The federal consumer financial protection bureau recently reported how student loan borrowers have been facing new problems getting the appropriate help in dealing with their loan paybacks… and a part of their latest report on the matter states:
“The Higher Education Act provides for a series of protections intended to facilitate repayment success, including the ability to make income-driven payments, receive loan discharge in the event of total and permanent disability, and consolidate older federal loans to become eligible for specific loan benefits.
“Yet federal student loan borrowers continue to struggle to access the protections guaranteed under federal law, many of which are designed to help borrowers avoid delinquency and default during periods of economic disruption or distress.
“The Bureau has previously discussed how servicing breakdowns can delay, deter, or deny access to federal benefits and protections, rendering them illusory for many student loan borrowers.”
David Lazarus wrote this opinion column on the Los Angeles Times website to draw attention to ignorant attempts by GOP lawmakers to muddle up this mess:
The GOP would rather see student borrowers get screwed than let consumer agency do its job
His column, in our opinion, pinpoints the source of many of the problems people are dealing with their student loan balances. This opinion piece provides good balance in moving forward to allow people to get a handle on this massive financial mess. Knowing how to write accurate, timely credit letters can give student loan borrowers the ammunition they need to deal with student local collection agents.
Further, another article on Bloomberg.com details how the student loan industry is clashing with 25 states across the U.S. — click here to read the full details.