8.5 million student loan borrower accounts will need to be transferred to different student loan servicing companies. Given the historically messy student loan servicing transfer process, coupled with ongoing criticism of student loan servicers’ ability to administer key federal student loan programs, student loan borrowers may be rightfully concerned about the future of their accounts. Keep Your Contact Information Up To Date With Your Student Loan ServicerYour contact information will be transferred to the new student loan servicer, along with your student loan account information. To verify that your new student loan servicer is legitimate, you can log in to the Department of Education’s federal student aid website, which will tell you who your current student loan servicer is, along with their contact information. Further ReadingHuge Student Loan Servicing Shakeup: This Major Loan Servicer Is Ending Its ContractNew Federal Report: Student Loan Servicers Often Harm Borrowers Seeking Public Service Loan ForgivenessNew Data Shows Most Who Apply To This Student Loan Forgiveness Program Are DeniedOver 500,000 Are Eligible For Student Loan Forgiveness But The Government Hasn’t Acted, Group Says

Source: Forbes July 09, 2021 13:41 UTC