How can i change my student loan servicer?

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Loma Bahringer asked a question: How can i change my student loan servicer?
Asked By: Loma Bahringer
Date created: Fri, Apr 9, 2021 12:08 PM
Date updated: Thu, Sep 1, 2022 11:45 AM

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Video answer: What to do with your federal student loans in the time…

What to do with your federal student loans in the time…

Top best answers to the question «How can i change my student loan servicer»

You can complete a consolidation loan application at studentaid.gov. You enter the loans you want to consolidate and choose a repayment plan. That's when you can pick a new servicer or stick with the one you have.

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A final desperate act to get away from federal loan servicing would be to consolidate or refinance with a private company. Going this route has major consequences far beyond changing servicers. By refinancing or consolidating in the private sector, borrowers lose all the perks of federal student loans.

Thankfully, you have options to change your loan servicer. The easiest way, which also makes your loans eligible for PSLF is to apply for the Direct Loan Consolidation program. It’s a federal program that will take all your student loans, and bundle them into one new loan with a weighted average interest rate.

When your servicer changes, you'll be provided with ample advance notice, according to the Department of Education. Because the new servicers will all use the same platform, allowing borrowers to seamlessly repay through StudentAid.gov, it won't matter as much who your servicer is.

If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Never pay an outside company for help with your federal student loans. Your loan servicer will help you for FREE. Contact your servicer to apply for income-driven repayment plans, student loan forgiveness, and more.

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