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US debt collectors cash in on $1 trillion in student loans

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The nationwide student loan balance is more than $1 trillion. It's a number that makes borrowers cringe. However, debt collectors are more than grateful for the astronomically high amount of debt among college graduates. Debt collectors used to receive a steady and reliable income from credit card debt, but the slowing economy has made collection a challenge. Now, student loans are filling that hole. In fact, many are calling students the 'new oil well' for the debt collection industry. 'While the Department of Education debt collection contract has been one of the most highly sought-after contracts within the ARM industry for years, I believe it is now THE most sought-after contract within this industry, centered within the most sought-after market -- student loans,' mergers and acquisitions specialist Mark Russell wrote on Insidearm.com.

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