Your federal loan repayment and document preparation services are due to expire soon.
In order to continue storing all critical emails, documents, and letters from your servicer that are required to achieve a successful discharge at the end of your program, we must now update your agreement for another 12 months.
In addition to document storage, we ensure that your loan servicer has properly applied all payments made towards your income-driven repayment programs. This includes all CARES Act extension payments, which need to be verified and properly reported as “qualifying payments” to the National Student Loan Data System (NSLDS).
Your NSLDS records, which are submitted to the Department of Education, are your “credit report” for this industry. With the fast-changing updates and extensions throughout the pandemic, it is of vital importance to keep up with the latest developments.
The CARES ACT - Intention was to provide relief to the American borrowers who have federal student loans. In a lot of ways that relief has been provided, however with many borrowers it has caused severe damage. It is important to look at all options available to you and ensure that your program is being managed diligently. We are here to help you with navigating your options. Forbes Cares Act
Reporting Errors - There has been many reports indicating widespread mishandling of borrowers student loans from their federally backed servicing company. Many reporting errors have been accounted for with thousands of borrowers and now more than ever we must take the time to prioritize the management of you repayment program, NSLDS records, and Credit Report. We are here to monitor your NSLDS records to assist in determining the accuracy of the information reported. New York Times Reporting Errors Forbes Update on Law Suits against Fedloans and Navient
New Legislation - Our president in the first 100 days has signed new legislation related to federal student loan borrowers that has provided a lot of relief. If you have questions regarding any of this information your Account Manager can provide you with the answers you are seeking. Forbes First 100 Days
Loan Forgiveness Statistics - The statistics of borrowers who are actually receiving forgiveness on their loans is less than 1%. The Department of Education and governing body are attempting to resolve this dilemma, however federally backed loan servicing companies are the ones responsible for determining a borrowers eligibility for forgiveness. Borrowers are ultimately responsible for managing their programs and storing all data related to their loans. A borrower is must hold their loan servicing company accountable for what they report. We do not want you to become part of these statistics and we know how to help you avoid the pitfalls that many borrowers have fell into.
Currently, the new presidential administration has extended the forbearance of payments until
May 1, 2022.
Proper record keeping will be crucial in the event of any debt cancellation that the government may provide in the near future, as well as to track your repayment program that is set to be discharged after a minimum of 120 Qualifying payments for PSLF applicants, and a minimum of 240 - 300 qualifying payments for all other income-driven repayment programs.
It is imperative that you contact your account manager with a date and time that best fits your schedule for a call back at your earliest convenience.
In order to schedule a brief appointment with your Case Specialist please complete one of the following items:
1. Simply reply to this email notice with a date, time, and preferred phone number that you would like to be contacted on. (Due to increased case volume, please do not request an appointment for same-day)
2. Simply reply to your received text notification with a date and time that you would like to be contacted. (Due to increased case volume, please do not request an appointment for same-day)
3. Or, simply respond appropriately to the voicemail left by your Assigned Case Specialist today.
Should you call your Case Specialist and you do not reach them, please leave a voicemail with a date, time, and preferred phone number that you would like to be contacted on. (Due to increased case volume, please do not request an appointment for same-day)
Please check your Client Portal weekly for processing updates, program information, and to learn what potential issues have occurred on your case. The Client Portal feature will be our main source of communication to you moving forward. (Don’t have a Client Portal yet? Please reply to this email and we will email you important login information)
** https://portal.edaptusa.com/account/signin ** This new Client Portal feature will increasingly be our main source of communication to you moving forward. (Don’t have a Client Portal yet? Please REPLY to this email and we will email you important login information)