You are not able to choose your own student loan servicer, since the lender typically assigns one to you once you’ve received a loan. Your loan also may be transferred to a new servicer one or more times during the repayment period.
Consequently, are Navient and Great Lakes the same?
Can you separate myth from fact? Great Lakes, FedLoan Servicing, Navient, and Nelnet are student loan servicers. They’re the connection between you and the lender. For federal student loans, the interest is determined by the Higher Education Act as enacted and amended by Congress.
One may also ask, can I change my federal loan servicer?
The only way for borrowers to change their servicer through the Loan Consolidation process, if that option is available. However, if you feel that your current loan servicer has done something especially egregious, you may submit a complaint to the Department of Education with proof of your claim.
Can you change your federal student loan servicer?
You can complete a consolidation loan application at studentaid.gov. You enter the loans you want to consolidate and choose a repayment plan. That’s when you can pick a new servicer or stick with the one you have.
Is FedLoan servicing going away?
FedLoan Servicing Borrowers Will Still Eventually Be Transferred To New Servicers. In its statement, PHEAA confirmed that it will still be transferring borrower accounts to new loan servicers before December 2022.
Is FedLoan servicing legit?
Here’s the scoop: FedLoan Servicing is a legit company. It’s one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans.
Is Great Lakes still servicing student loans?
Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.
Is Navient a good loan servicer?
Twelve million federal student loan borrowers have their loans serviced by Navient (previously part of Sallie Mae, the well-known private student loan lender, but split as of 2014). … In fact, we asked people to rate their experience including Navient complaints, and the average score was 2.7 out of 5 stars.
Is Navient going out of business?
Navient is leaving the business while under fire from the Consumer Financial Protection Bureau, which sued it in 2017, claiming that the company had made it difficult for borrowers to repay their loans.
Is Nelnet a federal loan?
Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans.
Is OSLA a good servicer?
One of its strengths is customer service. 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.
What do loan servicers do?
Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and interest paid, manages your escrow account (if you have one). The loan servicer may initiate foreclosure under certain circumstances.
Which loan servicer is the best?
Four student loan servicers: ranked
- Great Lakes. Standing out as possibly the best federal loan servicer, Great Lakes actually offers pretty decent customer service. …
- Nelnet. Nelnet comes next. …
- AES/PHEAA. …
- Navient.
Why is FedLoan servicing going away?
FedLoan Servicing, one of the largest student loan services contracted by the U.S. Department of Education, said it will be getting out of the student loan game altogether at the end of 2021, saying loans are getting too complicated and too costly.