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Political Factoid
Loan servicers are for-profit
companies hired by lenders
to collect payment for
private student loans.
- The servicers don't
necessarily act in the
best interests of the
borrowers.
(Why should they?)
- These companies often
prevent students from
paying off a higher-
interest-rate loan first.
(Naturally.)
- They may pass loans
back and forth with other
loan service companies.
(Changing where to send payments.)
- They can maximize the
fees and penalties by how
they process the loan
payments.
(Sneaky, greedy ... [bums].)
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