Student Loan Planner Servicers Fired, PSLF Changes, and a New IBR Plan
Oct 5, 2021
47:00
It’s been quite a week for student loans. Navient and FedLoan, two of the biggest student loan servicers have thrown up their hands and said, “We’re out.” Listen in as I explain what’s happening with student loans right now. I’ll also talk about the timeline for the servicer transitions and what it might mean for you. I’m excited about what some of these changes can mean for our clients, but I’m also cautious. So, buckle up and let’s get started.
In today’s episode, you'll find out:
- Why I’m worried even though the changes could be good
- Why TEPSLF created more problems than it solved
- The role of the CFPB in servicer accountability
- My theory about why Navient quit federal student loans
- Why I’m concerned about Maximus servicing student loans
- The awesome changes to PSLF the Biden administration is proposing
- How you might get PSLF even if you don’t have qualifying loans
- Why a process called negotiating rulemaking is a big deal
- How short- and long-term fixes can benefit you
- What to expect in the coming months and over the next few years with student loans
Links mentioned:
National Student Loan Data System (NSLDS)
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