Changes coming to how the government manages your student loans

The way you pay for your student loans is changing drastically, and now there is a major overhaul on how the government is managing your loans.

What this boils down to is that the company you make student loan payments to is changing as early as December.

When this happened back in 2015 there was a lot of confusion and issues with payments and re-payment plans changing.

Companies like Nelnet and Great Lakes have not been awarded new government contracts to service your loans.

Here is what is crucial to do with your current student loan provider to make sure your transition is as smooth as can be.

  • Download all your payment records for proof
  • Keep copies of all your correspondence
  • If you are on a public service repayment plan, certify your employment
  • Pay close attention to payments and auto-debits
  • Monitor your credit report

For more information on student loan changes click here.

You can also get free annual credit checks at the Annual Credit Report website here.

Reporter:Corey Lazar
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