FedLoan borrowers receive emails about upcoming servicing changes

FedLoan Service began sending out emails to borrowers stating it will stop servicing student loans.

The Department of Education said loans will be transferred to a different servicer by the end of 2021.

Until the transfer is complete, people should continue to use FedLoan Servicing to manage their accounts.

The eventual change in servicing will not impact the existing terms, conditions, interest rates, loan discharge or forgiveness programs, or available repayment plans on the loans, the Department of Education noted.

The federal government said coronavirus emergency benefits, including temporary payment suspension and 0% interest, will remain in place during the transition.

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