Student Loan Respect: 8 Ways to Get It

Watch this. It’s mesmerizing. The amount of student loan debt outstanding literally increases every second. Yes, literally. It surpasses credit card debt. It surpasses auto loan debt. It haunts 7 million people. To say that those 7 million don’t need additional pressure is an understatement.

But raise your hand if you have been yelled at, pushed around, or treated badly by a student loan company. Raise your hand higher if that company did something unfair. Something like this.

Fighting a giant can seem impossible. But it can be done (just ask David). You can fight back. Right now. Here’s how.

1. Know the debt collection laws. Read them here. When violated, note the name of the person, the date, and the time. Keep track.
2. File for income-based repayment. Sign up here.
3. Document. Everything. When you speak to anyone at a student loan company, write down the name of the person, time, date, and discussion topic. If you have to send in paperwork, do it through snail mail — send it registered.
4. Insist on being talked to rationally. Nobody has the right to yell at or threaten you. State your ground. Say ‘I will not be yelled at. If you would like to discuss my loans with me, you will do so respectfully.’ Keep your cool. Be calm. Be strong.
5. Get your papers in order. Note your interest rates, note the names of the companies you deal with, note your monthly payments. Write it all down. Spreadsheet, paper, stone carving — whatever. Write it down. Get to know your debt.
6. Weigh your options. What is your current loan status? Can you consolidate? Is it worth it? I will caution against private consolidation unless you have a steady job and good credit. Federal consolidation may not lower your monthly payments (rates are based on a fixed formula, not on credit), but one payment might make it simpler to pay on time every month.
7. Remember that you have a voice. Being treated unfairly? Stand up. Fight back. You have rights when it comes to student loans. If the person you are speaking with treats you badly, ask to speak to a manager. If you think that you have been cheated or lied to or anything else, get political or hire a lawyer to represent you.
8. Think about other ways to help yourself. If you read the stories of people that got out of student loan debt, you’ll notice some common threads. They cut back. They gained additional income. They moved to rural areas (some of them). The adopted a minimalist lifestyle. They chipped away at debt slowly. They did it. You can too.