Earlier this week I wrote about the transparency of costs of education and how private for-profit institutions are likely going to have to change their marketing to comply with stricter oversight by the CFPB and the accreditation agency for these for-profit private schools, ACICS.
Well today I received an emailed thank you for the “transparency and communication” when I took the time to explain the various options for a client regarding the differences of rehabilitation and consolidation and which payment plans apply and why. She made the decision that her credit was more important under one option than a slightly lower payment and reduced payment duration under another. But she had her reasons and fully understood the options once I explained them. Many people wouldn’t have had the opportunity to have this discourse, they wouldn’t even know there was a choice because the present student loan system is so anti-transparent.
While the government websites are good in telling you what payment plans are available presently, they are not good in explaining the differences between them so you can make an informed and wise decision that will impact 10-25 years of your life, nor the different ways to cure a default (with the advantages or disadvantages of each) or even mention that you can change your loan type for different results.
If you are uncertain what to do, or want to make sure you’ve done the right thing to set up an income based repayment plan for your student loans, please consider contacting us for further information, check out our reviews on Avvo or our website.