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Student-Loan Collection Targeted for Overhaul in Congress

4 December 2012 7 views No Comment

Dec. 5, 2012 – “Congress will consider overhauling debt collection in the $100 billion-a-year U.S. student loan program, replacing it with automatic withdrawals from borrowers’ paychecks tied to their income — a system used in the U.K. Such collections, which can follow borrowers into retirement, ‘can ruin people’ lives,’ said Justin Draeger, president of the National Association of Student Financial Aid Administrators, a Washington-based nonprofit group,” Bloomberg reports.

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