Universities hit students with whopping collection fees

Source: Danielle Douglas-Gabriel - Washington Post (Paid Registration)

A little-known Virginia statute requires public colleges and universities to shuttle student accounts of less than $3,000 that are 60 days past due to private debt collectors. Those companies can charge up to 30 percent of the outstanding balance as a fee. That fee is far more than the interest on most credit cards, or on any car loan or mortgage, and it can add hundreds of dollars to student debt.

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