Kelsey Lesco, Colorado’s student loan ombudsperson, said the 796,900 Coloradans with federal student loan debt who are wondering what to do following the1.
Borrowers should identify who their student loan servicers are, Lesco said. During the pandemic when many student loan payment plans were paused, Lesco said about 10 million borrowers had their loans transferred to a new servicer. To figure out which servicer their loans belong to, borrowers can go toMake sure your contact information is up to date with your borrower and the Federal Student Aid Office of the U.S. Department of Education.
Lesco urged borrowers to get their loan affairs in order sooner rather than later because she anticipates lengthy wait times for customer service as providers are inundated with calls and requests for assistance. “This could be a very high-risk issue for consumers or one where consumers are prepared for it,” Lesco said. “It will be a challenge for some people to go into repayment having that extra bill, so we are encouraging people to be as prepared as they can.”