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The U.S. Department of Justice has filed a lawsuit alleging that Rhode Island’s student loan forgiveness program for teachers of color discriminates on the basis of race.
“[W]hite teachers are not eligible,” the DOJ lawsuit filed Tuesday said.
Around 80% of public school elementary and secondary teachers identified as non-Hispanic white, according to a Pew Research Center report.

The exterior of the Providence School Department headquarters in Providence, RI on April 25, 2019.
Lane Turner | Boston Globe | Getty Images

The U.S. Department of Justice has filed a lawsuit alleging that Rhode Island’s student loan forgiveness program for teachers of color discriminates on the basis of race.
Under the Providence Public School District initiative, “new teachers can receive student-loan repayments,” the complaint filed on Tuesday said. “The catch: white teachers are not eligible.”

The move is the latest in the Trump administration’s efforts to get rid of diversity, equity and inclusion, or DEI, policies across the country.
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The Rhode Island student loan forgiveness program offers up to $25,000 in education debt relief for teachers of color working in the Providence Public School District for three years. Eligible teachers include those who identify as Black, Hispanic, Asian and American Indian, according to the DOJ complaint.
Around 80% of public school elementary and secondary teachers identify as non-Hispanic white, according to a Pew Research Center report from last year.
Asked to confirm program details, the Providence Public School District and Rhode Island Department of Education did not provide an answer. The district and department sent CNBC a joint statement, saying they had worked with the DOJ to reach a resolution over the student loan forgiveness program.

“PPSD and RIDE officials have not been served, and we were not informed by federal representatives that they would proceed with a lawsuit,” according to the statement. “Since there is active litigation, PPSD and RIDE will not be commenting further.”
The DOJ is seeking an injunction to halt the loan program’s use of race in its application, and an “award of equitable relief” to nonminority teachers who were not eligible for the program based on their race.

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The Federal Reserve lowered interest rates on Wednesday.
The September FOMC decision has a ripple effect on many types of consumer loans and savings rates.
Here’s the breakdown of how the Fed’s rate cut impacts your mortgage, credit cards, student debt, auto loans and savings accounts going forward.

The Federal Reserve announced Wednesday it will lower its benchmark rate by a quarter point, paving the way for relief from some of the high borrowing costs that have weighed on consumers.
The federal funds rate, which is set by the Federal Open Market Committee, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the central bank’s moves still affect the borrowing and savings rates they see every day.

“The impact on household finances is likely to be mixed,” said Brett House, economics professor at Columbia Business School.
“For households with variable-rate loans or other forms of credit obligations, they are going to see the interest rates on that borrowing come down, almost immediately,” he said. But some longer-term fixed rates remain stubbornly higher than they were a year ago, he added, and many Americans must still contend with lingering inflation, which is driving the cost of goods up.
From credit cards and mortgage rates to auto loans and savings accounts, here’s a look at all of the ways a Fed rate cut could affect your wallet in the months ahead.

Credit cards

Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark.
With a rate cut, the prime rate lowers, too, and the interest rate on your credit card debt is likely to follow. But even then, APRs will only ease off extremely high levels.

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“Existing borrowers could see their rates go down by half a point or so — maybe a little more — by early 2026,” said Ted Rossman, senior industry analyst at Bankrate.
Still, the average credit card rate is currently more than 20%, according to Bankrate — near an all-time high, so APRs will remain close to 20% at least into next year, Rossman said.

Mortgage rates

Mortgage rates don’t directly track the Fed, but are largely tied to Treasury yields and the economy. Rates are already significantly lower than where they were earlier this year.
Now, the average rate for a 30-year, fixed-rate mortgage is 6.13% as of Tuesday, according to Mortgage News Daily, down from their peak at over 7% back in January.

“The Federal Reserve rate cut this week has already been priced into mortgage rates, so the immediate impact will be minimal,” said Selma Hepp, chief economist at Cotality.
“However, while a single rate cut may not cause a significant additional drop, a series of anticipated cuts for the rest of 2025 and into 2026 could continue to put gradual downward pressure on mortgage rates,” she said.
But since most people have fixed-rate mortgages, their rate won’t change unless they refinance or sell their current home and buy another property. 

