By: Chief Working Officer Mark Brown, Federal Scholar Help
You might be aware that modifications are coming to education loan servicing, and that is true.
But, thereвЂ™s you don’t need to panic. Your loan servicer won’t be changing this current year.
In reality, well before your loan servicer changes, communicate with you weвЂ™ll. WeвЂ™ll ensure you have actually a lot of advance notice, weвЂ™ll explain exactly exactly exactly exactly how your loans will forward be serviced going, and weвЂ™ll make sure that your account transfer is really as seamless as you can.
Being a point in fact, weвЂ™ve attempted to make most of your experiences with federal pupil aid better. Federal scholar help (FSA) launched the following Gen FSA effort to create the student that is federal experience in to the twenty-first century and enhance the manner in which you вЂ” pupils, moms and dads, borrowers, and schools вЂ” connect to our programs. Things weвЂ™ve done include making the complimentary Application for Federal scholar help (FAFSAВ®) kind much easier to get into and complete and making it simpler you helpful tools and resources, such as the PSLF Help Tool and Loan Simulator for you to manage your federal student loans by giving.
The items weвЂ™re doing are addressing the federal student aid programs to your pain points. A very important factor weвЂ™ve heard away from you is the fact that it could be confusing knowing where you can get or whom to necessitate information you are able to trust when it’s needed.
ThatвЂ™s why a huge an element of the work weвЂ™re doing for you personally is offering loan servicing a makeover. Are you aware that now, in place of calling certainly one of nine loan servicers, you merely need certainly to phone 1-800-4-FED-AID to obtain your call routed to the place that is right? ThatвЂ™s only the start!
Early in the day this thirty days, we awarded agreements for some businesses which will be in charge of all sorts of connection with you, including responding to just about any phone telephone phone telephone calls, delivering e-mail communications, participating in chats, and responding to social networking inquiries. The businesses will also process the scores of forms our clients and postsecondary schools distribute every year.
The job included in the newly granted contracts includes a lot more than responding to loan servicing-type concerns; it is for what you can consider associated with student that is federal, such as for instance FAFSA concerns, questions regarding funds, and concerns from educational funding experts from schools across the world.
And even though we awarded the agreements, these organizations wonвЂ™t begin doing this work instantly. WeвЂ™ve got to first place the tools, technology, and trained in destination to make sure you get the answer that is right every conversation.
To be sure thereвЂ™s no interruption together with your loan that is current servicer weвЂ™ve caused it to be feasible to increase the servicing benefit FedLoan Servicing (PHEAA), Great Lakes, Navient, and Nelnet through as well as CornerStone, Granite State вЂ“ GSMR, HESC/ Edfinancial, MOHELA, and OSLA Servicing through.
If the time comes to transition your account in to the upcoming Gen environment, youвЂ™ll accept email messages, messaging on social networking, and an array that is wide of communications in what to expect and just how to keep to handle your bank account.
For the present time, thereвЂ™s no effect to how your federal figuratively speaking are serviced.
You ought to continue steadily to check out Student help and follow us on @FAFSA and also the Federal scholar help Twitter web web web page for the most-trusted information regarding your federal student education loans.
Mark Brown could be the chief running officer of Federal scholar help. HeвЂ™s a proud grad of Tuskegee University, where he received federal pupil help. Mark can also be an advocate for quality and education that is accessible all. Follow him on Twitter, @FSACOO.