International Students & COVID-19
International Student / University Debt Collection & COVID-19
The coronavirus pandemic has had a huge impact on international students going to overseas Universities, Private Schools in the UK and worldwide. Due to COVID-19, many international students who were all set to take admission in the overseas universities had to halt their plans and look for options in their own countries.
This is because even if these students take admission in the Universities / Private Schools in the UK of their choice, they will not be able to attend the regular class, as the classes will be online. Students and their parents feel that it is not wise to deposit the fees to these institutes when there will only be online classes and the students will not be able to reap the benefits of the infrastructure or faculty of the institutes. The condition is worse for the students who have taken student loan and now due to the present condition are finding it difficult to clear their debts.
There has been an overall reduction in the income of students due to the layoffs at their part-time jobs, which has made it difficult for the student debt collection. The conditions have been made difficult by the fact that even if the students have left for their home countries, they still have to make rent payments towards their accommodations and pay full tuition fees as they are taking online classes. Moreover, due to the COVID-19, new student graduates are finding it difficult to get jobs, which is further affecting the university debt collection.
If you are a student who feels that they will be behind their payments for a student loan then you should call your student debt collection lender and explain your condition. In certain cases, the university debt collection lenders may be able to offer you accommodations to help you out. These programs may comprise letting you to provisionally postpone or regulate some payments. There are chances that you may be allowed to escape interest charges. If you talk to your college debt collection lender early on, there are chances that you might be able to avoid negative credit reporting. You can also work with your college debt collection lender and there are chances that they will allow you to pay back the debt over a set period at a reduced interest rate. When contacting your university debt collection lenders, you should make sure to discuss your employment and financial condition, and how much you can afford to pay based on your assets, income, and expenses.
If you are a creditor who has not heard from the students regarding their overdue debt then you can contact Creditreform, which is a university debt collection agency that will help you with the collection of debt from the students.