College graduates have debts ranging from hundreds to hundreds of thousands of dollars in student loans. While ignoring your student loan payments is not a good thing, under certain circumstances, you may not pay on time or there may be a total lack of payments. In this article, we equip you with everything you need to know about Best Students Loan Collectors and their Contacts.
What happens if you don’t pay student loans?
If you miss a payment for your federal student loan, you have 270 days to make a payment before your debt arrears. Once the federal student debt is in arrears, the government can garnish your wages, your social security check, your federal tax refund, and even your disability benefits. This will most likely lead to a serious situation called student loan cancellation. And if your student loan defaults, your student loan service provider will transfer your loan to a third-party debt collection agency. And that can be strange to many borrowers. Here’s what you need to know about dealing with student loan debt collection agencies, including the full list of all debt collection agencies that work on behalf of the Department of Education so you can be sure you won’t be cheated.
Impact of the default on your student loan debt
Low creditworthiness after reporting a bad payment history. Higher interest rates if you have to take out other loans for your new low credit rating.Fees from the collection agencyPossible garnishment of wagesLegal action – if your student loan company or government sues you
If you are in arrears with your student loans, you will need to communicate with the collection agency that has been assigned your debt. You have several options, including student loan rehabilitation, drawing up a repayment schedule with them, or possibly even paying the debt. Once your loans have been transferred to a student loan collection agency, you will need to use a new portal to access your loans. Remember, these companies are third-party debt collection agencies, and there are laws that restrict what they can and cannot do. Don’t get into trouble with student loan collectors. Click here to know What Happens If You Don’t Pay Student Loans? 10 Shocking Options
Is there any law protecting me in Debt collection?
The Fair Debt Collection Practices Act (FDCPA) is a federal law that limits the ability of debt collection agencies to collect certain types of debt. The federal law on fair credit reporting regulates how debt collection is shown in credit reports. There are also state laws that provide protection. These companies are NOT allowed to:
Contact you before 8 a.m. or after 9 p.m. Even if a debt collection agency knows that you may not receive the communications from the debt collection agency at work, the debt collection agency may not contact you there.The debt collector must not bother you or anyone else in relation to the debt.If you ask the collection agency to stop contacting you in writing, they will no longer need to contact you unless they take legal measures against you, such as: Filing a lawsuit (in which case you will need to consult a student loan lawyer as soon as possible).If a debt collector contacts you about your student loan debt, they must provide you with the following information about your debt:The name of the creditor (this is your student loan provider and should appear familiar to you)The amount owed (remember that this amount may be much higher than your original debt due to accrued interest and late payment fees).That you can meet the debtsThat you can request the name of the original creditor if it differs from the current one
How Do I Find My Student Loan Debt Collector?
After taking your student loan and putting it to good use, you would want to pay back the loan as stated in your agreement. Most times, the challenge becomes finding the right collection agency assigned to your default loan. According to Student Aid, to determine the collection agency assigned to your defaulted loan, contact the current holder (the lender with which you have an account and to which you owe a debt). The U.S. Department of Education contracts with several collection agencies to collect on defaulted loans.
Student Loan Debt Collection Agencies
There are over 30 different student loan collection agencies, many with names you won’t be familiar with. If one of them reaches you, take it seriously. Below is a list of Best Students Loan Debt Collectors and their Contacts and their contact information if you need to contact them. These companies do change from time to time, and we strive to keep this information as current as possible.
Account Control Technology, IncAction Financial Services LLC.American Student Assistance CorpBass & AssociatesCentral Research, Inc.Coast Professional, Inc.Collection Technology, Inc.Collecto, Inc. dba Collection Company of AmericaCon ServeCredit AdjustmentsDebt Management and Collections SystemDelta Management Associates, Inc.ECSI Federal Perkins ServicerEducational Credit Management CORPEnterprise Recovery Systems, Inc.Financial Asset Management Systems, Inc.Florida Department of Education OSFAFMS Investment CorpGC ServicesGeneral Revenue Services (USA Funds)Immediate Credit Recovery Inc.Michigan Guaranty AgencyNational RecoveriesNational Credit ServicesNew York Higher Education Loan Program (NYHELP)Pennsylvania Higher Education Assistance AgencyPioneer Credit Recovery, Inc.Premiere Credit of North America, LLCProgressive FinancialThe CBE Group, Inc.U.S. Department of Treasury Debt Management ServicesVan Ru Credit CorporationWest Asset Management, Inc.Windham Professionals, Inc.
#1. Account Control Technology, Inc
P.O. Box 8012 Canoga Park, CA 91309 (888) 830-7770 www.accountcontrol.com
#2. Action Financial Services LLC.
2055 Cardinal Ave Medford, Oregon 97504 888-253-4239 www.actionfinancialservices.net
#3. American Student Assistance Corp
33 Arch Street, Suite 2100 Boston, MA 02110
#4. Bass & Associates
Student Loan Department P.O. Box 66080 Tucson, AZ 85728 (855) 533-1107 www.bass-associates.com
#5. Central Research, Inc.
122 N. Bloomington, Suite I Lowell, AR 72745 (479) 419-5456 www.central-research.com
#6. Coast Professional, Inc.
P.O. Box 2876 West Monroe, LA 71294 (888) 815-2843 www.coastprofessional.net/
#7. Collection Technology, Inc.
