The students, who only wanted to provide their first names, all attended Strathclyde University with him. The students have shared stories of how Suleman helped them adapt to university life, introduced them to new friends, and supported them in their ambitions. If you were on auto-debit before the student loan pause, you may need to re-establish auto-debit, even if your loan servicer has not changed.Students who were close friends with Suleman Dawood have paid tribute to the 19-year-old who they say was a kind person who looked out for others. Confirm what repayment plan you are on, and determine whether you need to change your plan or request a change to your payment amount under an income-driven program. Set up an online account with your loan servicer to access your student loan information. Make sure your contact information is up-to-date on .īorrowers should then make sure they are ready to resume repayment with their loan servicer, particularly if the servicer has changed. This will provide critical information on a borrower’s student loans and their servicer, including the servicer’s contact information. Borrowers can log in to their Department of Education account. With payments set to resume in just a few months as the student loan pause ends, borrowers should start taking steps now to make sure they are ready.įirst, find out who your student loan servicer is. What Student Loan Borrowers Can Do To Prepare For The Student Loan Pause Ending When servicers change, payments may be lost, consumers may incur surprise late fees, and processing problems and missing account records can knock borrowers off track on repaying their loans.”īut with 40 million borrowers resuming repayment all at the same time after a three year moratorium, the current situation is truly unprecedented. “Servicing transfers can create confusion. “Consumers with federal and private student loans report a range of problems around servicers making mistakes, records getting lost, payments being processed too slowly, or servicer personnel not having the latest information about a consumer’s account,” said the agency in 2015. The CFPB had previously documented how student loan servicing changes can be disruptive for borrowers, even under normal circumstances. “But other borrowers may need to create new logins with their new servicer, re-enroll in autopay, or update their payment information.” “For some borrowers, this process may be smooth with few changes,” said the CFPB. That number may balloon t0 30 million in the coming months as loan servicing transfers continue. The CFPB estimated in a report released earlier this month that 17 million borrowers have already been transferred to new servicers. Borrowers who were with other smaller servicers such as OSLA and Granite State have have had their accounts transferred to new loan servicers such as EdFinancial.Borrowers with government-held federal student loans serviced by Great Lakes Higher Education have been transferred to Nelnet.Borrowers with government-held federal student loans serviced by Navient have been transferred to Aidvantage.Borrowers on track for Public Service Loan Forgiveness who were with FedLoan Servicing have been transferred to MOHELA.The department’s federal student loan servicing system has undergone significant changes during the last several years: Loan servicers are companies and agencies contracted by the Education Department to handle the day-to-day operations of student loans including taking payments, processing paperwork, and fielding borrower inquiries. That’s because millions of borrower accounts have been transferred to new loan servicers since 2020. The Consumer Financial Protection Bureau, a federal watchdog agency that oversees the financial services industry, is warning that many borrowers will face new complications when they return to repayment. Student Loan Servicing Changes Could Complicate Return To Repayment
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