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The private agencies that collect debt and are contracted by the U.S. Department of Education are often more concerned with profit margins than providing fair, quality service.

Further complicating the issue is the process for filing complaints through [...]]]> Finding a job and paying back student loans are not the only challenges recent graduates face.

The private agencies that collect debt and are contracted by the U.S. Department of Education are often more concerned with profit margins than providing fair, quality service.

Further complicating the issue is the process for filing complaints through private agencies regarding customer service, which is neither centralized nor easily accessible.

The Department of Education should see that students, who are already shouldering a massive debt burden, are able to easily express concerns about collection agencies through the creation of a centralized complaint system.

The National Consumer Law Center recently released a paper calling for improvements to the U.S. Department of Education’s complaint system, citing statistics indicating the number of complaints from borrowers has risen significantly in recent years.

The complaints, which the paper says are not properly handled or channeled, cover issues regarding mistreatment of borrowers by private collection agencies, which the federal government contracts to collect student loan payments.

The complaints usually involve harassment, excessive phone calls and inflexibility on the part of the collection agencies, who do not always offer reasonable payment plans to recent graduates.

Jillian McLaughlin, a research assistant for the National Consumer Law Center and co-author of the paper, said complaints can be made to both the Better Business Bureau, the private agency handling debts, and the Department of Education, making data collection regarding complaints extremely difficult.

This lack of organization also means many of the complaints are never even seen by the agencies themselves and often never reach the Department of Education, from which agencies receive their commissions. Thus, agencies are only held accountable to the government, not the students whose concerns should be heard.

The number of complaints, though difficult to track, appears to be increasing, McLaughlin said. Complaints need to be heard by both the agencies and the Department of Education.

But, even further, the department should consolidate the collection process – which currently includes 17 different private agencies – and possibly even eliminate the practice of contracting altogether.

McLaughlin said agencies are rewarded based on the percentage of debt they collect.

Essentially these agencies are working for the government, not the student borrowers, and are therefore less concerned with quality service than their bottom line, for which they are rewarded by the U.S. Department of Education.

The paper from the National Consumer Law Center suggests that the department should not work with third-party contractors at all. That would be the best, albeit least realistic, solution to the problem.

Although that solution could take considerable time to enact, eliminating the third-party contractors would simplify the entire collection process, including the complaint system.

On a local level, average UCLA student debt after graduation is considerably lower than the national average, and the default rate is also lower, said Ronald Johnson, director of financial aid at UCLA.

At UCLA, 44 percent of students take out loans to pay for college. Following graduation, the average UCLA student debt is more than $18,000, Johnson said, adding that the national average for student debt is between $23,000 and $25,000.

These shockingly high numbers reflect deep-seated issues with education funding across the board, for which there is no quick fix. But at least students should be able to pay back that debt in a fair amount of time without being hassled by loan collectors.

Even though the university’s default rate is considerably lower than the national average, Johnson said plenty of students still struggle to pay off their loans, and the financial aid office has heard their stories.

Johnson said the financial aid office does not deal directly with debt collection complaints, but said he knows students often struggle with aggressive debt collectors who do not offer the best service or payment options they could.

For recent graduates shouldering unreasonable amounts of debt, the least the private collection agencies could do is provide quality service and reasonable payment plans.

If they do not do so, the least the Department of Education could do is listen to students’ complaints and hold the agencies they contract accountable.

Email Clark at mclark@media.ucla.edu. Send general comments to opinion@media.ucla.edu or tweet us @DBOpinion.

Article source: http://www.dailybruin.com/index.php/article/2012/05/_student_complaints_lost_to_deaf_ears_private_collection_agencies_need_centralized_complaint_system_

“It can be very overwhelming,” said Kim Ross, second vice president and retail managing officer at MidWestOne Bank in Ottumwa.

The average [...]]]> OTTUMWA —
As more college graduates pour into the workforce this summer, they will need to dig deeper and deeper into their pockets to pay off their student loan debt.

