With Student Loan Payments Returning, Here’s How To Get Help Personal finance
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Officers expect demand for borrower assistance to increase and may find it difficult to keep up. The refund system has never been disabled before, so no one knows what its simultaneous restart will look like for 42.9 million people.
“We have no directives from the ministry [of Education] what a recovery strategy would look like, ”Buchanan explains. “We are in the period when these plans must be communicated; it can’t wait.
Richard Cordray, the new head of the Department of Education’s federal student aid bureau, told the Washington Post for a June 11 story that restarting payments was “a very complex situation” and said the bureau planned to provide more information to agents soon. He also said the ministry plans to hold officers accountable by setting rigorous performance benchmarks.
Despite the uncertainty, if you’re worried about your ability to make payments, it’s okay to contact your maintenance agent now to avoid the rush, Buchanan explains. Learn about your best options for handling payments, depending on your situation.
If you don’t know who your server is, log into your My Federal Student Aid account to find out. To make sure you don’t miss any notifications, make sure your contact information is up to date on your loan officer website and in your StudentAid.gov profile.