Washington — With talks over a $700-billion bailout package for the financial sector expected to continue into the weekend, a group of student and consumer advocates is asking lawmakers to leave student loans out of the plan.

In a letter sent to lawmakers leading the negotiations with Treasury Secretary Henry M. Paulson Jr. and other officials, the groups argue that using taxpayer money to purchase the assets of student-loan companies would be “hasty and ill-conceived.”

“In the wake of the fallout [from the subprime-mortgage crisis], loan companies have begun to think twice before providing high-cost loans to high-risk borrowers,” reads the letter, which is signed by 13 groups representing students, consumers, and colleges, including the American Association of State Colleges and Universities and the U.S. Public Interest Research Group. “Bailing out student-loan companies now could prove not only to be the wrong thing to do, but entirely counterproductive. Congress should not walk away from lessons learned.”

The letter goes on to argue that if such loans are included in the bailout, then Congress should provide student-loan borrowers with the same protections as homeowners, including the right to discharge their debt through bankruptcy.

“If private student loans are included in your final economic package, we urge you to send a message to the American people that Congress is looking out not just for lenders, but for students and their families as well.” —Kelly Field