New web site explains student loan default options

student loan

It’s only once in a while that the federal government finds a way to actually help consumers. With so many student loan borrowers struggling with debt, it’s about time there was some effective help out there. The Department of Education and the Consumer Financial Protection Bureau have teamed up to publish the (poorly-named) Student Loan Debt Collection Assistant.

The Q-&-A-style assistant takes you through all the different possibilities of being behind on student loans, for public and  private loans, loans deep in default, and loans where you’ve just missed a payment or two. It provides tips on dealing with collectors, eligibility charts for helpful programs such as Income-Based Repayment for federal loans, and provides links to more help. This information is provided in an easy-to-use, Choose Your Own Adventure-style format. The Assistant is a great starting point for figuring out your options when you’re in trouble with student loan collectors.