Roughly 15 million federal student loan borrowers to receive new loan servicers

Some student loan servicers, including Navient and FedLoan Servicing, have opted to stop servicing federal student loans.

Around 15 million federal student loan borrowers are serviced by these particular servicers. Roughly half of the affected borrowers will be reassigned to a new servicer by the time student loan repayments begin. The other half can expected to receive a new servicer by the end of 2022.

Federal student loan repayments, interest accrual, and collection attempts have been suspended until May 1, 2022. If your servicer is reassigned by then, it’s important that you know who they are and how to reach them. Most importantly, it’s vital that they know how to reach you so that they’re able to provide you with information on your federal student loan, such as when your repayments will start and how much you’ll owe. You’ll also want to confirm other details, including your interest rate, other terms of your loan, and how payments can be made.

This mass reassignment only applies to federal student loans. But, it’s not uncommon for loans of all types to be sold. So, it wouldn’t hurt to confirm your student loan servicers.

If you’re not sure who your student loan servicer is, you can review our guide on locating your federal student loan servicer or our guide on locating your private student loan servicer.