Nearly 90% of all federal student loans will be assigned to one of the “Big Four”: FedLoan Servicing, Great Lakes, Navient, or Nelnet. The rest will be assigned to one of five nonprofit servicers: Cornerstone, Granite State, HESC, MOHELA, or OSLA.
Regarding this, can I choose my student loan servicer?
You don’t get to pick your loan servicer. Instead, your lender assigns one to you. If you’re not sure who your loan servicer is, you can find it by visiting My Federal Student Aid.
Beside above, 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 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 Nelnet and Navient the same?
Federal student loan servicers, such as Nelnet and Navient Corp., are companies that collect payments, respond to customer service inquiries and perform other administrative tasks on behalf of the U.S. Department of Education.
Is Nelnet going out of business 2021?
Currently, Nelnet is under contract with the Department of Education through December 2021. After December 2021, Nelnet’s contract is unlikely to be renewed and its borrower portfolio will be transferred to another loan servicer.
Is Nelnet private or federal?
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 nelnet shutting down?
Nelnet will continue servicing federal student loans through Dec. 14, 2023, getting a two-year extension on a contract that was scheduled to end this December. Nelnet will keep a significant piece of business that it had been in danger of losing for at least two more years.
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.
What happened to my Nelnet loan?
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.
Who bought out Nelnet?
Who took over FedLoan servicing?
“The Pennsylvania Higher Education Assistance Agency (PHEAA)… has signed a one-year contract extension to service Federal student loans past the December 14, 2021 expiration date of its current servicing contract,” said the agency in a statement.
Why does my student loan servicer keep changing?
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.