I hate you, Federal Direct (Student) Loan Servicing company. I hate you with the fire of an acid reflux sufferer that has just had Indian food without Beano, a bottle of Pepcid and a roll of TUMS. I hate the scripts that your customer service people use and their sometimes snarky attitudes, and this is coming from a New Yorker. I hate that your calling tree makes me punch in three different sets of numbers which I then I have to re-verify with the live customer service drone that I know is only following a dumb-ass script that you give them. I hate your archaic payment options. Who the heck owns a check book anymore?!!! I haven’t had once since 1999 when I was 21. […]
About one-quarter of students who took out federal loans to attend for-profit colleges defaulted within three years of starting repayment, according to a new federal analysis.
The 25 percent default rate in the for-profit sector, part of an Education Department report to be published Friday, was up from a 21 percent rate estimated in December 2009. […]
It’s no secret that the American banking industry has undergone major challenges and transformations over the past two years. Institutions have closed ranks and have reduced the amount of money available to borrowers. This includes everything from declining to offer certain types of consumer loans to reducing the credit limits of millions of borrowers. According to a recent Wall Street Journal article, the total lending funds available to consumers fell to $433 billion in 2010, “down 51% from $887 billion in 2007”. Borrowers that make up the low end of the credit community have virtually been left with no recourse for fulfilling their short term lending needs. In stepped cash advance and payday loan establishments. […]