“Debt collection industry is cashing in” as millions struggle to pay off their student loans

Debt Collectors Cashing In on Student Loan Roundup
By ANDREW MARTIN
Published: September 8, 2012

At a protest last year at New York University, students called attention to their mounting debt by wearing T-shirts with the amount they owed scribbled across the front — $90,000, $75,000, $20,000.

On the sidelines was a business consultant for the debt collection industry with a different take.

“I couldn’t believe the accumulated wealth they represent — for our industry,” the consultant, Jerry Ashton, wrote in a column for a trade publication, InsideARM.com. “It was lip-smacking.”

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