- Florida student loan borrowers have the third highest outstanding loan balances in the nation, behind only Maryland and Georgia
- The state ranks 18th overall in past due payments, with over eight percent in Florida late by 90 days or more
- Florida is home to more than 2.8 million who have student loan debt, also third highest in the nation
The Biden Administration’s recent announcement regarding student debt relief thrust the topic into the forefront of the news. Under the program, students awarded Pell Grants and who took out loans from the Department of Education will have $20,000 of debt canceled. Those without a Pell Grant will have $10,000 shaved off their outstanding balances.
According to the Department of Education, federal student loans currently total $1.6 trillion. All told, an estimated 45 million borrowers hold federal student loan debt. The average student loan debt among borrowers stands at $36,200. (These are the most expensive states to get a college education.)
Burdened by that much debt, many college graduates are not always able to keep up with monthly payments, but the numbers vary by state. In Florida, an estimated 2,665,400 people have outstanding student loan debt, and of them, 8.1% are at least 90 days past due on payments, compared to 7.5% of borrowers nationwide.
The average outstanding balance among borrowers in Florida of $38,700 is higher than the national average and the third highest among states.
All data in this story is from the Federal Reserve Bank of New York and is current as of 2021.
|Rank||State||Borrowers with 90+ days of past due payments (%)||Average outstanding student loan balance ($)||Number of borrowers|
Many factors go into becoming a debt buyer.
The first step is usually to become a licensed debt collector in your state, as this allows you to contact debtors directly. You will also need to build up a network of contacts within the debt collection industry, as this will give you access to potential sellers of debt. Once you have established yourself as a debt buyer, you will need to find a source of debt to purchase. This can be done through debt brokers, who will sell you portfolios of debt, or through direct purchase from creditors.
Once you have purchased debt, you will then need to collect on it. This can be done through a number of methods, such as phone calls, letters, or even in-person visits. If you are successful in collecting on the debt, you will then be able to keep a portion of the money that you have collected, minus any fees that you have incurred
What are some tips for becoming a successful debt buyer?
1. First and foremost, you need to be licensed in your state as a debt collector. This will allow you to contact debtors directly, which is necessary in order to purchase and collect on debt.
2. It is also important to build up a network of contacts within the debt collection industry.
3. Once you have established yourself as a debt buyer, you will need to find a source of debt to purchase. This can be done through debt brokers, who will sell you portfolios of debt, or through direct purchase from creditors.
4. Once you have purchased debt, you will then need to collect on it. This can be done through a number of methods, such as phone calls, letters, or even in-person visits. Usually they buy debts via Debexpert. Here is how you can do that https://www.debexpert.com/blog/how-to-become-a-debt-buyer . Hope it was helpful 🙂