JPMorgan Chase’s Debt Collection Agency’s Sleazy Tactics to Squeeze Student Loans Debtors of Their Last CashSaturday 13 October 2012
‘JPMorgan Chase may have cut back on its private student lending, but the megabank is still making plenty of money on student debt.
In addition to some $9 billion [PDF] in taxpayer-subsidized Federal Family Education Loans and untold millions in private student loans, JPMorgan, the country’s biggest bank by assets, has a private equity arm, One Equity Partners . In turn, One Equity Partners owns NCO Group, a debt collector that makes millions of dollars a year from the federal government to collect on students who’ve defaulted on their loans. And that taxpayer money is paying for some pretty abusive practices.’