..."Thus far, more than 17 million student loan accounts have been transferred to different servicers since the pauses began. By the time payments return in the fall, the CFPB expects more than 30 million accounts will have been assigned a new servicer.
'Unless there is a robust, proactive and targeted campaign to borrowers, many may be unprepared to restart or begin repayment,' said Nate Blanchard, the director of financial services at Western Governors University, in a statement. Blanchard serves on a task force through the National Association of Student Financial Aid Administers aimed at preparing borrowers for the resumption of federal student loan repayments.
'The reality of the situation is loan servicers may not have the ability to answer every call, email or chat in a timely manner, which may exacerbate the problem.'"
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Publication Date: 6/30/2023