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News You Can Use: Student Loan Debt Collection Assistant

May 8, 2013

The Consumer Financial Protection Bureau (CFPB) provides  the Student Loan Debt Collection Assistant on their site under the Paying For College section.  The interactive tool is designed to help borrowers who may have fallen behind on their federal or private student loan payments.

  • For borrowers who have missed payments but are not yet in default, this tool can help them avoid thousands of dollars in penalties and fees by helping them understand alternative payment plans.
  • For borrowers already in default on their federal student loans, this tool offers clear information on how to access the full range of special repayment options available to federal student loan borrowers.
  • The intuitive tool also provides tips to borrowers with private student loans on how to negotiate with debt collectors.
  • They also provide guidance on choosing a bank account and selecting a loan that best suits their needs.

For more information on the CFPB, visit them at www.consumerfinance.gov.

Pam King, Midwest Regional Director, Nelnet Partner Solutions

Pam King, Midwest Regional Director, Nelnet Partner Solutions

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