enter The transition should be as seamless as a pass from LeBron James.
Your first step should be to figure out what, exactly, is confusing or incorrect. Organize your thoughts. The websites of two experts we spoke with for this article, Edvisors. Robb Granado, chief operating officer of CommonBond , an innovative private student lender, recommends bringing as much information as you can to the conversation. If you have the details of that payment readily available, such as the check amount or date cashed, it will help the agent assist you even faster. Before making contact, also gather copies of canceled checks, bank statements, student loan statements, screenshots from your online account, payment confirmations, and anything else related to your issue to help prove your position and give the customer service agent all the details he or she might need to help you.
When you receive a response, save a copy of it. You should expect to get a response within 15 days. Griffin says there are times when you might want to try calling instead of chatting online or sending an email. He says one of the biggest mistakes he sees borrowers make when dealing with servicers is not taking diligent notes. You need this person to be your ally in getting your problem solved. Then, ask the servicer to address your outstanding questions and concerns. Granado offers an additional tip on how to make the process less frustrating and more productive.
Here are three places to turn to for help. If you have a federal student loan more on private student loans in a moment , you can file a complaint online, by phone or by mail. Great Lakes has since been acquired by another major servicer, NelNet. The biggest categories of servicing complaints related to loan repayment plans; loan discharge, cancellation or forgiveness; loan accuracy; and public service loan forgiveness.
Another option if your problem relates to federal student loans is to contact the Federal Student Aid Ombudsman Group , part of the U. You can submit your complaint securely online or by phone, mail or fax.
If you have a problem with a federal student loan, how do you decide whether to contact the FSA or the federal ombudsman? They both work closely together and will make sure the case is referred to the appropriate area for resolution. However, your security clearance will be jeopardized if your bankruptcy is tightly linked to ill-advised behavior: reckless gambling, a drug habit, or wanton overspending, for instance. While it is generally conceded that excessive debt is a cause for denying security clearances, no branch of the military has a set amount of debt that will result in being denied.
That is considered an excessive amount of debt, but not a disqualifying amount unless the debt has been delinquent for some time. Again, it comes down to a matter of trust. A security clearance is a precious jewel granted by the federal government, and you have to care for it every day — no sloppy missteps.
Habitual scofflaws will have problems with the government, but occasional, minor missed deadlines — especially backed up by plausible reasons — may get a pass. If you want, or have, a job that requires you to know and share secret government information, you require a security clearance. Getting, or keeping, that clearance is a complicated, painstaking process, one that involves a polygraph lie-detector test, a special background investigation, and criminal and financial background inspections.
To begin, you have to be sponsored by an approved source. Individuals cannot simply volunteer themselves for security clearances. The Standard Form 86, Questionnaire for National Security Positions, is the form used by military personnel, government contractors, and government employees to apply for some level of security clearance: confidential, secret, top secret. SF is a combination grizzly bear and marathon.
You cannot fudge, cheat, lie, or even lie by omission and expect to earn that coveted, career-enhancing clearance. Most of Clearance Form 86 deals with common questions about your background and experience, but there are seven pages dealing with your financial history. Form 86 is used to do background investigations. Providing information is voluntary.
However, if you do not provide requested information, the form states that it will adversely affect your eligibility for a national security position and eligibility for access to classified information. In short, take your medicine.
Your application, for which SF is integral, is a test of honesty and integrity. The Department of Defense examines a full range of human characteristics before it is satisfied that someone is worthy of gaining, or keeping, security clearance. In that era, investment firms saw huge potential for high profits and little risk in owning for-profit schools.
Their business model was simple: The more students they recruited who were eligible for a federal loan, the more money they made. The year she arrived, the trouble exploded into view. An accrediting agency put the school on probation.
Then, in , the company announced that it would close the L. She tried to transfer, but other colleges refused to accept her credits. With no degree, she worked at a series of low-paying jobs as interest on her student loans ballooned. She applied to a federal program that forgives student loans when a college shuts down. But the U. In an earlier time, Brewer might have gotten some relief by going to bankruptcy court.
