Friday, October 12, 2012

Collecting Student Loans Becoming Daunting | All About Finance

Posted by Rob Sutter on Rating 9.0 ?Outstanding

It may go without saying but paying off my student loans seems to pass by much slower and take more time than it should be. Every time a month passes by, I have to see about one fourth of my paycheck taken out in order to pay off said loans. I?m not about to complain about this, though, since I knew exactly what I was getting into when I applied to my college but there?s been more trouble involved than learning was worth, it seemed. New York University seems to be fully aware of this as well and the troubles of collecting student loans have made themselves clear.

Told on NYTimes.com, students at New York University have encountered the trouble of amassing debts and they couldn?t help but feel abused by those who prodded in their efforts of collecting student loans. It appears as though these students have been encountering difficulty with paying them off and companies in the debt collecting industry like Rapid Recovery have swooped down in order to collect. A staggering 5.9 million students have fallen behind twelve month on their payments and an amount of $76 billion in defaulted loans is no small number.

In one respect, I can sympathize with the students since I was one myself before receiving my Bachelor?s Degree. I know all too well how difficult it can be to pay off these loans since every month sees another bill that has to be paid off on a certain date. In addition, many people who graduate do not have the kind of job where the loans can be paid off easily, since they are fresh out of school and not very experienced. I can see the situation from the perspective of the students but business in general should be examined as well.

There should be a level of frustration built for businesses as well since they have to constantly put up with students who may not mean well. It?s understandable that some students cannot pay off the loans that they owe but this is not the case one hundred percent of the time. In such a case, deadbeat students will not even put in the smallest of efforts. Debt industries shouldn?t be at fault for the entirety of defaulted loans but focus should be brought on the people who have swiped their credit card, essentially, and refuse to pay anything back.

It?s difficult for me to make the statement that I know every student?s situation since each person leads a distinct life outside of classes. The staggering amounts of student loan rates cannot be excused, however, and both sides of the story may be equally to blame. Students who flat out refuse to pay their debts only render the situation difficult for the students who try to do the right thing. When they can?t fully pay off loans on time, they have their own kind to blame as well as the less-than-respectful debt companies. These organizations take advantage of their power, as well as the students, which only perpetuates the worsening student loan situation.

Rapid Recovery Solutions is an attorney based debt collection agency that can collect your funds. For additional details, contact RRS now!

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Source: http://www.vvy.in/finance/collecting-student-loans-becoming-daunting/41232/

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