Is there a better way? https://www.bloomberg.com/news/articles/2017-05-19/americans-are-paying-38-to-collect-1-of-student-debt
Wow. Definitely some eye-opening information. Hopefully this situation can get figured out as the student loan "bubble" continues to inflate at a seemingly exponential rate.
As a former debt collector for many years, I just can't understand this payment method. Back in the day, professional collection companies were paid according to the amount collected. Period. What happened? J.
It does shed some new light on the whole "student debt forgiveness" issue. Is it cheaper, at some point, just to let it go?:dunno:
I just talked to a kid that has a student loan out. Bank refuses to take payments, keeping "payments in safebox" until loan is due, in essence forcing the interest to grow, not allowing the principal to be paid down...
Yee-owch! :shock: Both US and Canada have legal remedies for unconscionability. Might they apply here? https://en.wikipedia.org/wiki/Unconscionability J.
Wow. Not a great situation. Is the interest running at this point? When the loan becomes "due", would he/she be able to pay the entire thing (or a lot of it) off?
That's too bad and I know that exact attitude (I had the same one for FAR too long!) However, I think that in a lot of these cases, the interest isn't running before payments become due so, hopefully, he/she won't have additional interest to pay if they decide to pay the whole thing off or much of it when the first payment becomes due.
