Perhaps I am a bit too hopeful but I was expecting that any problems involving student loans would have cleared up over the course of time. Yes, I know that money problems are constant and that many companies are doing their parts to ensure that these funds are attained as well. However, the facts do not lie and we continually find ourselves in an economy where debt on students seems to be a common trait. I can only hope that better methods in collecting accounts receivable are seen.
There was an article I stumbled upon on CNBC and I couldn't believe my eyes, though perhaps I shouldn't have incurred such a great sense of surprise. The article spoke about how defaults on student loans have grown in early 2013 and the unsuccessful efforts in collecting on such amounts. There are companies which produce great work, Rapid Recovery included amongst the ranks, and I can't deny that for the life of me. I still think that, in some cases, communication in collecting accounts receivable seems to be lacking.
If you're looking for statistics, the article talked about how the U.S. Department of Education cited 6.8 million federal student loan borrowers, each of them current in default. If you were to do the math, then the amount between these borrowers would stack up to $85 billion on debt. There is no question that these are problem and the fact that they have not been paid off, or at least bettered, shows that there is definitely fault to be had on the people who were lent the money to begin with.
With students reportedly saying that debtors have harassed them in the past, I can say, with all confidence, that this is only a small minority. I think it should be stated that most agencies which work in collections only want to see profits made. Students have to be aware that when they take out certain amounts of money to go to school, they have to pay off said amounts during the future. This debt is a problem that impacts just about all groups and it should not go ignored.
It's difficult for me to feel sympathy for these students, especially since I'm someone who's making these loans constantly. I know what's expected of me and I understand that saving money for these occasions is something that has to be done. I can't imagine anyone going to school and believing that they wouldn't have to pay back what they put in. It's simply something that goes without saying; at least I believed it to be that way when I started to attend classes with the goal of a degree in mind.
There was an article I stumbled upon on CNBC and I couldn't believe my eyes, though perhaps I shouldn't have incurred such a great sense of surprise. The article spoke about how defaults on student loans have grown in early 2013 and the unsuccessful efforts in collecting on such amounts. There are companies which produce great work, Rapid Recovery included amongst the ranks, and I can't deny that for the life of me. I still think that, in some cases, communication in collecting accounts receivable seems to be lacking.
If you're looking for statistics, the article talked about how the U.S. Department of Education cited 6.8 million federal student loan borrowers, each of them current in default. If you were to do the math, then the amount between these borrowers would stack up to $85 billion on debt. There is no question that these are problem and the fact that they have not been paid off, or at least bettered, shows that there is definitely fault to be had on the people who were lent the money to begin with.
With students reportedly saying that debtors have harassed them in the past, I can say, with all confidence, that this is only a small minority. I think it should be stated that most agencies which work in collections only want to see profits made. Students have to be aware that when they take out certain amounts of money to go to school, they have to pay off said amounts during the future. This debt is a problem that impacts just about all groups and it should not go ignored.
It's difficult for me to feel sympathy for these students, especially since I'm someone who's making these loans constantly. I know what's expected of me and I understand that saving money for these occasions is something that has to be done. I can't imagine anyone going to school and believing that they wouldn't have to pay back what they put in. It's simply something that goes without saying; at least I believed it to be that way when I started to attend classes with the goal of a degree in mind.
About the Author:
Visit Rapid Recovery Solutions if you're looking for more information about accounts receivable collections.. Free reprint available from: The Growing Epidemic of Student Loans & Collecting Accounts Receivable.
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