4.6 • 682 Ratings
🗓️ 29 August 2023
⏱️ 9 minutes
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0:00.0 | So student loans are emerging from deep freeze and borrowers are confused. |
0:11.4 | The Wall Street Journal says, I will add to that, they're angry. |
0:15.9 | Oh, yeah. |
0:16.3 | I will add to that that they're scared. |
0:18.7 | Yes. |
0:19.9 | Frustrated. |
0:21.2 | Yeah. |
0:22.3 | It says student loan borrowers are finding out that restarting 1.6 trillion federal |
0:28.0 | program is much more confusing than just when they were able to turn the switch off, right? |
0:32.7 | It's harder to turn it back on with the pandemic relief ending. |
0:36.1 | Borrowers will start owing interest as of Friday, |
0:39.5 | as in four days. They are learning new payment schedules. They're often getting this information |
0:45.0 | via email from these servicers that they might not have ever heard of. Okay. And this is what I want |
0:51.6 | to talk about. I know you guys are getting emails in. |
0:55.1 | And it's like, oh, who are you? |
0:56.6 | Oh, you're the person who's servicing my loan now. |
0:58.9 | And you don't even know, you don't even know what your payment is. |
1:01.9 | It says this is about four in 10 borrowers. |
1:04.6 | Their loan was transferred to a new servicer during the pause that began March 2020. |
1:09.4 | 40%. |
1:10.5 | They moved the servicing. |
1:13.0 | On an already incompetent and in-uped industry. |
... |
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