{"id":12579,"date":"2020-08-14T17:07:37","date_gmt":"2020-08-14T22:07:37","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=12579"},"modified":"2022-04-07T12:24:30","modified_gmt":"2022-04-07T17:24:30","slug":"next-gen-fsa","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/next-gen-fsa\/","title":{"rendered":"Next Gen FSA: Major Change Coming To Federal Student Loans"},"content":{"rendered":"<p>We\u2019ve been preaching for years that something needs to change with student loan servicers and now it will. Besty Devos and the Department of Education are moving forward with a massive overhaul of the Federal Loan servicing system for Direct student loans.\u00a0 They have <a href=\"https:\/\/www.ed.gov\/news\/press-releases\/us-department-educations-office-federal-student-aid-announces-new-contracts-five-companies-improve-customer-service-increase-accountability\" target=\"_blank\">announced the five contract awards<\/a> as part of their Next Gen FSA vision.<\/p>\n<p>Will these changes be a good thing? We still don\u2019t know but should know more as the Department of Education releases more information.\u00a0 This article discusses what the Next Gen FSA vision is, what the changes might mean to you, <strong><u>AND WHAT YOU NEED TO DO TO PROTECT YOURSELF.<\/u><\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Newest Update:\u00a0<\/strong><span style=\"color: #000000;\"><span style=\"color: #ff0000;\">The government just exercised their ability to extend their servicing contracts with FedLoans, Great Lakes, Navient, and Nelnet through December 2021.\u00a0 They extended the contracts with CornerStone, Granite State, Edfinancial, MOHELA, and OSLA through March 2022.\u00a0 This means the following changes will not happen this year. Most likely it will be phased in during 2021.<\/span>\u00a0\u00a0<\/span><\/span><\/p>\n<p>For those of you that want to listen while you drive\/workout, download the podcast below:<br \/>\n<iframe loading=\"lazy\" style=\"border: none;\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/14983646\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/backward\/render-playlist\/no\/custom-color\/87A93A\/\" width=\"100%\" height=\"90\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>The Next Gen FSA Vision<\/h2>\n<p>It is a well known fact that loan servicers mess up all the time.\u00a0 Allocating prepayments incorrectly, missing payment information for <a href=\"https:\/\/www.fitbux.com\/articles\/income-based-repayment\/\">IBR<\/a>, missing qualified payments for PSLF, and missing account records are just a handful of problems that we constantly see with loan servicers.<\/p>\n<p>In 2017, Besty Devos announced the plans for Next Gen FSA.\u00a0 The Next Gen FSA program shifts all Direct loans to one centralized servicing platform.\u00a0 The purpose is to \u201ctake a major step toward our commitment to improving customer service and holding our contractors accountable for their performance.\u201d<\/p>\n<p>The most important product of Next Gen is\u00a0the recently launched website <a href=\"https:\/\/www.StudentAid.gov\" target=\"_blank\">https:\/\/www.StudentAid.gov<\/a>.\u00a0 It is a single website that consolidates student aid resources and data from four other sources:\u00a0<a href=\"https:\/\/studentaid.ed.gov\/sa\/\" target=\"_blank\">studentaid.ed.gov<\/a>, a website for students, parents, and borrowers to access information about different financial aid programs,\u00a0<a href=\"https:\/\/fsaid.ed.gov\/npas\/index.htm\" target=\"_blank\">fsaid.ed.gov<\/a>, where applicants create their FSA accounts,\u00a0<a href=\"https:\/\/studentloans.gov\/myDirectLoan\/index.action\" target=\"_blank\">studentloans.gov<\/a>, where they can manage their loan and repayment, and\u00a0<a href=\"https:\/\/nslds.ed.gov\/nslds\/nslds_SA\/\" target=\"_blank\">nslds.ed.gov<\/a>, the financial financial-aid database, where students can access information about their loan debt.<\/p>\n<h2>What These Changes Mean To You<\/h2>\n<p>Massive change compared to the current system\u2026<\/p>\n<p>You will no longer be dealing with your current loan servicer (this is for Direct Loans, FFEL loans are still going through the old servicers. Side note: most of you reading this have Direct Loans).\u00a0 Therefore, you won\u2019t be working with the companies you have come to love such as Great Lakes, Navient, Nel Net, Fed Loan Servicing, etc\u2026 (Yes, I\u2019m writing that with a sarcastic tone).<\/p>\n<p>Instead, everyone will log into <a href=\"https:\/\/www.studentaid.gov\" target=\"_blank\">https:\/\/www.studentaid.gov<\/a>.\u00a0 You\u2019ll use one system to repay your loans and get information on your loans.\u00a0 The aforementioned contract awards were given to five companies.\u00a0 These companies will have call centers and be responsible for answering emails similar to the current loan servicers but with a lot more oversight (which I detail more in the next section).<\/p>\n<h2>What You Need To Do To Protect Yourself<\/h2>\n<p>There are two big red flags that you need to be aware of to protect yourself if this change happens in the next 6 \u2013 18 months.<\/p>\n<h3>Red Flag 1<\/h3>\n<p>Transitions between systems\/technologies NEVER goes smoothly. I hardly doubt that the transition from bad servicing companies to this new portal will go 100% perfect.