“It can be very overwhelming,” said Kim Ross, second vice president and retail managing officer at MidWestOne Bank in Ottumwa.

The average college student is around $22,900 in debt by the time they graduate, according to the Wall Street Journal.

And the class of 2011 earned the unfortunate distinction of the most indebted class of graduates ever, according to the WSJ.

“I really like to stress to students that the debt is real, but it’s hard for students, when they’re not in the repayment cycle, to feel that that debt is real,” Ross said.

Almost like magic, the money shows up in a student’s account to pay for tuition, books and more, and sometimes there is even some left over.

“But students really need to keep track of what that debt load means, what that payment means when they graduate,” Ross said.

When is enough too much?

Because some students borrow the maximum amount because it’s available, many are over-borrowing, throwing them even more in debt. But they’re not doing it intentionally, she said.

“They should only borrow as much as they need to cover expenses,” Ross said. “They’re going to have that debt for awhile, since it’s $20,000 to $30,000 to $40,000. It could affect their ability to purchase things like a home or a car.”

Ross said since many students go to college thinking they will borrow whatever is available, they borrow the maximum amount.

“I hope they’re getting some counseling on what borrowing the maximum amount each year can mean to them at the end of their program,” she said.

If students are able to supplement their student loans with a part-time job or some type of income, they should do so in order to not borrow as much, she said.

Debt varies by location

Tuition rates vary among state universities and community colleges, too, as does a student’s program length. Most state universities offer four-year programs, whereas community colleges like Indian Hills often offer two-year programs.

“The debt load may be heavier for larger universities simply because the student is not always able to live near home, so there are a lot of extra living expenses,” she said. “Community college is a good solution for many students because it enables them to live closer to home to control their living expenses a little bit better.”

One tip Ross offers is loan consolidation.

“It helps keep payments to where it’s not multiple payments to multiple lenders,” she said. “It helps control where they’re making payments, so they’re making one payment instead of 10.”

Some lenders who offer consolidation are Chase, Direct Loans, Next Student, Student Loan Network and Wells Fargo.

Realizing what they owe

Recent graduates must go through exit counseling to review their student loan repayments.

The exit counseling makes it very real, she said, since it lays out exactly how much a student owes and what their monthly payments will be.

“But that doesn’t happen until they’re out of college,” she said. “At that point the money is already spent.”

The process of taking out student loans is not widely discussed with students, Ross said, so it’s hard for them to make the best decision as college freshmen.

“It’s a new phase of life. They’re trying to get involved, so it’s hard to know what to do,” she said.

Typically, students have a six-month grace period after graduating before their repayments begin. Once that grace period is over, though, it’s important to begin paying off the loans immediately, Ross said.

Failure to repay loans can lead to garnished wages, offset federal and/or state income tax refunds and other payments.

And in an increasingly challenging job market, some graduates have been unable to find a job.

Those students do have some options in regards to their loans. They can choose deferment or forbearance, which postpone repayments in certain circumstances.

Federal student loans can also be deferred if students enroll in graduate school or the military.

“It’s hard to keep track of all of that because they have a lot they’re looking at, finding a job, relocating,” Ross said. “There’s a lot of things going on in that period of time that they have to try to manage.”

Article source: http://journalexpress.net/cnhi/x1647278646/Graduation-obligations-College-debt-an-issue-for-many-graduates

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However, loan-seekers complain that while banks decide on extending or denying loans to individuals on the basis of their repayment track record, no discounts in interest rates are offered to diligent [...]]]> MUMBAI: The benefits of a good credit history and score are often bandied about by credit information companies and lending institutions.

However, loan-seekers complain that while banks decide on extending or denying loans to individuals on the basis of their repayment track record, no discounts in interest rates are offered to diligent borrowers. In effect, ‘good’ borrowers end up subsidising the ‘bad’ ones.

Of late, though, banks have been offering concessional terms and conditions to prospective borrowers if their credit history is considered favourable, say credit information companies.

For instance, the loan approval could be quicker, processing charges may be waived or you could be offered a larger home loan.

