If you’re one of approximately 16 million student loan borrowers, you may be getting a new student loan servicer next year. Your student loan servicer is the company that collects your student loan payments and acts as customer service for your student loans. Multiple student loan servicers have announced they will no longer service federal student loans. For example, Navient will no longer service federal loans as of year end and instead Maximus will become your new federal student loan servicer.
The U.S. Department of Education will send you written communication if your student loan servicer is changing. There’s no need to worry if you get a new student loan servicer. Your interest rate and loan terms will remain the same. However, make sure to update your autopay information to make sure you send student loan payments (once instructed to do so) to your new student loan servicer.