Student loan servicers cut customer service hours ahead of payment restart | CNN Politics

As many Americans prepare to restart their student loan payments in October, loan servicers are making changes to their customer service hours. Some companies, including the country’s largest servicer - Navient - have announced they will be cutting back on their service hours even as borrowers brace themselves for potential payment issues.

According to Navient’s website, their call center hours have been reduced from 8 a.m. to 9 p.m. EST to 8 a.m. to 8 p.m. EST, Monday through Friday. Meanwhile, FedLoan - which services federal loans - will reduce their phone support hours to an 8 a.m. to 5 p.m. EST, Monday through Friday schedule.

The decision to cut back on customer service hours has raised concerns among some borrowers who anticipate payment difficulties as loan forbearance - which allowed borrowers to pause their payments due to the pandemic - comes to an end. Some experts say these changes in hours could create longer wait times and more difficulty for borrowers seeking assistance.

Student loans are a significant financial burden for many Americans. According to Forbes, the average college graduate in the class of 2019 had $29,900 in student loan debt. With the pandemic causing financial instability for many, the restart of student loan payments could be especially challenging. The decision of servicers to cut back on customer service hours adds another obstacle for borrowers seeking assistance.

As the restart of student loan payments approaches, those with loans will need to stay informed and prepared for any potential issues. It’s important for borrowers to be aware of their servicer’s customer service hours and contact information in order to stay on top of any upcoming changes that could impact their payments.