Government Buys Student Loan: What to Do? (Bankrate.com)
"Beginning July 1, the majority of families who hold federal Stafford, Grad PLUS or Parent PLUS loans will receive notices that their loans have been bought by the Department of Education, says Sam Nelson, director of client relations for the Illinois Student Assistance Commission," Bankrate.com reports. "Although the change is no cause for alarm, students should be aware that the switch in loan servicers could affect certain borrower incentives and will affect where payments should be sent. Here's what to do if the federal government scoops up your student loan."