Late Payments On Your Student Loan – Here’s a Good News

student-loanIf you face problems with your student loan payments, such as late payments or delinquent accounts, here’s a good news. You will be receiving less of those irritating robocalls.

The number of robocalls and messages an individual receives for collection on students loans are now limited.

The Federal Communications Commission has brought down the number to only three per month. This rule, however, is only applicable to the federal debt.

That is, for those behind on their federal student loans and for taxpayers sought by private collection offices.

Moreover, the FCC has also expanded coverage for customer protection.

New rules state that collection agencies should concede should a person request that they stop calling. And that all customers must be made aware that they can avail of this request.

The goal of these policy updates is to provide relief to individuals who are constantly harassed by collection agencies. This is true as per the 1.7 million (or more) complaints on robocalls that the Federal Trade Commission receives each year.

The protection policies comprise the Telephone Consumer Protection Act by the FCC. And this is applicable to accounts on a delinquent status or to loans that haven’t been settled. Specifically, within a month from the due date, upsetting the sum or schedule of payments. This includes the following:

·       Closing dates for upholding a grace

·       Reschedules

·       Periods concerning forbearance

·       Alternative payment agreements

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ratetake

Martin - Head of Real Estate and Finance at RateTake
Martin is Head of Real Estate and Finance division at RateTake. He creates content that helps people understand and make the right decisions for their financial future.
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ratetake

Martin is Head of Real Estate and Finance division at RateTake. He creates content that helps people understand and make the right decisions for their financial future.