<\/p>\n<p>Therefore, you need to protect yourself.\u00a0 Starting this month, keep records of everything. Download loan balances, payment history, documents stored on your loan servicers website, PSLF info if you are pursuing PSLF, etc\u2026<\/p>\n<h3>Red Flag 2<\/h3>\n<p>The new loan servicing environment is said to have comprehensive contact center training and oversight to ensure that agents have up-to-date knowledge of federal student aid programs to give customers the right answer in every interaction.<\/p>\n<p>However, I see this being the same problem currently experienced by loan servicers. The various Federal loan programs are complex.\u00a0 Most of the people hired in these call centers have little education, especially in finance.\u00a0 In fact, most don\u2019t know <a href=\"https:\/\/www.youtube.com\/watch?v=F2Zk9U0Ra5c\" target=\"_blank\">how a traditional loan works<\/a> let alone the complexities of <a href=\"https:\/\/www.fitbux.com\/articles\/income-driven-repayment\/\">income-based repayment plans<\/a>.\u00a0 How they are going to train a mass amount of people and reduce employee turnover is a problem.\u00a0 Therefore, you should still work with <a href=\"https:\/\/www.fitbux.com\/student-loan-planner\/\">student loan\/financial experts<\/a> and not trust what they are telling you is \u201cbest\u201d for you.<\/p>\n<p>With that said, I have some optimism that it might work.\u00a0 The contracts signed today also contain 41 objective, measurable service-level agreements that hold vendors to high operational performance standards.\u00a0 The question becomes how strictly do they adhere to these standards\u2026Only time will tell.<\/p>\n<h2>Pros of Next Gen FSA<\/h2>\n<p>All student loan info in one place<br \/>\nSame payment process for everyone<br \/>\nSame User experience for everyone<br \/>\nNew scorecard for accountability<\/p>\n<h2>Cons<\/h2>\n<p>Same as before (can the loan servicing companies train their employees in the complexities of the loan programs).<\/p>\n<h2>Other Resources For You<\/h2>\n<p data-ce-key=\"266\"><a href=\"https:\/\/www.fitbux.com\/\" data-ce-key=\"267\">Our Main Website FitBUX.com<\/a><\/p>\n<p data-ce-key=\"266\"><a href=\"https:\/\/www.fitbux.com\/articles\/finding-student-loan-planner\/\">Why Finding A Student Loan Planner Is Hard<\/a><\/p>\n<p data-ce-key=\"268\"><a href=\"https:\/\/www.fitbux.com\/articles\/\" data-ce-key=\"269\">FitBUX Articles<\/a><\/p>\n<p data-ce-key=\"270\"><a href=\"https:\/\/www.fitbux.com\/student-loan-refinance\/\" data-ce-key=\"271\">Free Student Loan Refinance Service<\/a><\/p>\n<p data-ce-key=\"272\"><a href=\"https:\/\/www.fitbux.com\/student-loan-planner\/\" data-ce-key=\"273\">Free Student Loan Planning Service<\/a><\/p>\n<p data-ce-key=\"272\"><a href=\"https:\/\/www.fitbux.com\/articles\/income-based-repayment\/\">Income Based Repayment Guide<\/a><\/p>\n<p data-ce-key=\"274\"><a href=\"https:\/\/www.fitbux.com\/pslf\/\" data-ce-key=\"275\">PSLF Resource Center<\/a><\/p>\n<p data-ce-key=\"276\"><a href=\"https:\/\/www.fitbux.com\/fitbux-score\/\" data-ce-key=\"277\">Your FitBUX Score<\/a><\/p>\n<p data-ce-key=\"276\"><a href=\"https:\/\/www.fitbux.com\/articles\/best-student-loan-refinance-companies\/\">The Best Student Loan Refinance Companies<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve been preaching for years that something needs to change with student loan servicers and now it will. Besty Devos and the Department of Education are moving forward with a massive overhaul of the Federal Loan servicing system for Direct student loans.\u00a0 They have announced the five contract awards as part of their Next Gen [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[183],"tags":[121,442,9],"class_list":["post-12579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loan-repayment","tag-student-loan-repayment","tag-student-loan-servicer","tag-student-loans","post-wrapper","thrv_wrapper"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Next Gen FSA: Major Change Coming To Federal Student Loans<\/title>\n<meta name=\"description\" content=\"This article 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He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates.","sameAs":["https:\/\/www.fitbux.com\/articles\/joseph-reinke-bio-page\/","https:\/\/www.facebook.com\/groups\/FitBUXOfficialGroup","https:\/\/www.instagram.com\/fitbuxofficial\/","https:\/\/www.linkedin.com\/in\/jreinke12\/","https:\/\/x.com\/fitbuxofficial","https:\/\/www.youtube.com\/@fitbux"],"honorificSuffix":"CFA","birthDate":"1983-05-01","gender":"male","knowsAbout":["Finance","real estate","investments","student loans","financial planning"],"jobTitle":"CEO & Founder of FitBUX","worksFor":"FitBUX"}]}},"_links":{"self":[{"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/posts\/12579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/comments?post=12579"}],"version-history":[{"count":0,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/posts\/12579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/media\/12582"}],"wp:attachment":[{"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/media?parent=12579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/categories?post=12579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fitbux.com\/articles\/wp-json\/wp\/v2\/tags?post=12579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}