College students are accumulating quite a lot of debt
An article by the FTC, 'Facts for Consumers,' provides hope for borrowers 'A debt collector may not call you before 8 a.m., after 9 p.m., or while you're at work if the collector knows that your employer doesn't approve of the calls. They must honor a written request from you to stop further contact.'Chase and various loan servicers, for example American Education Services, who services loans through the TERI program, may call borrowers as little as 1 or 2 weeks after a payment is due, and they may call 10 or more times in a single day with or without leaving a message. An AES rep told one delinquent borrower, 'Thank you, I will note your account that you will make a payment in two weeks. I must inform you that we will continue to call you until that payment is made.'Graduates who are subjected to this sort of illegal harassment can send written notice that these loan companies are to stop communication with them. This, legally, will end the phone calls. Borrowers may decide to provide permission for certain kinds of written communication such as monthly statements and offers to lower monthly payments or forbearance.When borrowers force the lenders to communicate with them in a lawful manner they're relieved of the pressure associated with endless calls and may focus on more useful things like securing their financial independence. This is a much more preferable solution than arguing with a debt collector over the phone and being afraid to even answer calls. This is your right as a borrower.