StudentLoanActionGroup

Tuesday, November 28, 2017

dateline: Winchester, CT, November 28th, 2017

Fight those mean student loan collection firms! Ask your lawyers about info in this terrific NY Times article (after you READ it)---> 


" 5 Flaws That Kill Student Loan Collection Lawsuits," By STACY COWLEY, NOV. 14, 2017, "

at:
     https://www.nytimes.com/2017/11/14/business/dealbook/student-loan-collection-flaws.html

                 (You might just win your case for help with your student loans!)
Posted by the Expert at 6:37 PM No comments:
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Saturday, June 17, 2017

-from Google News search for 'Student Loan Debt' (you can do this too!)-->

About 599,000 results (0.22 seconds) 

Search Results

Story image for student loan debt from CNBC

Here's how much the average American in their 20s has in student ...

CNBC-Jun 14, 2017
Over 44 million Americans hold a total of $1.4 trillion in student loan debt. In fact, the amount of student debt held by Americans has increased ...
Women dominate student loan debt
KSAT San Antonio-Jun 14, 2017
Cheated By Student Loan 'Debt Relief' Firm? What To Do
NerdWallet (blog)-Jun 14, 2017
4 Ways You Can Build Your Family's Finances Despite Student Loans
The Good Men Project (blog)-Jun 14, 2017
Feds point fingers as 'debt relief' cos. prey on students
news9.com KWTV-Jun 14, 2017
Media image for student loan debt from NerdWallet (blog)
NerdWallet (blog)
Media image for student loan debt from The Good Men Project (blog)
The Good Men Project (blog)
Media image for student loan debt from news9.com KWTV
news9.com KWTV
Media image for student loan debt from CBN News
CBN News
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Story image for student loan debt from Chapelboro.com
Chapelboro.com

Reader's View: Student loan debt, state budget are connected

Duluth News Tribune-1 hour ago
May 22). One is the problem of student loan debt, which has become an increasingly heavy burden for students whose parents cannot afford to ...
Higher Education, Part IV: No Easy Answers
Chapelboro.com-10 hours ago
View all
Story image for student loan debt from The Boston Globe

Women hold most of the US's student loan debt

The Boston Globe-Jun 10, 2017
The student loan debt crisis has been blamed for hobbling a generation of young Americans, delaying their plans to get married, have children, ...
Story image for student loan debt from Salon

WATCH: Drowning in student loan debt? This journalist has a solution

Salon-Jun 13, 2017
An ABC journalist shares his debt saga and some ways out. ... Calling such stories “student loan porn,” he likened them to the “before” and ...
Story image for student loan debt from CNNMoney

Betsy DeVos: Student loan debt is 'of grave concern'

CNNMoney-Jun 6, 2017
But Democrats on the Senate Appropriations Committee slammed DeVos, claiming that her concern for student loan borrowers is not reflected ...
Story image for student loan debt from The Guardian

UK student loan debt soars to more than £100bn

The Guardian-Jun 15, 2017
Student loan debt in the UK has risen to more than £100bn for the first time, underlining the rising costs young people face in order to get a ...
Students owe £100BILLION: Amount outstanding on loans soars by ...
International-Daily Mail-Jun 15, 2017
Story image for student loan debt from ELLE.com

Women Hold Two-Thirds of Nation's Student Loan Debt

ELLE.com-Jun 13, 2017
Americans owe around $1.3 trillion in student loan debt, with 44 million borrowers, and the average class of 2016 grad has $37,172 to repay.
Paying college tuition and tackling student loan debt
Military Times-Jun 12, 2017
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Story image for student loan debt from CNBC

Memphis has pledged to help its city employees pay off their student ...

CNBC-Jun 12, 2017
Americans now hold more student loan debt than ever before, and many workers must pay off loans before they can start thinking about their ...
Memphis Offers To Help Pay For City Employees' Student Loans
Consumerist-Jun 12, 2017
View all
Story image for student loan debt from Wall Street Journal (subscription)

Help for Home Buyers Burdened by Student Debt

Wall Street Journal (subscription)-Jun 11, 2017
Student-loan debt often makes it tough for young people to buy homes. But some new programs—from mortgage-market giant Fannie Mae, ...
Story image for student loan debt from CNBC

This student debt strategy can save you more than $18600

CNBC-Jun 7, 2017
Borrowers with good income and credit can refinance their student loans to lower interest rates. The average borrower saves more than ...
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Posted by the Expert at 7:53 PM No comments:
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Monday, October 31, 2016

Think the 2016 Election Will Change Things for the Better for Student Loan Borrowers and their Families?  

Think again.


