- Real entry interviews with a financial aid representative (not online) for all NJClass borrowers that fully explain the terms of the loans and the promissory notes they are about to sign. Nearly every borrower was not given even basic information about their loan, aside from legalese on some online document.
- Accountability for HESAA staff giving out wrong information and/or not communicating all options to borrowers concerning deferment and/or forbearance.
- A real-time complaint system that will result in something actually happening and leniency on borrowers who made financial decisions without knowing there was hardship deferment as a result of negligence of a HESAA rep.
- Full training for HESAA staff concerning phone etiquette and respect for the individuals that are exploited by student debt for some bondholders’ profit. This especially concerns the collections department, but should be for all levels of the organization as there are some folks high up who really don’t take borrowers needs into consideration. The “tough shit you borrowed this” attitude is another way of saying this.
- An end to harassing and bullying collections tactics.
- Income-based repayment for NJClass loans is a primary demand, at the very least people need to be able to make payments that are within their income range and without further penalty to the borrower.
- (re)Introduction of subsidized loans so that loans don’t accrue interest while in school, prior to earning a degree that will in theory pay for the loan. The lack of subsidized loans makes borrowers pay much more than they ever received.
- Loan forgiveness after a certain length of time, like federal loans that have been faithfully paid for 20 years.
- Consolidation of loans under $30,000. Who came up with this rule and why? Either way it works to confuse the borrower and accrue more interest for HESAA.
- Billing periods of at least 30 days that give the borrower a more realistic window to pay without risking being sent to collections for late payment.
- Discharge of all debt if a borrower dies, i.e. they can’t come after your family if the student has died. It is currently a rule they can legally put a family member in collections for not paying these loans.
- Reinstatement of financial aid grants and programs that help students pay for college.
- We need a statewide cap on all tuition. New Jersey has some of the highest tuition in the country but according to the Star Ledger is also one of three states whose poverty rates have increased while others have improved slightly.
- Bankruptcy rules need to change to include discharge of NJClass loans. If you can do it for credit cards you should be able to for student loans, we need that and other protections written into the law.
- Last but not least: Fully funded public universities and colleges and a complete abolition and forgiveness of all student loans. I’m not saying it’s happening tomorrow, I’m just saying we all would like to see this happen and it’s worth all our efforts to work towards this noble goal.
Thanks for reading, once again hit me up at hesaahell@gmail.com with your thoughts, I’m out.
-Mark
5 Comments
Deborah Carney · November 28, 2014 at 5:25 am
Mark, please add rehabilitation for defaulted NJCLASS loans simply because if your loan is in default it can NEVER come out of default until it is paid in full. So, that means even if you pay through their collection attorney, it remains in default. If you file a Chpt. 13 Bankruptcy and pay through the Trustee, it remains in default. So, even though you are paying for the next 20 years, it remains in a defaulted status. HESAA has the ability to provide rehabilitation, they just REFUSE to. I would love if you could all support my petition to for NJCLASS to provide rehabilitation. Please sign: https://www.change.org/p/hesaa-njclass-private-student-loans-demand-nclass-to-offer-rehabilitation-loans-to-defaulted-borrowers-amend-n-j-a-c-9a-10-6-18-and-all-other-controlling-statutes-in-which-hesaa-njclass-operates-under-to-grant-rehabilitation-loans-to-borrowers-who-ha?recruiter=39776471&utm_source=share_petition&utm_medium=facebook&utm_campaign=share_facebook_responsive&utm_content=small
Anonymous · January 20, 2015 at 2:42 pm
This is awesome! I've contacted the CFPB multiple times to report HESAA for poor or NO communication on my payment status, outdated online balances, insanely unprofessional phone communications, etc., but I keep finding dead ends. At this point I'm waiting for a class action on these jerks.
Alex · February 27, 2015 at 6:31 am
Hello, I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wish you best of luck for all your best efforts..
Federal Student Loans Forgiveness
Julian · March 12, 2015 at 11:00 am
What about a fixed interest rate? i noticed that mine has gone from about 7% to almost 9% in about a year.
Deborah Carney · October 7, 2015 at 12:09 am
After the first 2 years, your interest rate adjusts and goes up….HESAA believes they helped you by doing that–really??? They just outright suck!!
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