It is widely thought that Student Loans exist to help the youth as a quality education to secure better professions and careers later on. According to the book authored by Alan Michael Collinge titled "The Loans Scam... The Most Oppressive Debt in US Background How We Can Fight Back" students are not offered loans having the borrower's best interest at heart. It is instead a very organized and oppressive road to ensure gross profits in connection with lenders and collection agencies.
Background
Educational loans have been with us for decades. It wasn't until 1998 when a large number of educational loans were disqualified from being discharged in the bankruptcy. This included all individual and family loans used for educational purposes which started the massive difficulty to payoff student loan debt.
In 1996, the Department of your practice partnered with private collection agencies. These collection agencies obtains 25% of the defaulted number Federal loans. This enabled collectors ensure that payment schemes and collection sources of the borrowers that will essentially bring on eventual defaulting.
Moreover, the Department of your practice can collect Federally issued education loans in arrears through either the borrower's give back, offsets from Social Security and other benefits or up straight into 15% of garnishment rid of wages.
How it Affects You
In today's bleak financial status, more graduates face the difficult reality to be underemployed or unemployed, making it virtually impossible to take out student loan debt because of virtually no financial resources. To steer clear of the loans from defaulting, debt collectors offer "loan rehabilitation" alternatives disguised as help for kids that have educational loans. These collection schemes often require borrowers relieve a new loan which in fact is up to three times bigger than the original amount. Which logic then becomes: to absolve your debt you'll i have to incur more debt that will default again.
What You're able Do
First of all, educate yourself and understand that for you to effectively payoff your financial products, you will need to know what you're up against. Take action and allow your voice be heard, go public with your needs and how there simply are made it impossible for you to eliminate student loan outlay. Get help from a nearby State Chapter and put a coordinated action. It is difficult to absolve your student loan debt though the right strategy, it is possible.
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