2014 The Year Ahead in Debt Collection Part3

Student Loans

At this time, Marcadis Singer is not involved in the collection of student loans as a part of our debt collection attorney law firm in Florida.  However, there is not question that the massive volume of debt carried by the next generation of business leaders and workers merits serious attention.

The Consumer Financial Protection Bureau has huge oversight over the largest loan services, both traditional and nontraditional banks.   in the two month window between October and September, the agency took almost 4,000 complaints from student loan holders.

The most common complaints were not enough ways to reduce payments during tough economic times, & inaccurate payment processing.  Of particular issue was when early or over payments were made, and accounting for them.



It was suggested by Robhit Chopran, the agency's student loan ombudsman that the reforms recently applied to mortgages and credit cards should be applied to student loans as well.  reforms like clear guidelines for payment applications, and records retention.

No matter how you look at it, there was once a time when someone's largest debt would be their home mortgage.  Today we have brand new, not yet employed, students coming into a soft job market with literally hundreds of thousands of dollars in student loan debt.

We welcome whatever reform, and relief can be found for those that we are counting on to be the next generation of business people, workers, entrepreneurs, medical professionals..

Marcadis Singer, PA
5104 South Westshore Blvd.
Tampa, Florida 33611

info@marcadislaw.com
(888) 547-1881
(813) 288-1881
http://www.marcadislaw.com