The Department of Education posted a new web site for borrowers in default. It is intended to be a central point of entry for borrowers in default with information about consequences of default and on-line access to account information.
Much of this information can only be accessed by borrowers with student loan accounts. We urge you to check out this new system and let us know if it is an improvement. Please share your experiences.
It is especially important to let the Department know if you are experiencing problems with collection agencies. Are the collectors providing accurate information about your options to get out of default? Ideally, a loan holder or collector should review all options with you and let you choose the program that works best for you, not for them!
Check out our information sheet comparing rehabilitation and consolidation. It is important to learn about your rights because collectors often provide inaccurate information about these options. They too often seek to maximize their own profits rather than provide neutral information to borrowers.
We hope this new on-line system is an improvement. Please let us know.