Here are some factors for borrowers to keep in mind as they prepare to start paying off student loans again.Borrowers have more debt than they were before the payment pause.
Several larger servicers – companies that handle billing and other loan-related processes in this case on behalf of the Education Department – have exited their contracts with the department over the last three years. The result: lots of loan transfers, whichWhile many transfers will go smoothly, many others likely won’t. Borrowers may have to create new logins, re-enroll in autopay and/or update their payment information.
“Unless there is a robust, proactive and targeted campaign to borrowers, many may be unprepared to restart or begin repayment,” said Nate Blanchard, the director of financial services at Western Governors University, in a statement. Blanchard serves on a task force through the National Association of Student Financial Aid Administers aimed at preparing borrowers for the resumption of federal student loan repayments.
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