Borrowers are less than three months away from having to resume payments from their student loans, and although loan administrators are well in the process of executing the Department of Education Transition, a vast majority of borrowers They say they are not financially prepared for reimbursement to begin.

The department announced in August that the repayment pause of student loans would be extending, which has been valid since March 2020 due to the Covid-19 pandemia, for the fourth and last. Time until January 31, 2022. After that date, loan payments will be resumed, the interest will begin to accumulate again and the collections of loans will be restarted in non-compliance.

The task in question for the department and federally hired loan administrators is unprecedented, the student loan system has never been changed for tens of millions of borrowers, all at once. At the same time, millions of borrowers will pay for a different administrator of what were assigned before the pandemic, given that three administrators have decided to complete their contracts with the department next month.

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