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We get a borrower on the phone.
It usually takes a great deal more work to get a borrower with credit issues by the underwriter.
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Under Education Department contracts, collection companies "rehabilitate" a defaulted loan by getting a borrower to make nine payments in 10 months.
If I actually got a borrower on the line, I was supposed to convince him or her to either fork over or sign a new deferment deal.
The rules now being applied, in some cases clumsily, had a Goldilocks quality; to get a modification a borrower had to need it a lot, but not too much.
TitleMax promises to "make getting cash easy!" To get a loan, borrowers with "good credit, bad credit, or no credit" need only turn over the title to their car.
A borrower with a credit score of 620, for example, will pay about three-quarters of a point more to get a loan than a borrower with a score of 720.
The big difference: to get a mortgage now, a borrower must be a customer signed up with Mellon's asset management ($1 million in liquid assets required) or its private banking division ($1 million in net assets required).
Getting a delinquent borrower current on a loan by adding the payments that are owed is considered a forbearance, not a loan modification.
Most private lenders require students to have a co-signer, so it is entirely likely a borrower would get a lower interest rate that could make the loan cheaper than the income share.
Yet education loans are almost impossible to write off in bankruptcy court — even when for-profit schools didn't deliver what they promised and didn't provide an education that would let the borrower get a job that paid enough to pay back the loan.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com