Clinton, Trump, Members of Congress and all their pals on Wall Street and investors Everywhere can seek relief from insolvency and huge debt from Federal Bankruptcy laws in the US of A.  Invest in yourself by going to college and borrowing money to do so, graduate to a low-paying job market or get sick and unable to afford paying your student loans and YOU HAVE NO SUCH PROTECTION.  Ditto for parents who step up and help their kids by co-signing for a student loan but who are saddled with it if - for whatever reason - the child cannot or does not pay it back!

Time to start asking those we elect why this is the case? Why there is no equal protection of the law(s) when it comes to people investing in themselves? Perhaps it has something to do with all that campaign money given to incumbents by Federal Student Loan collection agencies and federal contractors and also to LOBBY the people you elect? See, for instance, info at these links:

https://www.opensecrets.org/pacs/lookup2.php?strID=C00331835

and--->

https://www.opensecrets.org/lobby/clientsum.php?id=D000050381

What to do:  Learn how to run for Congress and do so starting in 2017. See how responsive those we elect suddenly become!  And if not, replace them and get going yourself to change the laws so they apply to ALL investors, especially to college student loan borrowers and their families who invest in themselves but who get no positive return on their investment!

Posted by the Expert at 3:59 PM No comments:
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Monday, January 25, 2016

Mom Gets Help with Student Loan she co-signed from her US Senator after Son Passed Away


from:  http://www.syracuse.com/opinion/index.ssf/2016/01/thank_you_sen_schumer_for_helping_with_late_sons_debt_your_letters.html

on January 23, 2016 at 8:29 AM

To the Editor:
I wish to thank Sen. Charles Schumer for his assistance in obtaining loan forgiveness for private education loans I co-signed with my son, Jonathan Heerkens, who passed away in 2011. If a student passes away during the repayment period, federal education loans are forgiven but private loans to not include that provision.
Several times I contacted the institutions that issued the private loans and was told that my request could not be honored. I eventually wrote to Sen. Schumer's office and received a prompt resolution. My case was assigned to a member of his staff who contacted me via phone, mail and email to apprise me of the progress of my request. I received the same personal correspondence when the issue was resolved.
I am eternally grateful to Sen.Schumer for his assistance and wanted to share his good work with his constituents.
Kathy Cardina
Marcellus, New York
Posted by the Expert at 11:09 AM 1 comment:
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Thursday, June 25, 2015

Student Loan Collector ECMC's CEO Received $1.1 million in 2010.


A Word to the (not so?) Wise: Your senators and congressmen will continue to allow this nonsense unless WE demand an end to exorbitant collection fees and CEO pay to collectors of student loan debts.

"Taxpayers (and student loan borrowers) Fund $454,000 Pay for Collector Chasing Student Loan" 

Read the full story from Bloomberg News at:  http://www.bloomberg.com/news/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans.html

By John Hechinger, Bloomberg News - May 15, 2012 12:01 AM ET
58 Comments Email Print
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Photographer: Scott Houston/Corbis
Occupy Wall Street protesters burn a Sallie Mae envelope during a demonstration against the rise of student loan debt... Read More
Photographer: Scott Houston/Corbis
Occupy Wall Street protesters demonstrate against student loan dept reaching $1 trillion on April 25, 2012 in New York.
Source: Educational Credit Management Corp. via Bloomberg
Richard Boyle, chief executive officer of Educational Credit Management Corp. (ECMC).
Photographer: Don Emmert/AFP/GettyImages
The 'Master of Degrees' strikes a pose during an Occupy Wall Street rally against the high cost of college tuition... Read More
Photographer: Shawn Rocco/Raleigh News & Observer/MCT via Getty Images
U.S. President Barack Obama talks about the affordability of higher education during a speech at Carmichael... Read More

Joshua Mandelman made $454,000 in a single year as a student-loan debt collector -- more than twice the pay of the U.S. secretary of education.....
His boss, Richard Boyle, chief executive officer of Educational Credit Management Corp., received $1.1 million in 2010, including commuting expenses from his ranch in New Mexico. Five other managers each took home more than $400,000.....

The company (ECMC) stands by its executive pay. Rising management compensation reflects ECMC’s growth, said Hawn, who received $541,000 in 2010.
Since Boyle became CEO in 1999, revenue tripled, to $168 million, as the company took over the portfolios of guaranty agencies in Oregon, Connecticut and California. Under the company’s charter, the Education Department turns to ECMC as the go-to organization to take charge of troubled agencies.
Boyle also used excess revenue to buy related businesses that aren’t tax-exempt, including Premiere Credit of North America LLC, which chases patients for medical bills and parents for child support, as well as students for loan payments.

