Why It’s Possible To Get Relief On Your Student Debt!
In recent years the federal government has begun its close examination of numerous bad actors in the education industry including schools, creditors and loan servicers. Through investigation, regulation, and enforcement actions, a number of these organizations stand accused of practices like;
Educators
- misleading consumers on the true cost of the program
- stating that credits would transfer, knowing they would not
- misleading consumer on job placement rates and earnings potential
- holding back diplomas to force loan payments
Creditors/Loan Servicers
- harassing both the principal and cosigner on the loan endlessly and maliciously
- aggressive collection tactics, providing no reprieve for those in economic hardship
- making unrealistic demands and scare tactics to get consumers to make payments
- refusing to provide statements or loan balances to the loan principal
In light of these experiences by thousands of consumers, and the history of violations by these organizations, individuals now can use their consumer rights and challenge these organizations using consumer laws to request their principle, interest and monthly payments be reduced. In some cases even get the debt completely discharged.
Although every individual has the right to challenge their debt, each individuals experience with the offending party is different and the opportunity to challenge student debt is better for some than others. This determination is based on many factors, including school attended, school experience, experience with the creditor, the loan servicer and the individuals current financial situation. The first step in determining what the opportunity is to challenge your student debt is to go through the challenge review.
