The Coming Chaos in Student Loan Servicing

Big changes are coming to student loan servicers and I’m talking about what it means for your bottom line, your life, and your anxiety levels. I’ll give you a rundown of who the new servicers are and my predictions on what will happen when they take over. I also answer listener questions about PSLF payment caps, 1099 vs W2 earnings, and what happens to your credit score after student loan forgiveness.   In today’s episode, you'll find out: The federal student loan program pre-2010 How the direct student loan system works now Why the government outsources student loan servicing My thoughts on the effectiveness of current student loan servicers A rundown of the five new student loan servicers Why I think hiring new servicers will be a disaster What’s contributing to the ‘perfect storm’ in student loans Why I think the CARES Act payment suspension will be extended What to do to prepare for a servicer switch if you’re pursuing PSLF How to prepare if you’re not pursuing PSLF Why having a student loan plan in place now will make the transition easier My advice on why you shouldn’t panic Full show notes at: http://studentloanplanner.com/85 Links mentioned: Get a student loan plan Book a follow-up consult for existing clients Like the show? There are several ways you can help! Subscribe on Apple Podcasts, Spotify or Google Podcasts Leave an honest review on Apple Podcasts  Follow on Facebook, Twitter, or LinkedIn   Feeling helpless when it comes to your student loans?   Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan