University of Maryland Professor Available to Comment on White House Student Loan Servicing Reforms

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43 Million Americans Account for $1.3 Trillion in Student Loan Debt

The White House announced efforts yesterday to give Americans with student loans more flexibility in repaying their loans, more information about their loan terms and accounts, and more protections for borrowers. The announcement comes at a time when total outstanding student loan debt, including federal and private loans, has reached $1.3 trillion, with 43 million Americans holding student loans and 2 out of 3 Bachelor’s Degree recipients graduating with debt, according to the Washington Post.

The White House plan would limit federal student loan repayments to 10 percent of a borrower’s income. The Administration’s student loan repayment program remains a costly solution compared to the student loan consolidation marketplace, where borrowers can consolidate federal and private loans into one low monthly payment.

Michael Blattman, an Adjunct Professor at the University of Maryland and Senior Vice President of Collegiate Consolidation Services, a new lender in the student loan consolidation arena, has more than 25 years of experience in the financial services and student loan industries, including: the Federal Reserve Board; Sallie Mae; Collegiate Funding Services during its tenure as the top-ranked consolidator of federal guaranteed student loans in the country; CIT Group; and Merrill Lynch.

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Marichelli Hughes

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Marichelli Hughes