An Opportunity to Help Defaulted Borrowers
Borrowers with federally held student loans aren't at risk for default in 2021 due to the CARES Act and current student loan payment suspension. But typically, more than a million student loans default each year. In fact, about 20% of all student loan borrowers are currently in default.
These individuals could be dealing with damaged credit, wage garnishment and tax refund offsets. Default also stops many previous students from re-enrolling as they aren't eligible for federal student aid. And research shows some communities are hit harder than others.
Racial disparities in relation to student loan debt and default are concerning and drawing much needed attention
While defaulted borrowers do not have to take any action right now, the CARES Act offers these borrowers a unique opportunity to move forward from the crippling consequences of default.
If defaulted borrowers pursue rehabilitation and are unable to make a scheduled payment during this period of postponement, they get credit for missed payments. But most borrowers don't know this.
Together we can help defaulted borrowers move forward
Ascendium is one of only a few organizations that have the knowledge and expertise to help student loan borrowers rehabilitate their loans and earn an important second chance at success.
Learn more about this unique opportunity for defaulted borrowers and how our expertise can help you help your students, employees, or customers.
Let’s work together to make a positive difference.
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Beth Erickson Vice President Repayment Solutions |
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