It may have been no surprise to private lenders, banks and other lending institutions, when the Department of Education announced that one in seven borrowers have defaulted on their federal student loans within the first two to three years of repayment.
Private lenders concerned about these default rates can seek consultation on William R. Wohlsifer, PLLC ‘s student loan collection processes. It is imperative to promptly consult with an attorney about private student loans that are in default, because of the five-year statute of limitations in which a creditor may file suit in Florida. Also, the Fair Debt Collection Practices Act (FDCPA) places limits on the procedures collectors may use when collecting debt. Further the Consumer Financial Protection Bureau (CFPB) has declared they will be taking specific measures to ensure that student borrowers are being treated fairly by loan-providers. Thus, it is imperative that student loan lenders seeking collection consult with an experienced Florida law practice, like William R. Wohlsifer, PLLC, regarding collection options. We generally accept student loan defaults on a contingent fee plus costs basis.
William R. Wohlsifer, PLLC, practices debt collection procedures and litigation, representing creditors who seek recovery because of a debtor’s failure to repay their student loans in Florida. From the initial demand letter to post-judgment execution, our firm will exhaust every reasonable measure available throughout the collection process to attempt to collect on your behalf. Where some collection agencies or other law firms may give up after a few demand letters and phone calls, we almost always take the matter to court for final disposition.
Once a lawsuit is filed and a money judgment is obtained, the Florida Rules of Civil Procedure allow for a broad scope of discovery to identify various debtor assets to assist our firm in determining the proper remedy to enforce the judgment liens. When appropriate and pre-approved by the client, William R. Wohlsifer, PLLC, may conduct comprehensive electronic asset and skip trace searches to locate:
Following enforcement of the terms of the student loan by the court, we thereafter send monthly invoices and periodic account statements to the debtor for accurate record of all payments made and to show the monthly allocation of principal and interest.
If you are a lender, creditor, or holder in due course of a delinquent student loan, please do not hesitate to contact us for a free telephone or email review of your case at (727) 378-3657 or [email protected]
 The cost of attending college or graduate school continues to increase as tuition rates rise and federal subsidy programs for private lenders are eliminated. Because of increases in tuition, students and their parents have begun borrowing more money to finance educational programs. According to Bloomberg Personal Finance, the New York Federal Reserve Bank has shown that American students with debt, around the age of 25, have increased about 43% since 2003, and the average loan amount has risen approximately 91%. Unfortunately, the market is having a hard time keeping up with the supply of graduates, and students are finding it harder to repay their loans.