Four Common Mistakes While Talking to Federal Student Loan Servicers

There are multiple types of mistakes you could make while repaying your federal student loans. You could make late payments or pay the wrong amount. Another common mistake is not utilizing income-based repayment programs while experiencing financial hardship. However, you should also be aware that there are mistakes you could make while talking with your loan servicer. These are companies contracted by the Department of Education to collect payments on loans and answer inquiries. There are general mistakes and major mistakes you could make with your student loan servicer. Forgetting to update your address information may not be a big deal if your servicer has a copy of your email or phone number. More serious mistakes could cost you hundreds or even thousands of dollars. Mistake #1: Not Keeping Records Student loan servicers are notorious for making mistakes. Borrowers have reported their servicers lost paperwork, applied the incorrect amount for payments and made errors on…

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