Enough is enough. The loan repayment situation over these past few months has become untenable. Hundreds of thousands (if not millions) of borrowers are in the wrong payment plans with wrong payment amounts, or they’re coping with the numerous other problems we’ve been documenting. Hundreds of borrowers have contacted us seeking help since September 1st, and our team has been working overtime trying to assist as many borrowers as possible.
We realize loan servicers did not get much heads-up on the new SAVE plan, and nor did they receive the budget increases they requested from Congress in order to staff up. So the long hold times are no surprise. However, after waiting on hold for many hours, most servicer representatives are giving the same generic answer for nearly every problem: recertify your IDR plan. Every person who was on an income driven repayment plan during the payment pause is allowed to keep their previous payment for a minimum of six months. Do not let the servicers pressure you to recertify if doing so results in a higher payment. Furthermore, we are seeing many IDR applications and recertifications being denied for various (and inaccurate) reasons.
This is a call to action. Until there is more outside pressure applied to the loan servicers, things are not going to improve anytime soon. They need to admit they have system issues, communicate with their customers, and provide educated and honest solutions to these problems.
Here is where we need your help. Below we have listed the four major servicers, along with the specific government offices and organizations which can possibly impact and influence them. If you are experiencing any issue with your payment or servicer, use this information to file formal complaints. Detail your specific issue and be sure to communicate how stressful and frustrating this experience has been. And please pass this along to your peers who may be facing similar problems. Our elected representatives and government agencies need to understand the scope and volume of the issues, as the servicers are obviously trying to minimize the situation.
For those who desire personalized assistance, we have had success breaking through to servicer reps, telling them what needs to be done, and compelling them to take the right steps to fix issues on many borrowers’ accounts. Unfortunately, not everything can be immediately fixed over the phone, and the success rate is certainly not 100%. If you would like our help, click here to register for a consultation. We ask that you please be patient with scheduling, and flexible when contacting the servicers and waiting on hold.
National Organizations
- Consumer Financial Protection Bureau: https://www.consumerfinance.gov/complaint/
- Federal Student Aid Ombudsman: https://studentaid.gov/feedback-center/
- Better Business Bureau: https://www.bbb.org/file-a-complaint
- Consumer Action: https://www.consumer-action.org/action/voter-voice?vvsrc=%2fcampaigns%2f68095%2frespond
Nelnet: Lincoln, Nebraska
- US Representative Mike Flood: https://flood.house.gov/contact/offices
- US Senate Nebraska Deb Fischer: https://www.fischer.senate.gov/public/index.cfm/contact
- US Senate Nebraska Pete Ricketts: https://www.ricketts.senate.gov/contact/
- Nebraska Attorney General Mike Hilgers https://ago.nebraska.gov/contact-us
AidVantage: Wilkes-Barre, Pennsylvania
- US Representative Matt Cartwright: https://cartwright.house.gov/contact/
- US Senate Pennsylvania John Fetterman: https://www.fetterman.senate.gov/contact/
- US Senate Pennsylvania Bob Casey Jr.: https://www.casey.senate.gov/contact
- Pennsylvania Attorney General Michelle Henry: https://www.attorneygeneral.gov/contact/
EdFinancial: Knoxville, Tennessee
- US Representative Tim Burchett: https://burchett.house.gov/contact
- US Senate Tennessee Marsha Blackburn: https://www.blackburn.senate.gov/email-me
- US Senate Tennessee Bill Hagerty: https://www.hagerty.senate.gov/email-me/
- Tennessee Attorney General Jonathan Skrmetti: https://www.tn.gov/attorneygeneral/working-for-tennessee/consumer/contact.html
MOHELA: Chesterfield, Missouri
- US Congress Missouri District 2 Ann Wagner: https://wagner.house.gov/
- US Senate Missouri: Josh Hawley https://www.hawley.senate.gov/
- US Senate Missouri: Eric Schmitt https://www.schmitt.senate.gov/contact/
- Missouri Attorney General: Andrew Bailey https://ago.mo.gov/about-us/contact-us/
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.
