How many federal student loan lenders are there?

The eight federal student loan servicers

Learn more about each of the federal loan servicers, including what they can do and how to contact.

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Keeping this in consideration, are federal Perkins loans still available?

The federal Perkins loan program, which provided low-interest loans to students with exceptional financial need, expired in 2017. … 30, 2017, new Perkins loans are no longer available. They featured a fixed 5% interest rate and, at nine months, a longer grace period than other student loans.

One may also ask, are Navient loans Federal? Navient is one of the largest federal student loan servicers. … Most student loans are federal. But if you’re still unsure about whether your student loan is federal or private, the best way to find out is by logging in to studentaid.gov with your FSA ID.

Similarly one may ask, are Stafford loans Federal?

Stafford loans are a type of federal student loan that are either subsidized – the government pays the interest while you’re in school – or unsubsidized – you pay all the interest. … Repayment on all Stafford loans typically begins six months after you graduate or drop below half-time enrollment.

Does Navient own Nelnet?

With this transaction, Nelnet/Great Lakes, Navient and FedLoan Servicing (PHEAA) become the three dominant student loan servicers who collectively service over $1 trillion of student loans. So what does this acquisition mean for your student loans?

Is AES a federal loan?

American Education Services (AES) is a federal loan servicer that processes FFEL loans. While the FFEL program was discontinued, AES still handles borrowers in repayments, and it also services some private student loans for other lenders.

Is Fed loan 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 FedLoan servicing a government agency?

FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support the U.S. Department of Education’s ability to service student loans owned by the federal government. Along with Nelnet and Navient, it is one of the big three for-profit federal student loan servicing companies.

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 Great Lakes a federal loan?

Great Lakes is a U.S. Department of Education federal student loan servicer.

Is Nelnet and FedLoan the same?

Nelnet is a student loan servicer (like FedLoan Servicing) that was chosen by the U.S. Department of Education (ED) to service federal student loans. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process.

Is Sallie Mae a federal loan?

All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.

What companies are federal loans?

Best federal student loan servicers — ranked

  1. Great Lakes. You might not have expected that one of the Big Four to rank as the best federal student loan servicer.
  2. OSLA. …
  3. Granite State. …
  4. HESC / EdFinancial Services. …
  5. Cornerstone. …
  6. Nelnet. …
  7. MOHELA. …
  8. FedLoan Servicing (PHEAA) …

What type of loan is FedLoan?

FedLoan Servicing is a student loan servicer for federal and private student loans operated by the Pennsylvania Higher Education Assistance Agency (PHEAA), a nonprofit providing financial aid services and administering several state grant programs.

Who bought out Nelnet?

FACTS Management

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