The Federal Reserve’s rapid pivot toward a faster pace of policy tightening has sent Treasury Department officials scrambling to rewrite their borrowing roadmap for 2022.
Education Secretary Betsy DeVos
When student loan bills come due again, as early as Feb. 1, millions of confused borrowers with questions or needing help could find themselves stuck on hold trying to get through to overwhelmed loan servicers.
That’s the warning from the companies that will be responsible for working with about 30 million student loan borrowers when a moratorium that’s excused them from making payments since last March runs out at the end of January.
The Pew Charitable Trusts expects the change to cause so much confusion, it estimated that nine million borrowers could call loan servicing companies with questions or to say they can’t afford to pay.