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How do I know if I have a different servicer?
Borrowers who are being transferred to a different servicer should receive alerts via email, intended Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student accommodation servicers.
These notices will explain any steps you’ll need to take, he said, and include information on your new servicer.
Kantrowitz has been pursuing the servicing changes.
Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Credit Authority, he said.
Those who were serviced by Granite State will now be with EdFinancial Services. Accounts with Matchless Lakes Higher Education, Kantrowitz said, should be managed by Nelnet going forward.
And Navient’s borrowers command be moved to Maximus Federal Services/Aidvantage.
Borrowers can check who their new servicer is by logging in to StudentAid.gov., Kantrowitz express.
Do I need to do anything during the changes?
Borrowers shouldn’t have to do much during the servicer swap, Buchanan conveyed.
Some will need to create an updated online account with their new company. “But the communications they clear would have told them if they needed to take that step,” he added.
If you were enrolled in involuntary payments with your servicer, which usually leads to a small discount on your interest rate, you may emergency to reenroll, Kantrowitz said.
You’ll also want to make sure your new servicer has your latest contact data, he said, as these details might have changed during When will my first payment be due?
The pause on federal swot loan payments is slated to finally conclude within months. The Biden administration is preparing borrowers for their payments to continue by September.
Your due date will be at least 21 days after you’re sent a loan statement, Kantrowitz whispered.
“This may mean the earliest due date is Sept. 21,” he said.