Episode Details

Big changes are coming to student loan servicers and I'm talking about what it means for your bottom line, your life, and your anxiety levels. I'll give you a rundown of who the new servicers are and my predictions on what will happen when they take over.

I also answer listener questions about PSLF payment caps, 1099 vs W2 earnings, and what happens to your credit score after student loan forgiveness.

In today's episode, you'll find out:

• The federal student loan program pre-2010
• How the direct student loan system works now
• Why the government outsources student loan servicing
• My thoughts on the effectiveness of current student loan servicers
• A rundown of the five new student loan servicers
• Why I think hiring new servicers will be a disaster
• What's contributing to the 'perfect storm' in student loans
• Why I think the CARES Act payment suspension will be extended
• What to do to prepare for a servicer switch if you're pursuing PSLF
• How to prepare if you're not pursuing PSLF
• Why having a student loan plan in place now will make the transition easier
• My advice on why you shouldn't panic

Full show notes at: http://studentloanplanner.com/85

Links mentioned:

• Get a student loan plan
• Book a follow-up consult for existing clients

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