Frequent question: Who is the best student loan servicer?

Can I choose my student loan servicer?

When you take out federal student loans from the Department of Education, you’re automatically assigned a loan servicer to manage your payments. Although you can’t choose your loan servicer in the beginning, you do have a way to switch to a new one — through federal student loan consolidation.

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.

Is FedLoan servicing legitimate?

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.

Who services PSLF?

Send the form to FedLoan Servicing, the contractor that currently oversees PSLF for the department. When the form is processed, your loans will be transferred to FedLoan to be serviced going forward. Submit a new form annually, or whenever you change jobs, to make sure you’re on track for forgiveness.

IT IS IMPORTANT:  Is University of Melbourne a good university?

Is AES a federal student loan servicer?

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.

Who is taking over for FedLoan?

Who Will Be Your New Student Loan Servicer? In its announcement yesterday, Navient indicated that it has reached an agreement with another company called Maximus, which intends to take over the 6 million Navient student loan accounts.

Is FedLoan private or federal?

FedLoan is the only federal loan servicer that handles Public Service Loan Forgiveness applications, including processing employment certification forms. You can submit your forms annually and apply for forgiveness once you’ve made 120 qualifying payments while working for an eligible employer.

Is Pheaa the same as FedLoan servicing?

The Pennsylvania Higher Education Assistance Agency (PHEAA) conducts its student loan servicing operations as FedLoan Servicing for federally-owned loans and as American Education Services ( AES ) for non-federal assets.