TAMPA, FL / ACCESSWIRE / October 14, 2020 / Student loan expert, debt management specialist, author, and speaker, Dr. Genevieve Dobson, began her career in the student loan industry 15 years ago in Harrisburg, Pennsylvania.
In 2005, the student loan industry was beginning to gain momentum and students were beginning to explore their options for debt consolidation and discounted benefits. When the company asked her to move to Tampa, Florida to work out of their secondary office, Dobson obliged. When asked to make a second move just a few years later, Dobson elected to decline and instead started her own student loan management company, Degrees of Success. She immediately set out to help graduates, or 'borrowers' as they're often referred to, figure out their options, and how to best manage their student loans. She was alarmed to learn how many mistakes borrowers were making, how often debts went entirely ignored for years, and how frequently students were consolidating their debt into private loans and missing out on beneficial federal forgiveness programs as a result.
It was clear that there was a severe lack of education in the industry and Dr. Geneveive Dobson wanted to change that. Over the next few years, she went on to finish her undergraduate degree, obtain a master's degree and in 2019 she achieved her doctorate in business. Through it all, she dedicated herself to learning the best ways to educate borrowers on the options available to them.
Dobson realized that many people were led astray and made poor decisions simply because they did not know they had any other option.
She references a theory from her dissertation, 'When something is too complex or difficult, people tend to go with the status quo, if something seems impossible to understand, we'll elect to take the easiest option, which is unfortunately usually not the best option.'
Too many borrowers simply don't understand how the system works, they incorrectly assume that they can just rely on their lending company for accurate information and the promotion of their best interest, but unfortunately that is simply not always the case. The primary interest of lending companies is not figuring out their client's best options and outcomes, but rather making money off of their clients, and more often than not, making money off their client's mistakes. Recent reports have shown that lending companies are guilty of mismanaging their client's accounts to earn higher interest rates and fees from default payments and extended terms.
As a result of the pandemic, the government has elected to allow anyone with federal student loans through the Department of Education to postpone payments (with no interest accrual) until after 12/31/2020. Sadly, Dobson has found that many of her clients were not even aware of the option to get their FFEL loans to qualify because it is not advertised, and when offered, it is obstructed by other complex jargon that borrowers often oversee this option entirely. The sad reality is, government programs and lending services benefit from the confusion and lack of knowledge of borrowers.
This is a dark but realistic truth. The solution? Students and borrowers must have someone in their corner that understands the industry and is actively looking after their best interest.
Dr. Genevieve Dobson is setting out to be a voice of reason, knowledge, and support for as many borrowers as she can. Through simplifying the process and educating borrowers on their best options, Dobson has saved thousands of borrowers over the years thousands to hundreds of thousands of dollars. The fact of the matter is, student loans don't just affect the recent graduate. The inability to pay off student loans in a timely and efficient manner bleeds into all areas of the borrower's life, and eventually the rest of the economy. If a borrower is bogged down by recurring monthly loan payments, those are funds that they are unable to use to invest in other wealth-building strategies. Dobson shares that she has seen many clients defer starting a family or buying a home because their student debt is encumbering their entire financial situation.
(Photo by Marlo Laney Photography)
There are two crucial changes that both borrowers and lenders should implement to break this dangerous cycle according to Dr. Dobson.
First, federal lending servicers should look to the best interest of the borrower. Although this may be easier said than done, there is no reason that the government could not look at the finances, including income, debt load, and family situation of the borrower and make a customized recommendation based on borrowers' unique needs.
Secondly, borrowers need to take accountability for their future. If a borrower truly wants to take care of their loans and establish a plan to pay off the loans, they should consider partnering with a company that will be on their side, and help them figure out their best options. The investment of a few hundred dollars could end up saving borrowers thousands of dollars in the long run.
Dobson has helped thousands of borrowers to date and is constantly looking for ways she can help more. She recently created a calculator tool that consolidates all the unique factors of the borrower and runs those needs against all the available options to determine which payment program is the most advantageous for them. Furthermore, Dobson has written three books, Take Back Control: Get out of Default on Your Student Loans, Take Back Control: Manage Your Student Loan Debt, and Failing Successfully: Life after Debt. These books are all available online to readers everywhere. To create a plan to tackle student debt and begin building for the future, visit http://Studentloanmanagement.info or to schedule a call with Dr. Dobson visit www.meetme.so/DegreesofSuccess.
SOURCE: Dr. Genevieve Dobson
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