Here’s what student loan borrowers need to know about repayment, auto-debit, loan servicing changes, and student loan forgiveness.
, your loans will be transferred to a new loan servicer in the coming months, but the Education Department has not yet provided specific details. Some FedLoan accounts areSo far, other Department of Education servicers — including — have not said they are withdrawing, and the Department has extended their contracts for another two years. Many student loan borrowers have used automatic debit programs to pay their student loans.
If you were on auto-debit before March 13, 2020, “Your servicer will contact you before the suspension ends to confirm whether you want to stay on auto-debit. If you do not respond to these communications, your servicer will stop your auto-debit.” If your student loan servicer changes before February, whether or not you have to re-establish auto-debit may depend on the specifics of your situation. According to Navient, when your loans are transferred to Aidvantage, “Your Auto Pay enrollment will automatically switch to Aidvantage, but confirmation may be required if your payments are suspended due to the coronavirus emergency.”
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