debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Senator calls for ombudsman for private student loans, though people facing problems may consider debt consolidation
12/08/2009
Recently a senator from Colorado has advocated the creation of a federal-level ombudsman for privately-based student loans.
Michael Bennet, a Democrat from the state, is supporting the Private Education Loan Ombudsman Act, which would create the ombudsman for private loans. Currently, the federal government already has such a position for federally-based student loans.
The point of the office would be to examine complaints about private student loans. It would also act as an advocate for students through communicating with schools and loan providers. Bennet noted that students from his home state need to focus their energy on books rather than bills.
"Our students and families should have access to the resources they need if they're having trouble with their lender or struggling to keep up with a loan," Bennet said.
Until such a position is created, there are options for students who are facing problems with their private student loans. For example, they may consider pursuing debt consolidation, which may help reduce their interest rates. However, students should keep in mind that government and private loans have to be consolidated separately.
More Debt Consolidation News