Auto loans

Even though auto loan rates are fixed, potential car buyers could benefit if borrowing costs come down on new loans, according to Jessica Caldwell, Edmunds’ head of insights.
The average rate on a five-year new car loan is currently around 7%, according to Edmunds. Going forward, “a modest Fed rate cut won’t dramatically slash monthly payments for consumers,” Caldwell said, “but it does boost overall buyer sentiment.”
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This rate cut or low-APR promotions may be enough to spur car buying, despite high vehicle prices, she said. Even if the savings are limited, “these cues gain power when paired with sales events like model-year closeouts, Black Friday deals and year-end promotions,” Caldwell said.

Student loans

Federal student loan rates are also fixed and only reset once a year on July 1, so most borrowers won’t be immediately affected by a rate cut.
However, if you have a private loan, those loans may be fixed or have a variable rate tied to the Treasury bill or other benchmarks, which means as the Fed cuts interest rates, borrowers with variable-rate private student loans may automatically get a lower interest rate, according to higher education expert Mark Kantrowitz. 

If rates continue to fall, eventually, borrowers with fixed-rate private student loans may be able to refinance into a less expensive loan, Kantrowitz said.
But refinancing a federal loan into a private student loan will forgo “the superior benefits of federal student loans,” he said, such as better deferments and forbearances, income-driven repayment plans, loan forgiveness and discharge options. 

Savings rates

“Rate cuts are good for borrowers but tough on savers,” said Matt Schulz, LendingTree’s chief credit analyst. 
While the central bank has no direct influence on deposit rates, the yields tend to be correlated to changes in the target federal funds rate.
As a result, “expect yields on high-interest savings accounts and CDs to drop,” Schulz said.
For now, top-yielding online savings accounts and one-year certificate of deposit rates pay more than 4%, according to Bankrate, well above the rate of inflation.
“Savers may want to act now by locking in today’s still-high rates before they fall further,” Schulz said.
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President Donald Trump’s “no tax on tips” deduction offers financial planning opportunities for some workers.
Enacted via Trump’s “big beautiful bill,” the provision allows certain workers to deduct up to $25,000 in “qualified tips” per year from 2025 through 2028.  
But experts suggest waiting for Treasury and IRS guidance before making year-end tax moves.

Hispanolistic | E+ | Getty Images

President Donald Trump’s “no tax on tips” deduction offers financial planning opportunities for some workers. But it’s too soon to execute those strategies, experts say.
Enacted via Trump’s “big beautiful bill,” the “no tax on tips” provision allows certain workers to deduct up to $25,000 in “qualified tips” per year from 2025 through 2028.  

The U.S. Department of the Treasury in August released an early list of 68 occupations that “customarily and regularly received tips” as of year-end 2024. But some of those jobs ultimately may not qualify.  
If your occupation appears in the preliminary list, “my big recommendation right now is to not make any major moves,” said Thomas Gorczynski, a Tempe, Arizona-based enrolled agent, which is a tax license to practice before the IRS.
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Experts expect further details from the Treasury and IRS should come by early October, but the exact timing remains unclear.
“We still need a lot more guidance,” said Melanie Lauridsen, vice president of tax policy and advocacy with the American Institute of Certified Public Accountants. 

Otherwise, tax professionals may not have enough information on hand to help their clients make year-end tax planning decisions.
“It’s when you make the assumptions where it gets a little dangerous,” she said.

Which jobs qualify for ‘no tax on tips’

It’s unclear which jobs from the Treasury’s preliminary list will qualify, experts say.
Some of the occupations from the preliminary list may be eligible for the deduction, others might not.
Your job can’t be a so-called “specified service trade or business,” or SSTB, experts say. Trump’s 2017 legislation outlined the list of SSTBs to limit eligibility for a 20% deduction for certain businesses. The SSTB list includes jobs in health care, legal and financial services, performing arts, sports and more.
What’s more, eligibility may also depend on whether you’re a W-2 worker or are self-employed, according to Gorczynski.
Experts say that further clarification is needed to understand which occupations qualify and how the official list will interact with the SSTBs.

