your accounts, and any other documentation regarding your loans.
3.) Start a petition on Change.org. Below are steps for creating a petition to your student lender:
- Find out who is a decision-maker at the bank, lender, or collection agency. (This person will most likely be the target of the petition.)
- Briefly explain what happened (e.g. Are you being forced to pay extra fees? Were you forced into default? Did they lose your paperwork?).
- Tell the target what you're asking for (e.g. Stop Double-Dipping To Cash In On Unemployed Graduates; Stop abusive collection calls; Apply my payment to my principal first and then my interest). Remember to be specific in your request.
- Launch your petition!
- Spread the word on Twitter, Facebook, and Google +.
- Research local reporters who are writing or reporting on the student debt crisis, higher education, and consumer rights in your area and email or call them about your story.
- Email katie@change.org to let us know that you’ve started a petition.
4.) Connect with local groups to build your campaign. Many organizations are working on cases like yours. Look for groups like Maryland Consumer Rights Coalition (state-based group) and U.S. PIRG (national network of groups) to help you with arranging a meeting with an elected official, pitching your story to the media, and advocating for state legislation to help student borrowers fight back.
Remember, you're not alone. By taking a stand, you're helping shine a light on the unfair practices of big banks and student lenders everywhere.
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