***If you have federal student loans, and they are services by Navient… this post is a must-read! ***
In September, Navient, one of the largest student loan servicers, announced they will no longer service federal student loans after Dec 2021.
Post-September– An agreement was reached – While Navient extended their servicing with the Dept of education until 2023, this does not include federal student loans at the moment! (Please keep up with Dept of Education updates if an agreement can be reached)
What this means if Navient is your servicer – In January 2022 (The same month student loan payments are to start again) Your loan will be transferred to a new servicer.
How can this potentially impact you – In the past, when a servicer changes, many times borrower data was mixed up, payment history was not transferred, or current balances were reported incorrectly.
What you can do – Before Dec 2021, print out your student loan data, including individual loan details and payment history/balances, this will ensure you have a copy before your loans is in the hands of a new servicer.