Tax planning opportunities

With key questions about the “no tax on tips” deduction unclear, some workers are at a standstill with year-end planning decisions, experts say.
One planning opportunity could be reducing modified adjusted gross income, or MAGI, to qualify for the deduction, experts say. The tax break on tips phases out, or gets smaller, once MAGI exceeds $150,000.
Another example could include retirement savings. Many self-employed workers make retirement plan contributions, but it’s uncertain whether this move will reduce net business income and limit the tips deduction, Gorczynski said.   
“This deduction is going to be a key metric when we’re doing planning for sole proprietor clients,” but experts need further guidance to maximize the overall tax break, he said.
Also, for workers who are in jobs that appear in the preliminary list but don’t interact with the SSTB list, it’s important to “get a grasp of what the law says and what it means,” said Lauridsen.
Sooner rather than later, it may be worth reaching out and consulting with a tax professional or a financial advisor, experts say. More

On Sept. 30, the federal government will switch from paper checks to electronic payments.
Some Social Security and other federal payment recipients may need to change their payment records.
Here’s what beneficiaries need to know about the transition.

An employee holds a blank U.S. Treasury check before it’s run through a printer at the U.S. Treasury printing facility in Philadelphia.
Getty Images

The government is planning to phase out paper checks for most consumers receiving Social Security benefits and other federal payments this month.
The transition is prompted by an executive order signed by President Donald Trump in March, which mandates the move to electronic payments for federal benefits by Sept. 30.

The move is aimed at preventing fraud and reducing spending, according to the Trump administration.
Treasury checks are more likely to be stolen, lost or returned compared to electronic funds transfers, according to the executive order.
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The change may also save the federal government millions of dollars per year, according to the Labor Department. While it costs about 50 cents to issue a paper check, an electronic funds transfer costs less than 15 cents, according to the agency.
Most beneficiaries already receive their payments electronically, according to the Social Security Administration and Department of Veterans Affairs. Fewer than 1% of Social Security beneficiaries receive paper checks, according to a Social Security spokesperson. More than 97% of Veterans Administration benefit payments are delivered electronically, a portion that increases every year, according to press secretary Pete Kasperowicz.

What paper check recipients need to know

Beneficiaries who already receive electronic payments do not need to take action.
Those who are still receiving paper checks can enroll in direct deposit by calling the federal agency responsible for their payments, enrolling online at GoDirect.gov, or calling the electronic payment solution center at 800-967-6857, according to the Treasury Department.
Beneficiaries who do not have a bank account for direct deposit can open one at FDIC: GetBanked or MyCreditUnion.gov.
Alternatively, they may choose to receive monthly benefit payments electronically through a Treasury-sponsored debit card. To sign up, call the Treasury’s electronic payment solution center at 800-967-6857 or contact the agency responsible for the payments.
Some beneficiaries may still receive paper checks after the phaseout date.
“Where a beneficiary has no other means to receive payment, we will continue to issue paper checks,” a Social Security spokesperson said in an email statement.
The Veterans Administration is required to provide paper checks to the veterans who want them based on federal law, according to Kasperowicz.

The transition away from paper checks may be “problematic” for some people, particularly if they are homeless, disabled, unbanked or just don’t feel comfortable receiving an electronic payment, said Tracey Gronniger, managing director of economic security at Justice in Aging, a national organization focused on fighting senior poverty.
Moreover, beneficiaries may face complications with their payments if they have to go through a waiver process to receive paper checks, Gronniger said.
The Treasury Department has outlined several ways individuals may qualify for a waiver, such as if they live in a remote location without infrastructure to support electronic payments, are age 90 or older or have a mental impairment. The agency is working on reviewing and updating its guidance on waivers based on feedback, according to Treasury officials.
Beneficiaries who are new to electronic payments may be more susceptible to phishing and other types of scams, Gronniger said.
Before responding to any request, the Treasury Department recommends contacting a verified government agency phone number or website to verify it is real. More

Webtoon Entertainment Inc. signage during the initial public offering event outside the Nasdaq MarketSite in New York, US, on Thursday, June 27, 2024.
Michael Nagle | Bloomberg | Getty Images

Webtoon Entertainment shares surged on Tuesday after signing a deal to create a digital comic platform for Disney, and agreeing to sell the media conglomerate a 2% equity stake.
Webtoon briefly jumped around 39%, reaching a new 52-week high. The stock notched its second-largest one-day advance since going public last year.

