Who is Ascendium?
Ascendium Education Group, Inc., also known as Ascendium Education Solutions, and formerly known as Great Lakes Loan Servicing, is a non-profit student loan guarantor. This means it acts as a guarantee agency for the Federal Family Education Loan Program (FFELP) on behalf of the U.S. Department of Education, ensuring that the loans are repaid.
Ascendium is headquartered in Madison, Wisconsin. If you have defaulted on your student loans, Ascendium’s name might appear on your credit report as a collections account. This is because they take on the responsibility of collecting defaulted student loans.
Is Ascendium legit or a scam?
Ascendium is a legitimate company, not a scam. It is authorized to collect debts on behalf of the U.S. Department of Education, especially in cases involving defaulted student loans. It operates within the boundaries of federal and state laws regarding student loans and debt collection.
However, as with any debt collector, it’s crucial to verify any debts Ascendium claims you owe.
How can I remove Ascendium from my credit report?
Ascendium collections can hurt your credit score and remain on your credit report for up to seven years regardless of whether you pay it or not. Unfortunately, paying the collection could even lower your credit score.
However, it is possible to remove a collection account from your credit history before seven years.
(While debt collectors may not want this information to be widely known, it’s your right to be informed.)
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Ascendium Education Solutions Contact Information
Ascendium Education Solutions
2501 International Lane
Madison, WI 53704
Phone number: (800) 331-2314 or (800) 236-2700
Should I contact or pay Ascendium?
If your student loans are in default, the best thing to do is contact Ascendium to figure out your options. They have a section of their website that is specifically designed for student loan default help.
Will Ascendium sue me or garnish my wages?
Ascendium has the legal authority to take steps to recover defaulted loans, including legal action and wage garnishment. If you default on your student loans and do not establish a repayment plan with Ascendium, it’s possible they could sue you for the outstanding debt.
If Ascendium wins a lawsuit against you, the court may allow them to garnish your wages. Wage garnishment involves having a portion of your wages directly sent to the debt holder (in this case, Ascendium) until the debt is paid off.
However, before it gets to this point, you should receive multiple communications from Ascendium about your loan status and repayment options.
Most collection agencies have numerous complaints filed against them with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most consumer complaints are about inaccurate reporting, harassment, or failure to verify a debt. If you find yourself facing any of these situations with Ascendium, you should also consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include the ability to dispute credit reporting errors and to be treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Ascendium Collections
Debt collectors must abide by state and federal laws in the United States. For example, the Fair Debt Collection Practices Act prohibits a debt collector from using abusive, unfair, or deceptive practices. In addition, the FDCPA provides you with many rights to ensure that collection agencies don’t take advantage of you. In particular:
- It is a violation of federal law for Ascendium to report inaccurate or incomplete information about you.
- You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. By law, they have 30 days to prove to you that the debt is really yours and the total amount is accurate.
- Ascendium may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
- Ascendium must be honest about who they are and what they are attempting to do. They must notify you that they are a debt collection agency both orally and in writing.
- Ascendium cannot threaten to have you arrested or imprisoned over unpaid debts.
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