Collector - August 2018 - 27

T

he student loan market, with
$1.5 trillion in outstanding
debt and high default
rates, offers a plethora of
opportunities for third-party collectors
and attorneys. Even beyond the federal
and private student loan markets,
colleges and universities have current
and former students who owe large sums
of tuition, room and board and even
parking fines and tickets.
While the myriad of federal and
state statutes and regulations governing
debt collection activities can range

COLLECTOR 08.18

from concerning to overwhelming,
educational debt collection has its own
series of regulations and policies imposed
by federal agencies-and even the
creditors themselves. Understanding the
complexities of these requirements can
make the difference between successful
market entry and profitability or walking
away from the many opportunities found
in collecting student loans and other
educational debts.
When collecting this type of debt,
it's helpful to identify the common
characteristics of your borrowers, whether

or not they have graduated from college
or found the perfect job in their chosen
career.
Likewise, knowing more about the
various loan repayment options and other
available tools, such as consolidating
federal or private student loans to
secure full payment or a return to nondelinquent status for the debt you're trying
to collect, will not only help collectors
guide and counsel consumers toward
making the best decisions to repay their
debt, but also position them for a better
financial outcome in the long run.

27



Table of Contents for the Digital Edition of Collector - August 2018

Collector - August 2018 - Cover1
Collector - August 2018 - Cover2
Collector - August 2018 - 1
Collector - August 2018 - 2
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