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Webtoon Entertainment, 1-day

Disney and Webtoon agreed Monday to create a digital platform for the studio’s Marvel and Star Wars brands. More than 35,000 comics tied to Disney properties — including Pixar and 20th Century Studios — will be available on one service with a single subscription for the first time, the companies said.
A ‘preferred destination’
Deutsche Bank analyst Benjamin Black described Monday’s deal as a “material expansion” from a partnership first announced in August. Disney can help diversify Webtoon’s revenue by creating a steady stream of recurring income.
The deal may also help boost interest from other intellectual property (IP) owners looking to follow Disney’s lead, Block said.
“The new agreement further validates Webtoon’s platform as the preferred destination for major IP distribution,” Black wrote to clients.
Morgan Stanley analyst Matthew Cost was skeptical of the immediate impact of the deal on Webtoon’s near-term earnings. In fact, he pointed to the need to invest in order to build out the new platform.

One of Webtoon’s goals is to expand its English-speaking user base, the largest revenue opportunity for the company, Cost said.
Including Tuesday’s rally, Webtoon shares have now more than doubled in the past three months. More

Student loan borrowers who are entitled to debt forgiveness but haven’t been able to get it under Trump may face an “enormous tax liability,” the American Federation of Teachers said in a recent court filing.
The union has said Trump officials are denying borrowers access to income-driven repayment plans, or IDRs. Those plans tie a borrower’s monthly bill to their income and lead to debt cancellation after a certain period.
More than one million student loan borrowers are waiting to access an IDR plan, recent court documents show.

Worried woman looking at her mobile phone.
Srdjanpav | E+ | Getty Images

Student loan borrowers who are entitled to debt forgiveness but haven’t been able to get it under the Trump administration may face an “enormous tax liability,” the American Federation of Teacher said in a new court document.
The teacher’s union, which represents some 1.8 million members, launched its legal challenge against the U.S. Department of Education in March, and is now seeking class action status.

The AFT has said Trump officials are denying borrowers access to student loan forgiveness programs, including income-driven repayment plans, or IDRs. Those plans tie a borrower’s monthly bill to their income and lead to debt cancellation after a certain period.
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“[A]ny borrower who is currently eligible to have their loans cancelled under an IDR plan, such as IBR, but whose cancellation is being withheld by the Department, risks this cancellation being taxed as federal income if the cancellation is not processed before January 1, 2026,” the filing reads.
The U.S. Department of Education did not respond to a request for a comment.
Here’s what borrowers need to know.

Student loan forgiveness is taxable again soon

A law that shielded student loan forgiveness from taxation is expiring this year.
The American Rescue Plan Act of 2021 made student loan forgiveness tax-free at the federal level through the end of 2025. President Donald Trump’s “big beautiful bill” did not extend or make permanent that broader provision.
Without action from Congress, student loan borrowers who get their debt forgiven under the U.S. Department of Education’s income-driven repayment plans, or IDRs, would face a federal tax bill again starting in 2026. IDR plans cap people’s monthly payments at a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 years or 25 years.
Even under current law, borrowers may face a state tax bill depending on where they live.

At the same time, delays in forgiveness

As time runs out for student loan forgiveness to be tax-free at the federal level, hundreds of thousands of borrowers who have requested to be enrolled in a repayment plan that leads to debt cancellation are stuck in limbo under the Trump administration.
According to court records, as of July 31, more than 1.3 million borrowers are stuck in a backlog of IDR plan applications. Meanwhile, 72,730 people are waiting for a determination on their Public Service Loan Forgiveness status. PSLF leads to loan forgiveness after a decade for public servants and certain non-profit workers.
Unless the U.S. Department of Education “acts quickly” to forgive the debt of eligible borrowers, they “could face significant tax bills on debt relief that should have been granted to them without penalty,” lawmakers, including Sen. Bernie Sanders, I-Vt., recently wrote in a letter to Education Secretary Linda McMahon.

Loan forgiveness tax liability could be significant

The tax bill on student loan forgiveness can be substantial.
The average loan balance for borrowers enrolled in an IDR plan is around $57,000, higher education expert Mark Kantrowitz recently told CNBC.
For those in the 22% tax bracket, having that amount forgiven would trigger a tax burden of more than $12,000, Kantrowitz estimated. Lower earners, or those in the 12% tax bracket, would still owe around $7,000.

More borrowers could also be on the hook for state taxes. Many states mirror the federal government’s tax policy on student loans, meaning more states may start to levy the aid next year as well, experts say.
Debt relief granted under the Public Service Loan Forgiveness program is not subject to federal taxes, although borrowers may owe their state a bill.