But the powerful student loan industry closed off that option in , the year Brewer enrolled in college. Over the years, the measure was the subject of intense debate, 24 congressional hearings and even a presidential veto. But a provision that was worth a fortune to Sallie Mae and other issuers of private student loans was slipped into the bill with no debate — and with bipartisan support. At a hearing, then-Rep. Lindsey Graham, R-S. John Conyers, D-Mich. Jerrold Nadler, D-N. The law gave lenders tremendous leverage over student debtors, no matter how dire their circumstances, said Daniel Austin, a bankruptcy law professor at Northeastern University.
Over the next few years, bills were introduced in the House and Senate to overturn the bankruptcy exclusion. Meet with members of the Congressional Black and Hispanic caucuses to impress upon them how Sallie Mae was all about helping their low-income constituents. Set in motion grassroots efforts to turn back any action in Washington that might restrict Sallie Mae. Later that year, Sen. Dick Durbin, an Illinois Democrat, introduced a bill to treat private student loans like any other debt in bankruptcy. It went nowhere, as have similar bills since. The Department of Education has little incentive to fix the core problem.
The loan program that began with the principal goal of helping disadvantaged students pay for tuition has become a moneymaker for the federal government. Congress in lowered the interest rate on loans for incoming student borrowers, yet refused to extend the same benefit to more than 40 million student loan holders who had borrowed previously. At a Senate hearing in , Sen.
Do they get refunded back to the students, who paid more than was necessary for the cost of their loans? Or are they just used to fund government generally? They do not come back specifically into the program. Richard Blumenthal, D-Conn. If you are old or partially disabled or both — and have an outstanding student debt, even one going back decades — the government still can take a portion of your Social Security check. In , Brown and his wife had good jobs in information technology. But then the recession hit. Three years later, his wife lost her job when her company was acquired by a competitor.
We worked 35 or 40 years to be eligible. I had no idea they could do that. By law, banks and credit card companies cannot seize Social Security benefits to collect debts. But in , Congress gave the U. Treasury the go-ahead to garnish Social Security payments to collect money owed to the government. They moved in with their daughter. Look no further than the handsome I. Pei-designed building in downtown Wilmington, Delaware, where a student loan startup is making waves.
Two former Sallie Mae executives founded the company in Reveal senior reporter Katharine Mieszkowski contributed to this story. Investigative reporter James B. Thanks for your interest in republishing this story. As a nonprofit newsroom, we want to share our work freely with as many people as possible. We only ask that you follow a few guidelines. You may embed our audio and video content and republish any written story for free under the Creative Commons Attribution-NonCommercial-NoDerivs 3. Credit and tag Reveal when sharing the story on social. Get their investigations emailed to you directly by signing up at revealnews.
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Long story short, this debt is holding me back from my dreams. I registered for two classes at community college just to get the deferment so I could continue looking for a job. So with pain and not wanting to be exploited I stopped teaching 3. With my attempt I will never be out of debt because school and medical will consume all of my income. If debt includes mortgage debt, the total debt must not be more than two-and-a-half times the annual salary of the recruit. So about half way through this chaotic learning style. I applied for unemployment from my PT work in Ca and took assorted jobs —moving office furniture, temping, data entry, filing.
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and read online Enlisting Out of Debt: A College Loan Repayment Story file PDF Book only if you are registered here. And also You can download or read online. Where does a college graduate, strapped by tens of thousands of dollars of student loan debt, turn towards when facing a blighted economic outlook? Are there.
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After a year, she quit. Sign up for our newsletter. Top Posts 1. Inside hate groups on Facebook, police officers trade racist memes, conspiracy theories and Islamophobia. Hate in the homeland. Hate is all around you. Education Who got rich off the student debt crisis By James B. Facebook Icon Twitter Icon email. Student loans: Public vs. The government either directly issued these loans or backed them through a private company.
The rest are so-called private student loans made by banks and companies and are not guaranteed by the government. Dialing for dollars For nearly a generation after passage of the student loan program in , employees in the Department of Education serviced and collected student loans, but during the Reagan presidency, the department began contracting with private companies to take over some debt collection. Eventually, all of this work would be done by private companies. Today, one group of contractors administers the loan program.
These contractors provide information to students on the types of loans available and are supposed to help guide them through the thicket of choices. They later send out bills, keep tabs on payments and call borrowers if they fall behind.