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Tag Archives: Default
Update on Collection Agency Complaint Systems
In May 2012, the National Consumer Law Center’s Student Loan Borrower Assistance Project released Borrowers on Hold: Student Loan Collection Agency Complaint Systems Need Massive Improvement, focusing on major gaps in the federal student loan collection agency complaint system. The … Continue reading
Tagged Collection, Default, Federal student loans
New Self-Help Packet on Financial Hardship Claims
Social Security helps give aging and disabled Americans peace of mind. No matter how destitute we become, Social Security is meant to give us some measure of confidence that we will be able to get by. Social Security and other … Continue reading
Tagged Collection, Default, Federal student loans
Improving the Assistance Network for Student Loan Borrowers
When we released our “Finding a Way Out” report five years ago, we were extremely concerned about the lack of reliable and affordable resources for financially distressed student loan borrowers. Unfortunately, the situation has not improved despite the increased numbers … Continue reading
Tagged Consolidation, Default
Default, Loan Consolidation and IBR
For a number of years, we have been writing about the problems facing borrowers trying to consolidate their loans out of default and into Income Based Repayment (IBR). The Department of Education was placing borrowers in ICR even if they … Continue reading
Tagged Consolidation, Default, Federal student loans
Giving Financially Distressed Borrowers a Chance (Part 2)
We wrote a few weeks ago about the September 8 New York Times article, “Debt Collectors Cashing in on Student Loans.“ The article explains how student loan servicers and collectors lack incentives to prevent student loan defaults. Among other reasons, … Continue reading
So Much for Open Debate: Chronicle of Higher Education Student Loan Default Rate Event Is Bought and Paid For by Industry
The Department of Education released new student loan default rate information in September and it’s not pretty! The overall two year cohort default rate increased to 9.1% (FY 2012 data). This official two year rate requires the Department to track … Continue reading
Giving Financially Distressed Borrowers a Chance (Part 1)
A recent New York Times article about student loan debt collectors raises a number of important issues that we will be writing about in a series of blogs. The article explains how student loan servicers and collectors lack incentives to … Continue reading
Tagged Collection, Default, IBR
Stopping Default Rate Manipulation
The Senate Health, Education, Labor and Pensions Committee’s July 2012 report on for-profit higher education contains a wealth of important and shocking information about the for-profit education industry. Among other themes, the report focuses on the disproportionate default rates in … Continue reading
Tagged Default, For-Profit schools
The Student Loan Default Trap
The Student Loan Default Trap: Why Borrowers Default and What Can Be Done, a new report released on Monday from the National Consumer Law Center’s Student Loan Borrower Assistance Project, addresses questions about the causes of default and the effectiveness … Continue reading
Finally Some Action on Consolidation and Rehabilitation?
We have written a number of posts about ongoing operational problems at the Department of Education. We received some encouraging news this week that some of these problems may be fixed, including: 1. We wrote earlier about problems with borrowers seeking … Continue reading
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