Bohemia, NY (PRWEB) April 10, 2013
On April 10, 2013, following the announcement of the new “Pay as You Earn” option available for paying back federal student loans, debt collection services agency Rapid Recovery Solution issues a response.
According to a recent article on Jackson Sun, “[c]ollege graduates looking for a respite from a heavy debt load after graduation can consider several repayment options for federal loans.”
The article reports that a new payment option was unrolled at the end of last year: the “Pay as You Earn” program, which “requires borrowers under a partial financial hardship to pay according to their income and family size.” If a borrower using this option started earning more income, their monthly payments would increase – “but if the family size increases and income does not, the monthly payment would decrease.” The option also offers a forgiveness plan for borrowers after 20 years of consistent payment, says the article.
John Monderine, CEO of Rapid Recovery Solution, a collection services agency based in New York, comments on the new policy. “This is a great option for young people looking ahead at the financial responsibilities that lay before them. This is part of a greater trend of increasing fiscal responsibility, especially among younger earners. As more and more schools require that students go through some kind of financial planning training before getting their degree, we'll begin to see attitudes changing. For now, there is still a lot of naïveté out there – many eligible borrowers don't even know they can use this program, or are not aware of it. If you're borrowing money from the federal government or elsewhere, be sure to do your research; know your rights and all options available to you so you don't end up in debt.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We do not alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.