Communicating with borrowers about the defunct SAVE Plan
Even for those of us who live and breathe financial aid, it’s hard to keep up with what’s going on with student loans.
There are just too many moving parts, and the facts on one day can be absolutely wrong the next day.
And yet, it’s critical right now that borrowers understand the status of their student loans.
With approximately 7.5 million borrowers now facing a deadline to change repayment plans, effective communication will be key to help borrowers get on a plan that best fits their needs and helps them avoid delinquency and default. There’s a good chance that borrowers may miss some messages and even avoid some of the calls or emails – thinking they could be possible spam or phishing.
Mapping Your Future will be encouraging borrowers to be proactive in choosing a repayment plan.
Schools are also no doubt communicating with their borrowers about the changes. To help in that effort, Mapping Your Future created a 4 Things Borrowers Enrolled in the SAVE Plan Need to Do Now flyer, which can be downloaded and shared. The flyer includes simple steps the borrowers can take now to make sure they are on the right payment plan.
If you have any suggestions or would like to customize the flyer, contact Mapping Your Future at 1-800-374-4072 or feedback@mappingyourfuture.org.
Unlike financial aid professionals, student loan borrowers should not have to live and breathe financial aid – they just need to understand how to best repay their loans.
Mapping Your Future is celebrating Financial Literacy Month and encourages you to use and share some of the financial tools on our website.
