How To Change Student Loan Servicer

Due to the many consequences of federal consolidation borrowers should carefully investigate the process before using it as a tool to change servicers.

How to change student loan servicer. Federal consolidation can actually help some federal loans become eligible for public service student loan forgiveness. Student loan borrowers should consider periodically downloading and retaining relevant loan records payment histories and servicer correspondence to mitigate the risk of records being. Unless fedloan servicing is already your loan servicer applying for pslf will allow you to change loan servicers. Actual student loan management is farmed out to an array of student loan servicers with fed loan servicing great lakes navient and nelnet comprising 90 percent of all u s.

Student loan servicers handle your payments and other services and they re supposed to help you successfully navigate debt repayment. For example there are currently several. In other words as soon as you experience an income drop that looks to be more than just temporary you may want to reach out to see what options you have. They do not get to select their loan servicer at the time of taking the loan.

For others federal consolidation would be a huge mistake. Probably the easiest way to change your student loan servicer is to refinance your loans. The best time to report a change of income to your loan servicer is before you reach a point where you re struggling with how to pay off student loans. How to change student loan servicers.

But unfortunately some loan servicers aren t so helpful and end up giving borrowers incomplete or even misleading information. Nor do they get to change the servicer at any time during the life of the loan. Anna helhoski june 16 2020 many or all of the products featured here are. Unfortunately if you don t like working with fedloan servicing you may be out of options when it comes to switching student loan servicers at least for the federal student loans that are eligible for pslf.