Here’s what you should know Via ForbesAdvisor
The two servicers manage the student loans of 10 million borrowers. FedLoan Servicing is the servicer responsible for borrowers in the P
Some reports of the servicers not renewing their contracts have taken dramatic tones, questioning how smooth—or not—the loan servicer transition will go. There’s also the extra layer of FedLoan servicing borrowers seeking PSLF, which requires 120 qualifying payments over 10 years to qualify for forgiveness.One expert doesn’t think so.
“The changes in student loan servicing present a golden opportunity to fix the system so that it serves borrowers rather than big corporations,” Warren said in a statement. “That includes building better accountability into future servicing contracts with the Education Department.”
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