Student Loans: Borrower Default, Rehabilitation, Federal Terms and Conditions by Crystal Rollins, Hardcover

Student Loans: Borrower Default, Rehabilitation, Federal Terms and Conditions by Crystal Rollins, Hardcover

The Department of Education (Education) relies on collection agencies to assist borrowers in rehabilitating defaulted student loans, which allows borrowers who make...

Product Details

ISBN-13:9781633212671
Publisher:Nova Science Publishers, Incorporated
Publication date:08/20/2014
Series:Education in a Competitive and Globalizing World
Pages:146
Product dimensions: 6.50(w) x 1.50(h) x 9.50(d)
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Overview

Student Loans: Borrower Default, Rehabilitation, Federal Terms and Conditions by Crystal Rollins

The Department of Education (Education) relies on collection agencies to assist borrowers in rehabilitating defaulted student loans, which allows borrowers who make nine on-time monthly payments within 10 months to have the default removed from their credit reports. Education works with 22 collection agencies to locate borrowers and explain repayment options, including rehabilitation. From fiscal years 2011 to 2013, Education collected about $9 billion on over 1.5 million loans through rehabilitation, most of which was recovered by collection agencies. This book examines how Education assists borrowers in rehabilitating defaulted student loans; the upgrade of its defaulted loan information system affected loan rehabilitation; and Education oversees private collection agencies in implementing loan rehabilitation.