INSUFFICIENT COMMUNICATIONS FROM LOAN SERVICERS CONTRIBUTE TO INCREASE IN STUDENT LOAN DELINQUENCIES AND DEFAULTS

Student loan debt is a serious and growing problem among American households. Unfortunately, student loan borrowers are shouldering extremely burdensome debt and are experiencing nothing but grief from their loan servicers. Loan servicers collecting student loan debt on behalf of the federal government are responsible for not only demanding payments from borrowers, but also for counseling borrowers of their rights and repayment options. Loan servicers are frequently failing to perform the later. As a result, many student loan borrowers become delinquent or in default on their student loans.

Many borrowers simply have no knowledge that they are delinquent or in default. Loan servicers commonly offer adhesion contracts to borrowers that require that the borrower agree to accept electronic communications from the servicer and forgo written statements mailed to the borrower’s home address. Loan servicers then send borrowers email notifications that the borrower has a new message related to their student loans. The servicers shove the responsibility on the borrower to locate the new message. Often, the borrower has to create multiple online accounts on websites that frequently change and are re-arranged. This makes locating and tracking the messages extremely frustrating and burdensome for borrowers. As a result, borrowers often give up on receiving the message from the loan servicer.

Loan servicers should be charged with providing borrowers with easier access to correspondence regarding their student loan accounts. Student Loan Law Group fights for borrowers’ rights. Student Loan Law Group may provide legal representation to clients who are in need of counsel relating to their student loan debt. Student Loan Law Group assists clients in curing their student loan defaults and ending or preventing wage, tax and Social Security garnishment. The sooner borrowers take control of their student loan debt, the sooner they can obtain financial relief. For more information on efficient student loan debt management, visit Student Loan Law Group’s website at www.StudentLoanLawGroup.com or call 888-843-1706 to speak with a representative today!