Student loan debt is different from other types of consumer debt because of the high balances involved.
And many student loans require a co-signer in order for the loan to be approved, which means if something happens to the primary borrower, the co-signer may suddenly be pursued for the student loan by a debt collector.
Getting a co-signer released from a student loan can be tricky, but in many situations there is a way out.
Student loan debt is skyrocketing—the latest figures put student loan debt at $1.2 trillion dollars. As the cost of education continues to rise, more and more consumers are dealing with higher amounts of student loan debt.
The good news is that there are options for dealing with student loans. Even if a student loan is in default (and with a debt collector), borrowers with federal student loans can rehabilitate the loan.
[Read more…] about Student Loan Options, Default, and Dealing with Debt Collectors
Student loan debt is a hot topic that will likely only get hotter as the amount of student loan–currently over 1 trillion dollars–continues to rise.
The National Consumer Law Center recently published a report that criticizes the Department of Education and it’s contracted debt collection companies, saying that “the Department has created financial incentives for its contractors that encourage high collections at the expense of borrower rights.”