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Did My Tuition Fees Go Up?

  Happy New Year ya’ll! Spring semester is here and as I was going over my course schedule and deciding whether to drop a course, I noticed that my tuition fees had drastically increased. I typically take two courses since this is what my stipend covers but previously I decided to add a third one. After thinking that this may not be a good idea due to my busy schedule I decided to drop the course but not before I realized that my fees had gone up by over $2K! I do remember there being some talk about the increase of fees and there being an open forum regarding this but I was not expecting the increase to be so expensive! Figure 1: This is a thumbnail from my latest YouTube video on “Did My Tuition Fees Increase?” where I am looking at the camera with a confused look. I am wearing a gray and black dress and my hair is short, black, and curly.   In case you did not know tuition fees include things like the gym, health services, the counseling center, and other services on campus that ser

FedLoan is Extending their Student Loan Contract?!

 

So if you are making student loan payments like I am and your loans are with FedLoan you have probably noticed the error message at the top of the screen that states that FedLoan will be ending their contract to service student loans soon. However, there is no date posted as to when the contract actually ends. So that prompted me to do some digging so that I could be prepared for when this happens.


Figure 1: This is a thumbnail for my YouTube video “FedLoan is Extending their Student Loan Contract?!” where I am sitting in my office with my arms folded, wearing a yellow sweater, with a suspicious look on my face. My hair is short, black, and curly.

Upon further research, I learned that FedLoan is actually extending their contract for one year, which will end on December 14, 2022. I’m not sure why FedLoan has decided to extend their contract but I suspect that it may be due to the PSLF or the Public Service Loan Forgiveness Act. FedLoan is the sole contractor for the PSLF and with all of the recent changes to this program this will most likely require a lot more time for folks to turn in the waiver to make them eligible to have their loans forgiven under this act. 


Figure 2: This is a screenshot of the message that is at the top of the screen when I log into FedLoan. The message states that FedLoan will stop servicing student loans at the end of their contract.  


Now all though FedLoan will be ending their contract in 2022 you can still expect your account to be transferred to a new loan holder like Naviant, MOHELA, etc up until this date to create a smooth transition. With this being said be sure to print off all documents that may be stored in your account. As you know when accounts change sometimes, things get lost and you do not want any of your information permanently deleted. Start with printing off your current balance, your payment history, and other important communication. Be sure to place this information in a file or save it to the cloud. 

Figure 3: This is a photo of three file folders with papers inside of them. The folders are blue, yellow, and red.

 

Guys I am almost at the finish line with paying off all of my student loans! I hope that I will be finished by the end of this month but if not it will definitely be next month. So stay tuned for more information about my student loan journey. What are your thoughts on FedLoan extending their contract? Does this make a difference for you in any way? Are you paying off your student loans? Drop down in the comments and let me know! Also, be sure to check out my latest video below! To stay up to date with this topic and many others be sure to sign up for my email subscriber list !

 

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