Student loan servicer FedLoan not extending their contract – Rae Kaplan explains what that means and what you should do

John Williams

FILE – In this Jan. 21, 2020 file photo, dollar bills have been dropped into a tip jar at a carwash in the Brooklyn borough of New York. Many millennials are now parents with jobs, car loans and mortgages. They have experienced a global recession and a pandemic, and some are also still paying off student loan debt. (AP Photo/Mark Lennihan, File)

Rae Kaplan, from Debt Relief Attorney Law Firm, joins John Williams. FedLoans will not be extending their contract with the Department of Education and loans will be transferred to a different servicer. Here’s what Rae recommends you do before the switch happens in December.

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