What to do about the possible tax bill

Borrowers who expect they’ll become eligible for student loan forgiveness in 2025 “should save all payment records with their servicers,” said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York.
“If necessary, they can use this information to prove they were entitled to forgiveness during a year in which it is not subject to tax,” Nierman said.

For borrowers who anticipate the relief after Jan. 1, 2026, Nierman recommends starting to plan for the tax bill by salting away some money when you can in preparation.
Borrowers often don’t have to pay the entire tax bill in one sum, she added.
“They can request a plan through the IRS to spread the payments over a longer period of time,” Nierman said. Meanwhile, if your liabilities exceed your assets or you’re dealing with a serious financial hardship, you may be able to reduce or eliminate the bill altogether, she said. More

The national average credit score, which had been steadily increasing for over a decade, fell for the second consecutive year, according to a new report from FICO.
Increases in credit card utilization and missed payments, as well as the resumption of student loan delinquency reporting, all took a toll.
However, not all borrowers are struggling.

The national average credit score — which had been steadily increasing for over a decade — fell for the second year in a row, according to a new report from FICO, developer of one of the scores most widely used by lenders.
The average score is now 715, down from 717 in 2024 and 718 in 2023. FICO scores range between 300 and 850.

High interest rates and higher prices have been a drag on many Americans’ financial standing. Consumers, overall, are falling deeper into debt, causing an increase in credit card balances and an increase in missed payments, FICO found. That contributed to the average score decline.
“I’m not surprised that credit scores are slipping,” said Matt Schulz, chief credit analyst at LendingTree. “Millions of Americans are struggling mightily in the face of stubborn inflation, high interest rates, a difficult job market and overall economic uncertainty — and tough times often force tough decisions.”

Student loan delinquencies are key factor

The resumption of federal student loan delinquency reporting on consumers’ credit was another significant contributing factor to declining scores, according to FICO.
In a March report, the Federal Reserve Bank of New York warned that student loan borrowers who are late on their payments would experience “significant drops” in their credit scores.

Initially, those borrowers benefitted from the pandemic-era forbearance on federal student debt, which marked all delinquent loans as current. Median credit scores for student loan borrowers increased by 11 points between the end of 2019 to the end of 2020, the Fed researchers found. However, that relief period officially ended on Sept. 30, 2024.

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The resumption of student loan delinquency reporting led to a spike in the rate of recent, severe delinquencies, according to FICO’s report.
Further, student loan delinquencies could continue to increase in the months ahead, largely due to changes in the availability of income-driven repayment plans, according to Tommy Lee, senior director of scores and predictive analytics at FICO.

Not all borrowers are struggling

While the recent “K”-shaped economic recovery caused financial stress for some borrowers, others have strengthened their financial position. Now, more consumers score in the highest and lowest score ranges, FICO also found.
“While the average score has gone down, there are consumers who are benefiting from all-time highs in the stock market and appreciating home prices,” said Lee. “They’ve become wealthier with the dynamics in the stock market and the real estate market.”

How to get a better credit score

For those who have suffered the consequences of lower credit scores, which could include reduced credit limits, higher interest rates for new loans and restricted credit access overall, there are ways to boost your score almost immediately, experts say.
“One of the important things to know is that FICO scores are dynamic,” Lee said.
Some of the best ways to improve your credit score come down to paying your bills on time every month, only applying for credit as needed and keeping your utilization rate, or the ratio of debt to total credit, below 30% to limit the effect that high balances can have, Lee said.

Increasing your credit score to very good (740 to 799) from fair (580 to 669) could save you more than $39,000 over the lifetime of your balances, an analysis earlier this year by LendingTree found — with the largest impact from lower mortgage costs, followed by preferred rates on credit cards, auto loans and personal loans.
“There’s very little in life that’s more expensive than having crummy credit,” LendingTree’s Schulz said. “It can cost you tens of thousands of dollars over the years in fees and interest.”
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The U.S. Department of Education moved my federal student loans to a new company without my knowing.
I spoke to experts about what other borrowers can do if this happens to them, too.
Here are tips on how to avoid account errors that could stem from the change, as well as any unnecessary charges.

