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16 Million Student Loan Borrowers Will Get A New Student Loan Servicer Next Year


You could also be getting a brand new student loan servicer.

Here’s what you should know — and what it means to your student loans.

Student Loans

If you’ve been following the newest headlines on student loans, then you definitely’ll know that there have been a number of main modifications to your student loans. This 12 months, three main student loan servicers — Navient, FedLoan (PHEAA) and Granite State — every introduced that they’ll now not be your federal student loan servicer subsequent 12 months. In combination, roughly 16 million student loan debtors — or 35% of all student loan debtors — shall be getting a brand new student loan servicer to handle their student loans, solutions questions and accumulate your student loan funds. Here is the newest:

Why Navient stop your student loans

Navient, which companies $300 billion of student loans for 12 million student loan debtors, introduced final week that Navient will exit federal student loan servicing with the U.S. Department of Education. (Here’s what this implies to your student loans). The shocking transfer, which got here days earlier than a significant authorities shutdown was averted, might go away almost six million student loan debtors with a brand new student loan servicer. Navient signed a definitive settlement to switch its federal student loan servicing for U.S. Department of Education-owned student loan accounts to Maximus, one other student loan servicer. Navient and Maximus have submitted a preliminary request for assessment to Federal Student Aid (FSA), however the U.S. Department of Education should approve the switch from Navient to Maximus. Why did Navient exit student loan servicing for federal student loans? (Here’s why Navient stop your student loans). Navient was more likely to face enhance regulatory oversight from the U.S. Department of Education, Congress, state attorneys normal and the Consumer Financial Protection Bureau (CFPB).

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