Also, your credit history impacts the rates of unsecured loans like personal loans, where the interest charged is not uniform for all borrowers. This is because lenders see value in acquiring and retaining customers with healthy credit history.

A blemish-free repayment record often indicates lower chances of default, something that every bank desires. As a borrower, you can negotiate on the basis of a good credit score to gain access to favourable terms and conditions. Credit scores and credit reports can be obtained from credit bureaus like CIBIL, Equifax and Experian.

So, what can a borrower do to bolster his/her credit record and improve the credit score? For starters, he/she will have to understand the reasons behind a low score. It could be due to several reasons, apart from a poor repayment history.

If a bigger portion of your portfolio comprises personal or credit card loans rather than secured debt like home loans, it could adversely affect your score. You need to have a balanced portfolio in order to aim for higher scores. er Moreover, ensure that borrowers of loans where you have been the guarantor clear their dues in time. Same would be the case with joint loans, too.

Paying utility bills and cell phone bills as per schedule will also go a long way in improving your credit score, once credit bureaus start incorporating these details into their database.

Article source: http://economictimes.indiatimes.com//articleshow/13273636.cms

Net income climbed to 40.5 billion rupees ($738 million), or 63.76 rupees a share, for the three months ended March 31, from 208.8 million [...]]]> State Bank of India Ltd., the
nation’s largest lender, gained the most in more than two months
after posting a record profit in the fourth quarter, beating
analysts’ estimates.

Net income climbed to 40.5 billion rupees ($738 million),
or 63.76 rupees a share, for the three months ended March 31,
from 208.8 million rupees, or 0.33 rupees, a year earlier, the
Mumbai-based bank said in a statement to the exchanges today.
That compares with the 35.3 billion-rupee median of estimates
compiled by Bloomberg.

State Bank’s risk buffers widened in the quarter, following
a 79 billion-rupee capital infusion by the government, while its
bad-debt ratio narrowed from December levels. The profit
increase was driven by a gain in loan income and a drop in funds
set aside for defaults. Policy makers are further easing a
credit squeeze by cutting banks’ reserve requirements.

“With a capital buffer above the government target and
reduction in bad loans, the lender seems to be getting back on
the growth track,” said Dolly Parmar, a banking analyst at
Mumbai-based brokerage IFCI Financial Services Ltd. “The bank
will be in a position to grow aggressively if the government
sticks to its promise of further capital infusion this year.”

The injection of funds by the government, State Bank’s
biggest shareholder, ended a two-year wait and allowed the
lender to meet tighter global rules and replenish capital
depleted by provisions against bad loans. The bank’s capital
adequacy ratio under the so-called Basel II norms widened to
13.86 percent in the quarter from 11.98 percent last year, it
said today.

Shares Gain

The lender gained 5 percent, the most since Feb. 28, to
1,940.55 rupees in Mumbai trading today. The stock rose 29
percent last quarter for its best performance since the three
months ended September 2010, and surpassed the 13 percent gain
in the benchmark BSE India Sensitive Index during the period.

Net interest income, or revenue from lending minus payments
on deposits, rose 44 percent to 116 billion rupees while non-
interest income climbed 11.7 percent to 54 billion rupees, State
Bank said. The net interest margin, a measure of lending
profitability, widened to 3.9 percent from 3.1 percent a year
ago.

Soured loans at State Bank fell to 4.4 percent of total
credits in the quarter ended March 31, from 4.6 percent in the
quarter ended December 31. The lender had reported a 99 percent
decline in profit a year earlier as provisions for bad loans and
pensions increased.

‘Declared War’

“We declared war on non-performing loans and it seems like
we are winning,” Chairman Pratip Chaudhuri said in a televised
press conference in Kolkata. “The fall in bad loans gives us
the confidence that the quality of loans is well under
control.”

Non-performing loans of state-run Indian banks climbed to
2.84 percent of total advances in the year ended March 31, from
2.35 percent in the prior year, junior finance minister Namo Narain Meena said on May 8.

