Experts Urge Borrowers to Document Student Loan Details Amid Concerns Over Federal Website Stability

WCTU CLEVELAND 13 — Emmy-nominated and two-time Gracie Award-winning business analyst Jill Schlesinger of CBS News is advising student loan borrowers to take immediate steps to document their payment history, loan balances, and forgiveness status. While Schlesinger emphasized that dismantling the U.S. Department of Education would require congressional approval and is unlikely in the immediate future, she urged borrowers to prepare for potential disruptions that could affect access to critical loan information.

Speaking on CBS News, Schlesinger likened the situation to preparing for a natural disaster, encouraging borrowers to “get a go-bag” of essential financial records. She directed individuals to visit studentaid.gov and take screenshots of their loan details, including balances, interest rates, repayment plans, and proof of payments. “If that website went down for some intermittent period of time, we want you to be prepared,” she warned.

Schlesinger outlined the worst-case scenario as a situation where forgiven loans are mistakenly reinstated for repayment. However, she reassured borrowers that such a move is unlikely. “I would take the picture of the actual loan forgiveness, just in case,” she said. More pressing concerns, she noted, surround borrowers enrolled in long-term plans such as income-driven repayment or Public Service Loan Forgiveness (PSLF). These individuals should ensure they have documentation of all payments, remaining balances, and certifications proving their employment in public service.

With repayment plans spanning 20 to 25 years for some borrowers, Schlesinger stressed that maintaining personal records could be crucial in the event of administrative errors or policy shifts. While there is no immediate action against the Department of Education, she underscored the importance of preparation. “We don’t think anything’s going to happen, but it’s always better to be prepared,” she said.

Cleveland 13 News is reporting this advisory to ensure that local borrowers remain informed and take necessary precautions to safeguard their student loan information.

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