Are there any fees associated with student loan servicing?

Yes, there are fees associated with student loan servicing in Wisconsin. These fees are regulated by state law to keep borrowers from being charged too much. For example, under Wisconsin law, when servicers receive payments from borrowers, they can only keep 2% of the payment amount as a service fee. This fee is intended to cover the cost of processing the payment and distributing the funds to the lender. Servicers may also charge additional fees for other services. These include fees for late payments, missed payments, late payments, changing payment plans, or other administrative tasks. In Wisconsin, servicer fees are capped at 5% of the payment amount for any single service. In addition, Wisconsin law also prohibits servicers from charging borrowers for transfers to a different loan servicer, permanently adjusting the repayment plan, or both. The servicer can also charge a fee to cover the cost of mailing paper statements. Finally, it is important to note that these fees may vary from servicer to servicer in Wisconsin. Therefore, it is important for borrowers to understand what fees are associated with their loan before signing up for service.

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Are there any fees associated with student loan servicing?

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