Betsy Mayotte, the president of the Institute of Student Loan Advisors, a nonprofit that provides free student loan advice, said one of the biggest challenges will be ensuring borrowers know about the administrative work required to smoothly transition back to making payments.
Mayotte said about 17 million accounts have changed servicers during the pandemic, meaning that all borrowers should log onto the Department of Education’s website to first see who holds their loans.
Secondly, they need to ensure that all of their contact information is up to date — particularly if they’ve moved or graduated since their last payment. Federal loan information can be updated with the Department of Education; Castro and Mayotte said those with private loans should react out directly to their servicers. In either case, borrowers should monitor their inbox and mail for communications on their new due dates.