The Coming Chaos in Student Loan Servicing
Jul 14, 2020•49 min•Ep. 85
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Episode description
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
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