Guide to Student Loan Servicing Changes
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What Is a Student Loan Servicer?
Collecting and processing payments Helping you switch to a new repayment plan Accepting applications for student loan deferment Maintaining your loan records Providing customer service and responding to your inquiries Accepting applications for student loan forbearance
Why Did My Student Loans Transfer to Another Lender?
Your loan servicer’s contract came to an end. Several federal student loan servicers saw their contracts end with the Department of Education in the past few years, including Granite State Management & Resources, Navient, and FedLoan. If you were working with any of these loan servicers, you probably saw your loan servicer switch to Edfinancial Services, Aidvantage, MOHELA, or Nelnet. You’re applying for loan forgiveness. When you pursue Public Service Loan Forgiveness, for instance, you’ll be assigned MOHELA as your loan servicer. You consolidated your student loans. When you take out a Direct consolidation loan, you have the opportunity to choose a new loan servicer from among the Department of Education’s loan servicing partners. You refinanced your student loans. When refinancing student loans with a new lender, you may get a new loan servicer to process your refinanced student loan. Your loan servicer was sold to another company. Private student loan servicers sometimes get acquired by other companies. In this event, your loans will get transferred to the new company. Your lender went out of business. Finally, you may see student loan servicing changes if your original lender went out of business.
What Happens When Your Student Loan Servicer Changes?
Finding Your New Student Loan Servicer
Do Your Student Loan Terms Change?
Can a Private Lender Transfer My Student Loans?
Can I Change My Student Loan Servicer?
Frequently Asked Questions
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