CEO of One of the Nation’s Leading Commercial Debt Collection Agencies Issues Response to Hike in Student Loan Interest Rates
Bohemia, NY (PRWEB) July 05, 2013 -- On July 5, 2013, John Monderine, CEO at one of the nation’s leading commercial debt collection agencies, Rapid Recovery Solution, comments on congressional gridlock involving extreme increases in student loan interest rates.
According to a June 30th, 2013 article from CNN Money, “Student loan rates doubling on Monday”, interest rates of subsidized government loans will more than double on July 1st, climbing up to 6.8%. Lawmakers have attempted to forge a deal in order to alleviate the financial pressure experienced by Stafford loan recipients but have been successful thus far.
Congressional lawmakers have been unable to come to a consensus and garner support for a bipartisan bill, as they are weighing whether to create a short term or long term solution based on current market conditions. Justin Draeger, president of the National Association of Student Financial Aid Administrators, tells students to brace themselves for the unexpected, "We're advising our schools to tell students that their subsidized Stafford interest rates are going to be 6.8% on July 1."
Students are increasingly concerned about the ambiguity of the bill and fear no deal will be made in order to address student loan debt. Many students such as Rachel McGovern feel as though they are being ignored, “I find it really frustrating that nothing is even being brought up, since Congress is now in recess," and "It feels like they're just ignoring student needs right now."
John Monderine, CEO of one of the nation’s leading commercial debt collection agencies, Rapid Recovery Solution, believes Congress should get their act together in order to come up with a solution, “Student loan debt is a burgeoning problem among young adults and Congress needs to come to a consensus and prevent interest rates from spiraling out of control. While lawmakers are debating between allowing rates to rise later versus extending low rates for a year or two, the longer it takes for them to devise a plan the longer students will be held in limbo.”
Monderine also notes the growing severity of student loan debt, “Student loan debt is a major financial crisis within this country, with more and more young adults graduating with debt and unable to attain jobs. This is the second largest kind of consumer debt out there, behind mortgages. As of 2011, the average college graduate owed an average of $27,000 in student loans.”
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.
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Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, 866-944-8610, [email protected]
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