P.O. Box 2300 Rancho Cucamonga, CA 91729 (800) 743-4284 www.collectiontechnology.com
#8. Collecto, Inc. dba Collection Company of America
PO Box 329 Norwell, MA 02061 (877) 395-5997 www.eos-cca.com
#9. Con Serve
200 CrossKeys Office Park Fairport, NY 14450 (800) 724-7500 www.conserve-arm.com/
#10. Credit Adjustments
330 Florence St. Defiance, OH 43512 (800) 544-6359 www.credit-adjustments.com
$11. Debt Management and Collections System
U.S. Department of Education PO Box 5609 Greenville, TX 75403-5609 https://myeddebt.ed.gov/
12. National Payment Center
PO Box 105028 Atlanta, GA 30348-5028 (800) 621-3115 www.myeddebt.ed.gov/
#13. Delta Management Associates, Inc.
P.O. Box 9242 Chelsea, MA 02150-9242 (855) 282-5983 www.deltamanagementassociates.com/
#14. ECSI Federal Perkins Servicer
100 Global View Drive Suite 800 Warrendale, PA 15086 (888) 549-3274 www.ecsi.net/
#15. Educational Credit Management CORP
PO Box 16408 St. Paul, MN 55116-0408 (855) 810-4922 www.ecmc.org/
#16. Enterprise Recovery Systems, Inc. now Alltran Education Inc.
840 S Frontage Rd Woodridge, IL 60517-4900 http://alltran.com/
#17. Financial Asset Management Systems, Inc.
1967 Lakeside Pkwy #400, Tucker, GA 30084, United States (800) 399-4639 www.famspayonline.net/
#18. Florida Department of Education OSFA
Local Metro Area Tallahassee, Fl 850-410-5200 www.floridastudentfinancialaid.org
#19. FMS Investment Corp
1701 Golf Rd 2 – 150, Rolling Meadows, IL 60008, United States https://www.fmsdc.com/
#20. GC Services
6330 Gulfton Houston, TX 77081 (800) 756-6524 www.gcserv.com/
#21. General Revenue Services (USA Funds)
4660 Duke Drive Suite 300 Mason, OH 45040-8466 Phone: (800) 234-1472 www.generalrevenue.com
#22. Immediate Credit Recovery Inc.
6 Neptune Road Suite 110 Poughkeepsie, New York 12601 (800) 234-4271, (855) 889-3111 www.icrcollect.com
#23. Michigan Guaranty Agency
P.O Box 30462 Lansing, MI 48909-7962 888-643-7521 www.michigan.gov
#24. National Recoveries
P.O. BOX 120666 ST. PAUL, MN 55112 877-221-9729 www.nationalrecoveries.com
#25. National Credit Services
PO Box 580 Bothell, WA 98041-0580 (800) 324-7564 www.ncscollect.com
#26. New York Higher Education Loan Program (NYHELP)
99 Washington Avenue Albany, New York 12255 (800) 888-0741 www.hesc.ny.gov
#27. Pennsylvania Higher Education Assistance Agency
Pennsylvania State Grant Program P.O. Box 8157 Harrisburg, PA 17105-8157 (800) 692-7392 www.pheaa.org
#28. Pioneer Credit Recovery, Inc.
26 Edward St. Arcade, NY 14009 (585) 492-1234 www.pioneercreditrecovery.com
#29. Premiere Credit of North America, LLC
PO Box 19309 Indianapolis, IN 46219 866-808-7118 www.premierecredit.com
#30. Progressive Financial
424 NE 2nd Street Oklahoma City, OK 73104 NMLS ID #214427 https://progleasing.com/
#31. The CBE Group, Inc.
PO Box 900 Waterloo, IA 50704 http://www.cbegroup.com/
#32. U.S. Department of Treasury Debt Management Services
Treasury Building 1500 Pennsylvania Avenue, NW Washington, D.C., U.S (855) 837-2985 www.fiscal.treasury.gov
#33. Van Ru Credit Corporation
P.O. Box 2751 Des Plaines, Illinois 60017 (800) 468-2678 www.vanru.com
#34. West Asset Management, Inc.
171 Mercy Rd., Omaha, NE 68106 (402) 391-5285 (800) 397-7243 www.debtcollectionanswers.com
35. Windham Professionals, Inc.
380 Main Street Salem, NH 03079 (800) 969-0059 www.windhampros.com Want to know more about Student Loans? Click the link to explore the Pros and Cons of Student Loans in 2022
How do I fight a student loan collection agency?
Once your student loans are sent to a collection agency, there are five steps you can take to get back on track.
Dispute the debt. First, make sure that the information from the collection agency is correct.Pay off your debts.Pay the amount owed.Merge or rehabilitate your loans.Declare bankruptcy.
How to Avoid Student Loan Default
Of course, the easiest way to avoid having to deal with any of these companies is to avoid student loan default altogether. Make sure you understand what type of loan you have and commit to making your payments on time. Also look for student debt relief options such as refinancing, deferment or forbearance, and even student loan forgiveness. Student loan forgiveness is not a quick fix and you’ll still have to pay on your student loans but it’s wise to see if you qualify if you hold federal student loans. Student loans don’t go away until you’ve paid them off. The timeframe may vary for private loans depending on the terms and conditions of the loan. Once you default, the entire balance of your loan comes due. But just because you default, it doesn’t mean your debt automatically goes to a collections agency. The only thing you can do is dispute the student loans on your credit report if they are being reported incorrectly. However, there’s a bright side. If you’re paying your loans on time each month, that looks good on your credit report. It’s actually not a bad thing that your student loans are on your credit report. Normally, a defaulted debt will fall off a report after 7.5 years from the date of the first missed payment. A defaulted federal student loan, older than 7 years may not appear on a credit report. However, because there is no Statute of Limitations, collections can and will continue.
Conclusion
You need to be sure that you are able to pay off your students’ loans as easily as possible. For you to achieve you need to be aware of the various and trusted Students Loan Debt Collectors and their Contacts and take advantage of their services.
References
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