January 28, 2014
New York Times Investigative Report Focuses on Student Loan Guaranty Agency
The New York Times Thursday ran a lengthy investigative report on one of the largest student loan guaranty agencies in the country and their practices related to rare bankruptcy petitions to expunge student loans.
The report focuses on how Educational Credit Management Corporation (ECMC) advocates for the Department of Education in cases where consumers attempt to get relief from student debt in bankruptcy proceedings.
Student loans are very well-protected from U.S. bankruptcy code. But at least several hundred borrowers per year attempt to have the debts expunged in the bankruptcy process. ECMC is hired by ED to challenge the filings when they arise.
The piece is the latest to shine a light on student loan ARM practices as the total amount in education financing surpasses all other debt types outside of mortgages. In 2014, the debt collection industry should expect heavy scrutiny on the student loan market and today’s article is definitely worth a read.
The above statements do not represent those of Weston Legal or Michael Weston and they have not been reviewed for accuracy. The statements have been published by a third party and are being linked to by our website only because they contain information relating to debt. Nothing in this article should be construed as legal advice given by Weston Legal or Michael Weston. To view the source of the article, please following the link to the website that published the article. Articles written by Michael W. Weston can be viewed here: To report any problem with this article please email email@example.com