Indian banks may need to raise as much as $50 billion to
add to their retained earnings by 2018 to meet capital
requirements at a time when their credit ratings are being
squeezed by slowing economic growth and bad loans, Fitch Ratings
said on May 4. State Bank will be the most affected by the
higher requirements given its market share, Fitch senior
director Ananda Bhoumik said in a statement at the time.

The government will infuse further capital into the state-
owned lender to help it comply with capital norms, D.K Mittal,
banking secretary at the finance ministry, said in an interview
on March 21.

Wider Margin

The 205-year-old bank’s total outstanding loans increased
by 15 percent to 8.68 trillion rupees at the end of March from
7.57 trillion rupees a year earlier. The net interest margin, a
measure of lending profitability, widened to 3.9 percent from
3.1 percent in the year before.

The nation’s bank loans, excluding advances made to state
agencies for food procurement, expanded by 19 percent as of
March 30 from a year earlier, according to data compiled by the
central bank.

Credit-default swaps on State Bank fell 37 basis points
this year to 358 basis points yesterday, according to CMA, which
is owned by CME Group Inc. and compiles prices quoted by dealers
in privately negotiated markets. The swaps pay face value for
the underlying debt should a company fail to adhere to its
agreements.

To contact the reporter on this story:
Anto Antony in Mumbai at
aantony1@bloomberg.net

To contact the editor responsible for this story:
Chitra Somayaji at
csomayaji@bloomberg.net

Article source: http://www.businessweek.com/news/2012-05-18/state-bank-of-india-fourth-quarter-profit-climbs-to-a-record

About 72.5 billion pounds to 100 billion pounds “will struggle to be refinanced [...]]]> U.K. commercial real-estate investors
may be unable to refinance as much as 100 billion pounds ($158
billion) of loans and the euro-region’s debt crisis is making
banks less willing to extend credit, according to a study by De
Montfort University.

About 72.5 billion pounds to 100 billion pounds “will
struggle to be refinanced on current market terms,” according
to a December survey of 63 lenders by the university, located
near Leicester, England. The borrowers will have insufficient
collateral to refinance maturing loans under current lending
terms, the study showed.

Banks and other creditors cut U.K. commercial real-estate
lending by 6.8 percent to 212.3 billion pounds last year as they
bolstered their balance sheets and recapitalized to meet
stricter regulations, De Montfort estimates. The situation may
be worsened by Europe’s escalating sovereign-debt crisis because
banks may have to make larger provisions and writedowns as
government bonds sold by countries including Spain and Greece
slide.

“The debt crisis is regarded as a real threat to asset
values in the U.K. and globally,” Bill Maxted, who wrote the
report with Trudi Porter, said in a statement. The problem “has
to be solved before national economies and lending markets can
start to improve.”

Scale Back Lending

Europe’s banks, which provide as much as 94 percent of
credit for the continent’s property industry, may scale back
commercial-property lending by 700 billion euros ($886 billion)
in the next three to five years, Morgan Stanley estimates. The
region’s banks have incurred 538.6 billion euros of losses since
the third quarter of 2007, according to data compiled by
Bloomberg.

Societe Generale SA (GLE), France’s second-largest bank, and
Eurohypo AG, Commerzbank AG’s real estate lending arm, have
halted new lending. That’s created opportunities for insurers
and funds to enter the market.

Respondents to the De Montfort survey said they increased
lending margins, required larger downpayments and increased loan
origination fees, the survey showed.

For the first time since De Montfort started its twice-
annual survey 11 years ago, no bank said it was prepared to lend
against development projects without a tenant committed to lease
space or a buyer for the property.

Double-Dip

The U.K. has the second-highest level of real estate debt
in Europe after Spain, according to the European Banking
Authority. Britain’s economy entered a double-dip recession in
the first quarter, adding to the commercial real estate market’s
woes by curbing rental growth and reducing the likelihood of
rising property values.

If social-housing loans, commercial mortgage-backed
securities and Irish lending in the U.K. are added, commercial
real estate loans in Britain would total 299 billion pounds, De
Montfort estimated in the research.

