Hello everyone, it’s good to get back to blogging.

I have been wanting to write a post for many months now, but due to the pandemic, I have been delayed, as so many things have.

What a time it’s been!

Without further ado, let’s get right to the news of the week.

 

Biden Extends Student Loan Pause Until January 31st, 2022

 

The news we’ve all been waiting for has finally been confirmed. An extension of the $0.00 student loan monthly due, along with a 0% interest rate, has been granted for all federal Direct student loan borrowers.

 

This extension has been announced to be the FINAL extension before payments resume.

 

No action needs to be taken, this extension should be applied automatically.

 

To read the essentials from the U.S. Department of Education’s press release, without the unnecessary fluff that many news sources add, please click the link below:

 

https://www.ed.gov/news/press-releases/biden-administration-extends-student-loan-pause-until-january-31-2022

 

If you have any questions about this, please feel free to email them over to info@student-loan-consultant.com

 

Additionally, as many of you already know…

 

FedLoan Servicing Says Goodbye to Servicing

 

About a week ago, FedLoan Servicing announced that it will no longer be servicing student loans. December 2021 is when they will officially close their doors on their time as federal student loan servicers for 8.5 million borrowers.

 

Many of you have asked the same question: how can I prepare for this transition? Here come my recommendations, below:

 

  1. Visit your myfedloan.org e-account and download all of your Billing Statements.
  2. Take screenshots of your payment history.
  3. Visit your Inbox (top right) and download all of your Income-Driven program approvals.

 

Additionally, if you are in the PSLF program:

  1. Visit your Inbox (top right) and download all of your PSLF (Public Service Loan Forgiveness) employer and payment approvals.
  2. Go to your PSLF Dashboard and take screenshots of your payment tally.

 

And that’s it. Once you tackle these steps, you’ll be ahead of the game and well prepared for the transition to a new student loan servicer for your loans.

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Is everything above clear?

 

Let us know if you have any questions or concerns, we’re here to help.