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

16 million student loan debtors to get new student loan supervisor subsequent yr

You can get a brand new student loan service.

Here’s what that you must know – and what it means in your student loans.

Student loans

If you’ve been following the newest headlines on student loans, you understand there are a number of main adjustments which have been made to your student loans. This yr, three prime student loan managers – Navient, FedLoan (PHEAA), and Granite State – every introduced that they may not be your federal student loan supervisor subsequent yr. In whole, roughly 16 million student loan debtors – or 35% of all student loan debtors – can have a brand new student loan service to handle their student loans, reply questions, and acquire your student loan funds. Here is the final one:

Why Navient waived your student loans

Navient, which manages $ 300 billion in student loans for 12 million student loan debtors, introduced final week that Navient would cease dealing with federal student loans with the US Department of Education. (Here’s what meaning in your student loans). The startling transfer, which got here days earlier than a significant authorities shutdown was averted, might depart almost six million student loan debtors with a brand new student loan supervisor. Navient has signed a definitive settlement to switch its federal student loan service for student loan accounts owned by the US Department of Education to Maximus, one other student loan service. Navient and Maximus have submitted a preliminary request for evaluation to Federal Student Aid (FSA), however the US Department of Education should approve the switch from Navient to Maximus. Why did Navient abandon the student loan service for federal student loans? (Here’s why Navient deserted your student loans). Navient was more likely to face elevated regulatory oversight from the US Department of Education, Congress, state attorneys common, and the Consumer Financial Protection Bureau (CFPB).


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