U.K. bank lending may get scarcer if the country’s
financial regulator goes ahead with a plan to introduce tougher
capital requirements for these loans and increase the amount of
capital that banks must set aside against them.

The Financial Services Authority’s proposed rules, known as
“slotting,” may force banks to raise an additional 40 billion
pounds to cover losses for bad property loans, according to
Andrew Petersen, a partner at law firm KL Gates LLP in London.

‘Extreme Caution’

“We would hope that the FSA exercises extreme caution in
its implementation of slotting,” Liz Peace, chief executive
officer of the British Property Federation, said in a statement
accompanying De Montfort’s report. The proposals may limit “any
signs of a recovery in the property sector and further risk
making it a less attractive place in which to invest,” she
said.

Respondents to the survey indicated that 20 percent of
loans exceeded the value of the real estate backing them. About
153 billion pounds, or 72 percent of bank loans, are scheduled
to mature by the end of 2016, according to the study.

Respondents said 48.3 billion pounds of their loans were in
default or contained terms that had been violated.

To contact the reporter on this story:
Simon Packard in London at
packard@bloomberg.net.

To contact the editor responsible for this story:
Andrew Blackman at ablackman@bloomberg.net.

Article source: http://www.businessweek.com/news/2012-05-18/bank-financing-for-u-dot-k-dot-property-may-fall-short-by-158-billion

The measures, which apply to lenders with an increase in bad loans, will help avoid “future problems,” Finance Minister Juan Carlos Echeverry said according to a joint statement by the ministry and the [...]]]> Colombia put in place additional
reserve requirements on consumer credit as it seeks to prevent
surging lending from fuelling inflation.

The measures, which apply to lenders with an increase in
bad loans, will help avoid “future problems,” Finance Minister
Juan Carlos Echeverry said according to a joint statement by the
ministry and the nation’s financial regulator.

Central bank policy makers voiced concern about consumer
credit at their April 30 meeting while voting to keep their key
rate on hold as the economy slows. Consumer lending grew 22
percent in March from a year earlier and could stir inflation
pressures, the board said. The decision to extend reserve
requirements supports the view that the bank will keep its key
rate on hold in the near term, said Fernando Palma, a Lima-based
strategist at Banco Bilbao Vizcaya Argentaria SA

“This should be interpreted as a macro-prudential
measure” that will help contain “credit loan expansion without
withdrawal of monetary stimulus,” Palma said in an e-mailed
note to clients. The measure applies to new loans, according to
today’s statement for the ministry and regulator.

Banco de la Republica has kept borrowing costs on hold
since its March meeting as inflation slows after nine rate
increases in 13 months.

The use of so-called “macroprudential” measures, have a
faster impact than the 18-24 month delay associated with higher
borrowing costs, central bank co-director Carlos Gustavo Cano
said in a Feb. 9 interview.

Total credit grew at an annual pace of 19.7 percent in
March after expanding 20.4 percent in February, according to the
central bank.

Minutes published of the bank’s Jan. 30 meeting showed that
an unidentified board member had said additional measures are
needed to cool lending.

Consumer prices rose 0.14 percent in April, the national
statistics agency said May 5, less than the 0.17 percent median
estimate of 30 economists surveyed by Bloomberg. Annual
inflation, which unexpectedly slowed to a seven-month low of
3.40 percent in March, was 3.43 percent in April.

Peru’s central bank increased monthly reserve requirements
in soles and dollars for the first time in a year May 1 to stem
credit growth and tame a rally in the sol to a 15-year high.

To contact the reporter on this story:
Andrea Jaramillo in Bogota at
ajaramillo1@bloomberg.net;
John Quigley in Lima at
jquigley8@bloomberg.net.

To contact the editor responsible for this story:
Joshua Goodman at
jgoodman19@bloomberg.net.

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Article source: http://www.bloomberg.com/news/2012-05-18/colombia-boosts-reserve-requirements-to-cool-credit-surge-1-.html