The federal government has told student loan providers not to contact borrowers about resuming payments with just over a month before the moratorium is supposed to end on Aug 31.
NBC News reported that the Education Department has instructed loan servicers not to contact borrowers as recently as “the last couple of weeks,” according to Scott Buchanan, head of the Student Loan Servicing Alliance that represents all companies that administer the federal loans that are covered by the federal moratorium.
“We needed to know two months ago, but really, we’re at the Rubicon here. If we get into August and don’t have guidance on this, I mean, we are really creating an untenable position for us and for borrowers,” Mr.