What determines your student loan servicer?

Look for the most recent communication from the entity sending you bills for your loan payments. If you have Federal Perkins Loans that are not owned by ED, contact the school where you received your Federal Perkins Loan for details about repaying your loan. Your school may be the servicer for your loan.

Can you choose your student loan servicer?

When you first get federal student loans, you can’t choose your servicer — the company contracted by the government to manage your loans. But you can change student loan servicers if you consolidate. … The U.S. Department of Education assigns your servicer when your loan is first disbursed.

Can I choose my loan servicer?

No, borrowers do not choose who services their mortgage. If you’re unhappy with your servicer, you’ll need to refinance to a new loan, using a lender that does not work with that servicer.

Can you have more than one student loan servicer?

If you have multiple federal student loans, you may have a different servicer assigned to each. … When you apply for loan consolidation, you’ll have the opportunity to choose one of four servicers for the new, consolidated loan: FedLoan Servicing, Great Lakes Educational Loan Services Inc., Navient or Nelnet.

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Why does my student loan servicer keep changing?

Department Of Education Actions

Sometimes loan servicers can change for reasons outside of the borrowers control. The Department of Education may simply decide not to renew your servicer’s contract. And when the current contract expires, your account will need to be moved to a new company.

How do I get Navient student loans forgiven?

You can apply for PSLF on the StudentAid.gov website. If you’re accepted to the program, Navient will automatically transfer your federal student loans to FedLoan Servicing. The Department of Education says that it will notify you if you’ve been accepted to the program.

Can I request a new loan servicer?

The only way to change mortgage servicers is to refinance your loan and move to a lender that services the loans they originate. Keep in mind, just because a company services a loan today doesn’t mean they’ll continue to do so long term. The industry is always changing.

How can I prevent my mortgage from being sold?

How to Avoid Having Your Mortgage Sold. There is a clause in most mortgage contracts that says the lender has the right to sell the mortgage to another servicing company. 6 If you’re getting a notice that your loan is being sold, you have two options: go along with it, or refinance with another company.

Can I transfer my student loans to another servicer?

You can’t change the servicers on a private student loan, but you can refinance them (sometimes called a private consolidation) with another lender. This does not transfer the loan. Instead, the new loan pays off the balance on the old loan.

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Is OSLA a good loan servicer?

OSLA’s staff are consistently rated in the 90th percentile with good customer satisfaction ratings. It was also recognized as an Exceptional Performer by the U.S. Department of Education. OSLA has serviced the loans of over 130,000 student loan borrowers.

Can I transfer my Sallie Mae loans to another lender?

Sallie Mae consolidation is no longer offered for their private loans. However, students can refinance their Sallie Mae and other private student loans through another private lender or bank, which would then switch over the management of the new refinanced loan to that lender.

Who will take over FedLoan servicing?

The CFPB indicated that the Department is considering “bridge contracts” with these other major student loan servicers (such as Nelnet, Navient, Great Lakes Higher Education, and a handful of smaller nonprofit servicers) to take over the FedLoan and Granite State accounts and effectively maintain the current federal …

What does it mean when your student loan is transferred?

A “transferred” status is considered final, meaning the account is no longer active. If the consolidation loan was from a new lender and the funds had been used to pay off the balances from other lenders, the status of each of the old accounts may have been updated to “paid.” A “paid” status is also considered final.

What does in grace mean on student loans?

There’s a six-month period between when you leave school and when you are required to start paying back your student loans. This is called your grace period. The grace period is intended to help you adjust to life beyond school and figure out your finances before you begin making payments.

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