Accounts Receivable Collection Firm Rapid Recovery Solution Considers Pros and Cons of the Student Loan Deal
Bohemia, NY (PRWEB) July 29, 2013 -- On July 29, accounts receivable collection agency Rapid Recovery Solution remains cautiously optimistic about the student loan bill.
According to a CBS News article from July 26 titled “Student loan deal: A bad break for borrowers?” recently lowered interest rates could effectively cost students more over time. Senators Elizabeth Warren of Massachusetts and Barbara Boxer of California spoke out this week in opposition to the legislation, warning Americans of its underreported caveats. After receiving a resounding 81-18 vote on the House floor, the bill lowered rates for the popular Stafford Loans to 3.9 percent for undergraduates, half of the current 6.8 percent.
The inherent danger of the new loans lies in its direct link to the 10-year U.S. Treasury rate, capping undergrad and graduate rates at 8.25 percent and 9.5 percent, respectively. The article claims, “The rate reduction represents no more than a misleading teaser rate.” Furthermore, Stafford Loan rates are expected to surpass 6.8 percent in just four years. “The real winner in the loan deal is the federal government. The Congressional Budget Office estimates that the government will generate $184 billion in profits from its college loan program over the next decade.”
John Monderine, CEO of Rapid Recovery Solution, Inc., offers insight. “Commercial collection agencies initially encouraged by the new legislation should take notice of these stipulations." Monderine continues with his personal take. “Students should never be discouraged to further their education, and they must be mindful of every potential expense that accompanies loans. Interest rates fluctuate frequently, and it’s essential for America’s youth to be knowledgeable to avoid mounting 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.
Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, +1 (866) 944-8610, [email protected]
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