A Federal Student Loan Borrower Will Expect Complicated Payment Restart Following Different Loan Service Providers And Here’s Why

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Here’s why a federal student loan borrower will expect to have a complicated payment restart following different loan service providers.

Loan Service Providers
Here’s why a federal student loan borrower will expect to have a complicated payment restart following different loan service providers. (Photo: US News Money)

New Loan Service Providers Will Complicate Payment Restart More for a Federal Student Loan Borrower

Having new and different loan service providers will reportedly complicate the payment restart more for a federal student loan borrower after some loan service providers for a federal student loan borrower decided not to renew their contracts due to mistakes and issues that resurfaced.

According to a report published in Yahoo News, a federal student loan borrower will expect to have a different loan service provider from what they had before, leading to some possible complications to be encountered in transferring the old account of the federal student loan borrower with the new loan service provider when the repayment begins.

With the new loan service providers, a federal student loan borrower should expect multiple errors in transferring their old accounts, including missing payments and incorrect payment status, especially if the new loan service providers fail to communicate well with a federal student loan borrower, which might lead to more serious complications.

READ ALSO: Federal Student Loan Borrowers Worry About Missing Payment: Here’s Some Good News

Different Loan Service Providers Available for a Federal Student Loan Borrower

A federal student loan borrower can be transferred to loan service providers, such as MOHELA, Great Lakes, and Edfinancial, while previous loan service providers, including Pennsylvania Higher Education Assistance Agency (PHEAA), will no longer be available for a federal student loan borrower due to allegedly failing to provide good services.

To know who their current loan service provider is, federal student loan borrower is encouraged to log into StudentAid.gov to make sure if their loan service provider changed, AL reported.

READ ALSO: U.S. Department Of Education Launches Beta Website For Student Loan Repayment Plan Under Biden’s SAVE Initiative

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