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Many people have been affected by student loans and its associated stressors. Sometimes, student debt servicers apply undue pressure or tactics that lead to more stress or issues. The new Student Borrower Bill of Rights can provide redress for that. Under this new Act, a student loan servicer is prohibited from abusive debt collection practices, including making misleading statements, misrepresenting repayment obligations, misapplying payments, or making inaccurate statements to a credit reporting agency. Also, the student loan servicer should cap late fees at 6% of the amount past due, and should take measures to ensure timely processing of income-driven repayment applications. If you believe you were subject to any of the above, please call for a consultation.

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