While advocates and policymakers continue to debate additional student loan forgiveness, the Biden administration is moving forward in preparing for the return to repayment this spring
The Department will also allow borrowers to self-report their income this year, rather than having to submit formal documentation of their income such as a tax return or pay stub. “Borrowers who apply for a new Income-Driven Repayment plan or those already in a plan...
Granite State Management & Resources, another loan servicer, also exited the Department’s student loan servicing space last year. The Department has completed the transfer of these accounts to other loan servicers as of December, as well. In anticipation of confusion and uncertainty regarding loan servicing transfers and the return to repayment, several loan servicers are planning on hiring additional employees to staff customer service lines and process borrower requests. But it is unclear how effective additional staffing will be.
The Department and its contracted loan servicers plan to communicate directly with these borrowers through increased outreach. Borrowers will be “allowed to make their selection by clicking on a link in emails from their loan servicer without logging into their account and through other means, such as over the phone or by logging into their account online,” according to the GAO.
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