(The nine served about 1,300 colleges, and accounted for about 1.5 million borrowers who entered repayment in 2013.) Of the nine, five encouraged forbearance over other options, and four sometimes provided “inaccurate or incomplete” information to borrowers, the G.A.O. But they are a bad idea if you simply can’t afford your loan payments and you don’t expect the situation to change anytime soon. A servicer is the company that officially manages your loan, handling tasks like sending you statements, collecting payments and processing changes in your repayment plan. Depending on how low your monthly payment is, your debt could actually grow over time, in some cases.

Source: New York Times May 04, 2018 18:11 UTC