This move generated Maximus, doing work in brand “Aidvantage,” the largest education loan organization globally

Into the white out of Maximus’s past downfalls and you may proof lingering abuses, every individuals whose finance had been prior to now maintained by Navient is always to capture another five tips to protect themselves after and during the new transfer

He joined the brand new SBPC throughout the American Federation of Educators, where the guy helped lead AFT’s work to hold Navient or other education loan people guilty of damaging educators, faculty users, or any other relationship members

Towards the the termination of 2021, a tiny-known federal contractor named Maximus overran the servicing out-of an effective collection out-of federal student loans in past times handled of the scandal-plagued education loan large Navient. Maximus now protects the newest money of almost thirteen billion individuals which with each other owe half an effective trillion bucks of education loan obligations.

But when you’re scores of borrowers may perk at the possibility no longer getting serviced of the Navient, an upswing of Aidvantage sets him or her payday loans Somerset TX at risk. While the a separate declaration throughout the SBPC as well as the Communications Professionals out of The usa lines, proof has already been mounting up out-of problems pertaining to the new import away from Navient so you can Aidvantage, compounding the brand new shocking selection of abuses the organization had been implicated away from related to the role once the Department’s only servicer to have government education loan borrowers when you look at the default over the past ten years.

If you are taking these methods, consumers must ensure to acquire documentation to the updates out of one pending apps otherwise grievances, and file a problem if they’re not fixed or is actually tricky because of the import.

1. Upgrade contact information. You should expect additional notices from Aidvantage over the coming months. These notices will provide important information about what to expect and whom to contact at either servicer with questions. To ensure you receive updates in real time, you should confirm that Aidvantage has your accurate contact information, and if any of your contact information changes, be sure to update it promptly. You can do this through your online loan account or by contacting Aidvantage.
2. Continue an entire copy of your membership facts. In case there are any lost records or disputes with future servicers, you should keep a copy of your complete account records to date in a safe place. This is especially important if you are pursuing Public Service Loan Forgiveness; make sure you have copies of all payments and filed Employment Certification Forms. To ensure you have a complete copy, you should both download your payment history and everything else that’s available on your online loan account, and contact Navient or Aidvantage as soon as possible to request that the company send you a complete copy of your loan records, since some loan records may not be readily available on your online account.
3. Document an issue during the earliest sign of a problem. All loan servicers, including Aidvantage, have a responsibility to be responsive to borrowers, to be knowledgeable and professional, and to maintain accurate records. If you experience an issue with Aidvantage, you should immediately file a complaint with the Department. You can also file complaints with the Consumer Financial Protection Bureau and with your state’s attorney general. Issues may range from the servicer refusing to provide records, refusing to acknowledge past payments, or falsely claiming ineligibility for repayment or debt forgiveness programs. If you have any outstanding requests or complaints with your servicer, call to ask for an update and take notes on what was discussed. If the issue still isn’t resolved, file a complaint and include your notes from the call. Especially given the monumental nature of this account transfer, you should not wait to file a complaint if you experience an issue with your account or servicer.
4. Join the efforts to hold Aidvantage guilty and express the story today. We are concerned by stories borrowers have highlighted about Aidvantage as they’ve taken over accounts previously handled by Navient. If you’ve experienced any problems while interacting with Aidvantage, your story can help inform regulators and lawmakers as they oversee student loan servicers. After you file a complaint, please visit our contact us page to let us know and share your story. While we are not able to provide legal representation to individual borrowers, we can help connect you with resources and additional support. After sharing your story, we will keep you up to date on our work holding Aidvantage accountable.

There is nonetheless a great deal that individuals do not know in the the way the import of levels from Navient in order to Aidvantage goes, and just how people change in servicing commonly correspond that have when installment resumes or into the require student loan debt termination. Taking the basic steps a lot more than, staying familiar with any condition, and looking away having and you may revealing scammers often lay borrowers from inside the a updates to help you browse any kind of change happen.

Emerald Saddler was Counsel at Scholar Borrower Safety Cardiovascular system. A recent scholar of one’s Howard University College or university of Rules, Amber registered the latest SBPC shortly after completing a good fellowship within Alliance having Justice where she worked tirelessly on government official nominations and you will had written regarding Ultimate Courtroom and lower government legal behavior affecting civil-rights and use of fairness situations.

Chris Hicks try a senior Plan Coach from the Beginner Debtor Defense Center, and you can focuses on the new intersection from user and you will staff protections.