Annie Nova
Courtesy: Annie Nova

At first, I thought it was another scam.
A company I’d never heard of sent me an email on Aug. 15 notifying me that it is my new student loan servicer. It was the first I was hearing of the change. Since I finished graduate school in 2017, my servicer has been Nelnet.

“The U.S. Department of Education (ED) authorized the transfer of your federal student loan(s) from Nelnet to CRI,” the message said.
I searched through my emails to see if I’d missed a message about the transfer of my loans, but I couldn’t find one. Finally, I realized that I had received notice of the upcoming change in my Nelnet account inbox (which I don’t remember ever checking). The letter was posted in mid-July.
After I created a new account with CRI, or Central Research Inc., as the message instructed me to do, I panicked when I saw that my loans had been placed in an administrative forbearance. I’d never requested that my loan payments be put on pause, and I’ve written extensively about how costly these reprieves can be, thanks to the accrual of interest.
I couldn’t figure out how long my loans were in that status, and why my next due date wasn’t until the end of October.
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Other borrowers are also reporting their student debt has recently been transferred, with similar headaches, said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York.
“CRI is a relatively new servicer, and it seems that ED is slowly transferring accounts from other servicers to them,” Nierman told me.
The U.S. Department of Education contracts with different companies to service its more than $1.6 trillion federal student loan portfolio, including Mohela, Nelnet and EdFinancial. It pays the servicers more than $1 billion a year to manage roughly 42 million borrowers’ accounts, according to higher education expert Mark Kantrowitz.
I spoke to experts about what borrowers — me included — should know and do if their federal student loans are transferred from one company to another.
The U.S. Department of Education, Nelnet and CRI did not respond to requests for comment.

Save records in case of errors in the move

Student loan borrowers should screenshot and download important information about their accounts from their servicer and with Federal Student Aid on a monthly basis once notified that their servicer will change, Nierman said.
Specifically, Nierman advises getting proof of your loan balance, interest rate, payment status, payment history and any important notifications in your servicer account inbox. (That means actually checking that inbox, which I failed to do.)

But what if you learn about the transfer of your student loans only after it has already happened, as I did? Fortunately, I was able to log in to Nelnet and still access my loan details and payment history. I’ve saved all that data, now, and will be on the lookout for any discrepancies.
“Nothing about your loan details, payment history, eligible payment plans or forgiveness programs should change just because your loans are transferred to another servicer,” Nierman told me.
“But administrative mistakes happen, and keeping your own records gives you ammunition to spot and dispute an error if it occurs,” she said.

Check if your loan payments are paused, too

Amr Bo Shanab | Getty Images

I learned it is often standard procedure for servicers to place student loans into an administrative forbearance — as mine were — during a transfer. Many borrowers’ loans are put into the status for up to 60 days until the change is complete, said Kantrowitz.
“The reason for an administrative forbearance is to ensure that a borrower isn’t marked delinquent if their payments didn’t go to the right servicer,” he said.
During the forbearance, interest will continue to rack up on your debt. But unlike with a general forbearance, you will likely continue to get credit for any forgiveness programs you’re pursuing, Kantrowitz said.

It was the interest charges I was concerned about. As a result, I quickly made my usual student loan payment to my new servicer even though my bills were paused. I may not have done that after my reporting for this story.
Borrowers whose loans are being transferred “can try making payments, but it is risky,” Kantrowitz told me. “The payment may get lost.”
That’s because your loans are in a limbo state during a loan transfer, he said.
“The old servicer is no longer accepting payments, and the new servicer may not be fully set up yet with their loans.”
To avoid any mix-ups, Kantrowitz recommends that borrowers set aside their usual student loan bill amount and then make their payments once their new account is live.
Meanwhile, an administrative forbearance on your student loan account should not affect your credit, he said.
“Nevertheless, borrowers should check their credit after the forbearance is over, to make sure they weren’t accidentally reported as being late with a payment,” Kantrowitz said.

What else to know about a student loan transfer

Lastly, you’ll want to make sure that your new student loan servicer has your current information and that all the details are accurate, experts said. Check the monthly payment amount, total balance, interest rate, mailing address and contact information listed by your updated servicer.
If you were enrolled in automatic payments with your previous servicer, which usually leads to a small discount on your interest rate, you may need to reenroll, Kantrowitz said.
To contact your new servicer, you can find a list of the companies at Studentaid.gov, along with their phone numbers.

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