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Young Invincibles Commends Decision to End Contracts With Five Debt Collectors That Misled Student Borrowers


March 2, 2015

Sarah Lovenheim,
Colin Seeberger,

In response to the Department of Education’s decision to wind down contracts with five debt collectors that gave inaccurate information to student loan borrowers, Young Invincibles has issued the following statement from Policy Director Jennifer Wang:

“Young people have told us for years that private debt collectors refuse to play by the rules and use deceptive tactics that jeopardize their financial security. We commend the Department of Education’s decision to end the contracts of five debt collectors that have mistreated distressed student loan borrowers: fewer people will be faced with harmful debt collection practices that hurt their credit reports, and mislead them about their options to get out of default.”

For further background on Young Invincibles’ position, please reference this public comment that we submitted to the CFPB earlier. The comment includes stories about student borrower struggles. Thank you.