Most federal student loan borrowers change servicers in December - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Five companies — Edfinancial, F.H. Cann & Associates, MAXIMUS, MOHELA, and Texas Guaranteed Student Loan Corporation — will be the new servicers for all student loans. Loans currently serviced by these companies will remain there. Edfinancial and MOHELA currently service a combined 32% of all federal student loans as of December 2019. Borrowers with loans serviced by those lenders may not see any changes to their servicer. But, the remaining 68% of borrowers with loans serviced by Great Lakes, Fedloan, Nelnet, Granite State, Navient, Cornerstone, and OSLA will have their loans migrated to these other servicers in December 2020 if everything continues according to plan.

Given the close timing, he thinks there is plenty of opportunity for errors. Hornsby says it's possible that some student loans could stay in forbearance, or slip from the current national emergency forbearance to a regular forbearance where interest capitalizes and unpaid interest becomes a part of the loan. "When we have servicers change, we see all kinds of problems," Hornsby said.

They can just pay me...

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How to pay back student-loan debt — here are all your options - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Internal U.S. small business watchdog launches inquiry into duplicate pandemic loansThe U.S. Small Business Administration's internal watchdog has launched an inquiry into a technical glitch that led many small businesses to receive duplicate loans through a high-profile federal coronavirus aid program. More incompetence by the Trump administration. What else is new? Probably mostly duplicate loans to members of Congress...No big deal. This is an opportunity for President to go all out prosecute these Democrats to the full extent of the law.
Source: Reuters - 🏆 2. / 97 Read more »

Introducing Advertising Insider, Business Insider's new daily newsletter - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

4 things college students should ask their health insurance providers - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. holy_schnitt Thought this was you for sure.
Source: BusinessInsider - 🏆 729. / 51 Read more »