In Response to New Banking Law, Access Group Education Lending Offers New Loan Rehabilitation Program

WASHINGTON, May 30, 2018 /PRNewswire/ -- Access Group Education Lending is offering a new loan rehabilitation program to help private student loan borrowers take full advantage of a provision included in the Economic Growth, Regulatory Relief, and Consumer Protection Act, which the President signed into law this past Friday. Previously, private student loan borrowers could only request that inaccurate information be deleted from their credit report, but this new law will allow borrowers to request deletion of a reported default on a private student loan if they meet the requirements of their lender's loan rehabilitation program. Access Group Education Lending's new program will take advantage of this modification to work with defaulted borrowers to rebuild their credit more quickly and effectively.

Federal student loans have always had this protection, so the inclusion of this provision remedies a long-standing inconsistency in the regulations for servicing federal and private loans. This separate and unequal treatment has inflicted undue hardship on many student borrowers who, despite a willingness to repay, experienced circumstances that hindered their ability to do so, and eventually caused them to default on their private student loans. Access Group Education Lending applauds this corrective measure.

"The provision removes an impenetrable barrier for private student loan borrowers who have a previous student loan default and gives them renewed agency and a reasonable opportunity to regain hold of their finances, and by extension, their futures," said Charles Albano, Chief Operating Officer of Access Group Education Lending. "We commend lawmakers for including bipartisan language in the law that lends an encouraging rather than punitive voice to the challenges many people face when trying to finance their higher education."

About Access Group Education Lending: Since 1983, providing access to higher education financing has been at the heart of Access Group's mission. The company has been dedicated to positively influencing the student loan industry and to offering vitally important financial education services to graduate and professional students. Access Group ceased making loans in 2010 due to legislative action that eliminated the federally guaranteed student loan program, and stopped directly servicing loans in 2012. They remain committed to providing superior customer assistance to their student loan borrowers.

SOURCE Access Group Education Lending