If you’re having trouble paying your student loans and other debts, you may be contacted by a debt collection agency.
Don’t try to dodge a collector. It’s in your best interest to work with the agency to work out a payment schedule so you can pay your debts and start to reestablish your credit.
Most collection agencies abide by the law, but you may be contacted by one that doesn’t. In that case, you should know your rights and responsibilities, according to the Kentucky Higher Education Assistance Authority (KHEAA).
The agency must tell you the amount requested and the name of the creditor, as well as what to do if you don’t think you owe the money.
An agency trying to collect a debt may not make threats, use tricks to try to get someone to pay or make calls late at night.
If you think a collection agency has violated the law, you can file a complaint with the Consumer Financial Protection Bureau at www.consumerfinance.gov.
KHEAA is the state agency that administers Kentucky’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES). It provides financial literacy videos at http://itsmoney.kheaa.com. KHEAA also provides free copies of “It’s Money, Baby,” a guide to financial literacy, to Kentucky schools and residents upon request at
To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926, ext. 6-7214.