Over the next two months, borrowers should make sure that their student loan servicer has their current contact information, saidIf you were enrolled in automatic payments and your banking information has changed, you'll also want to notify your servicer of that.
Putting aside some money for when payments begin again may also make the transition less painful, experts say.president of The Institute of Student Loan AdvisorsThat's because three companies that serviced federal student loans — Navient, the Pennsylvania Higher Education Assistance Agency and Granite State — all recently announced that they'd be ending their relationship with the government by 2022.
Come February, if you mistakenly send a payment to your old servicer, the money should be forwarded to your new one, he said.If you're still unemployed or dealing with another financial hardship because of the pandemic, you'll have options.
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