Accounts Receivable Collection Agency Rapid Recovery Solution Speaks Out On Student Loan Decision in Congress
Bohemia, NY (PRWEB) July 20, 2013 -- On July 20, Rapid Recovery Solution, Inc. is inspired by recent developments on Capitol Hill.
According to a July 18 article from Reuters titled “Senators reach deal to move student loans to market rates,” Congress passed a bill on Wednesday setting student loan rates through 2015. The agreement, though tentative, reverses an automatic doubling of rates that kicked in earlier this month and securing reasonable interest fees for at least two years.
The new rates are as follows: 3.85 percent for undergraduate students, 5.4 percent for graduate students, and 6.4 percent for parents. Senate Democrats and Republicans arrived at these figures after extensive debate. President Obama has also agreed to the terms of the deal.
An ongoing point of contention for lawmakers continues to be retroactive stipulations for the popular Stafford loan. Without a new agreement, 7.4 million American students could see their four-year college degree increase by as much as $4,000. The deadline for such a deal is approaching with fall semesters beginning in a few weeks at many universities.
John Monderine, CEO of Rapid Recovery Solution, Inc., expressing his contentment with the deal states, “A collection agency like ours never likes to see student accumulated large amounts of debt while earning little income.” Monderine continues with his personal outlook, “The last thing our government wants is to dissuade young adults from continuing their education. They must do everything in their intellectual and legislative power to prevent rate hikes as the economy improves.”
Founded in 2006, accounts receivable collection agency, 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.
Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, +1 (866) 944-8610, [email protected]
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