Like all guaranty agencies, ECMC receives more money collecting from borrowers like Raposa than it does keeping them from defaulting in the first place.
Agencies get 1 percent of a borrower’s loan amount for preventing a default through counseling. That’s $250 on a $25,000 loan, the current average of a student leaving college, according to the Education Department.
Once borrowers default, or fail to make payments for 270 days or more, the financial rewards for collectors multiply.
Under government rules, guaranty agencies add collection costs -- currently as much as 25 percent -- to a borrower’s loan balance. They also keep 16 percent of any money recovered.

Hitting the Jackpot (emphasis added by this blog)

If an agency “rehabilitates” a loan -- getting borrowers to make nine payments in 10 months -- it gets a jackpot. 

By law, the organizations can receive as much as 37 percent of a borrower’s entire loan amount, half in collection costs and half in taxpayer-funded commissions. ECMC says it typically collects 31 percent, or $7,750 on a $25,000 loan. That’s 31 times what it can make for preventing the default through counseling.
In 2010, ECMC generated $131 million from collections, or about three quarters of its revenue, compared with about $17 million from programs aimed at preventing default. 

In terms of caseload, ECMC devotes more employees to default prevention than collections, Hawn said. The company averages 77 default-prevention workers for 241,000 delinquent borrowers in need of counseling. It has about 90 debt collectors for 557,000 borrowers in default.

‘Poorly Aligned Incentives’...-read the article at: http://www.bloomberg.com/news/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans.html

.......................

News students & parents can use:  What to know before you apply for student loans:Before you apply for student loans, investigate one thing to avoid graduating with crippling debt: Find out how much graduates in your field of study earn ...


Bankrate.com   at: http://www.bankrate.com/finance/student-loans/what-to-know-before-you-apply-for-student

x

---Student Loan Action Group is re-publishing this post since Congress has yet to address what it 

requires student loan borrowers to pay in fees to its student loan collectors...

"Student Loan Collector ECMC's CEO Received $1.1 million 

in 2010, including commuting expenses from his ranch in 

New Mexico...."

5:30 PM (1 minute ago)


Posted by the Expert at 2:39 PM 1 comment:
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Saturday, May 9, 2015

Image result for student loan debtors protest 

Tell the Senate Education Committee to hold hearings and take action to help ALL student loan borrowers now. 

(photo courtesy of money.cnn.com)

May 9th, 2015


to:
Senator Lamar Alexander and Members of the Senate Education Committee

Dear Senator Alexander,

Given the news that the "Obama Administration Improperly Denies Student Loan Debt Relief," at http://www.huffingtonpost.com/2015/05/08/federal-student-loans-defense-against-repayment_n_7242136.html  ,
this is to ask you to have the Senate Committee on Education hold hearings on this topic and subpoena the staff of the US Education Department and the CEOs of their contractors to ask WHY they  are NOT doing their jobs re helping student loan borrowers.

Also, there needs to be Senate hearings and action on how Social Security benefits of senior citizens on fixed incomes are being garnished by both the US Education Department and other federal agencies resulting in many seniors having to seek relief by applying for state and federal assistance for food, energy, Medicaid and housing. Does this make sense Senator?

Please note the 'topic' chosen above is "Small Business" because, after all, people who invest in themselves are indeed the best small businesses America has. Chasing them into their graves, harassing them for debts they cannot pay, denying them equal protection under federal bankruptcy laws and basically ruining them and their families throughout their lives is NOT the American way.

Since Republicans now control our Congress, it is now time to the lead on this by holding hearings and taking needed corrective Congressional action the Obama Administration refuses to take. Thanks for taking the lead in better protecting America's best small businesses: Americans who invest in themselves and are chased into poverty and into their graves for doing so. Members of Congress give away over $100 billion in 'free' foreign aid every year in taxpayer money yet they are merciless in continuing to ignore the desperate needs of their own constituents first. Why is this?

Alan DiCara
Student Loan Action Group
------------
 This request was sent via Senator Lamar Alexander's contact page at:  http://www.alexander.senate.gov/public/index.cfm/email   and a copy follows below. Send your own request to Senator Alexander and the Senate Education Committee at that page and MAIL your signed petition to:

Committee on Health, Education, Labor and Pensions
428 Senate Dirksen Office Building
Washington, DC 20510
202-224-5375
----------
Posted by the Expert at 9:05 AM
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Thursday, May 7, 2015

Going to College? Time to Think About What your 'Return on Investment' in your Time and Money Will Be.


-check out: the Wall Street Journal's "College Majors Figure Big in Earnings," by Melissa Korn at:  http://www.wsj.com/articles/college-majors-figure-big-in-earnings-1430971261


&: "The Economic Values of College Majors," by Georgetown's Center on Education and the Workforce at: https://cew.georgetown.edu/cew-reports/valueofcollegemajors/#exec-summary

-----------------------------------------

Posted by the Expert at 9:25 AM 1 comment:
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