What does a student loan servicer do?

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Mollie Rowe asked a question: What does a student loan servicer do?
Asked By: Mollie Rowe
Date created: Sat, Mar 27, 2021 3:00 PM
Date updated: Wed, May 25, 2022 12:47 PM

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Top best answers to the question «What does a student loan servicer do»

Student loan servicers collect your student loan bills and keep track of whether you pay them on time. They also help borrowers switch repayment plans, certify for forgiveness programs and sign up to postpone loan payments.

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Those who are looking for an answer to the question «What does a student loan servicer do?» often ask the following questions:

💰 What is a student loan servicer?

Student loan servicers collect your student loan bills and keep track of whether you pay them on time. They also help borrowers switch repayment plans, certify for forgiveness programs and sign up to postpone loan payments.

💰 Does suntrust have a student loan servicer?

  • If you currently have a SunTrust student loan, the company recommends that you reach out to American Education Services (AES) with any questions you may have. AES is the servicer that SunTrust has hired to finish servicing existing loans.

💰 What does a student loan servicer do for you?

  • A student loan servicer is a company that manages student loans. Essentially, they are a third party that acts as a middle man between you and your lender. When you make a payment toward your student loan, it is managed by your loan servicer.

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We've handpicked 20 related questions for you, similar to «What does a student loan servicer do?» so you can surely find the answer!

Can you switch your student loan servicer?

For federal loans, the Department generally assigns you a servicer and says that you cannot switch! (See the Department's answer to the question about whether borrowers select loan servicers). However, if you are consolidating your loans, you can choose among a limited list of servicers offered by the Department.

How to file complaint student loan servicer?

File a complaint through the CFPB’s online complaint system or by calling 1-855-411-2372. The CFPB forwards the complaint to the lender or servicer and seeks a response. If your complaint is about the servicer of a federal student loan, you can also file a complaint with the CFPB.

Is discover a private student loan servicer?

How to refinance your discover student loan?

  • Can you Refinance a Discover Student Loan? All borrowers are eligible to refinance their Discover student loans, provided that they can pass a credit check. In a refinance, a refi lender will pay off a borrower's existing student loans. With the old loan (s) eliminated, the borrower repays on a new loan with the refi lender.
Is navient a federal student loan servicer?

Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders… All federal loan information is housed there. If you don't find your loan information through studentaid.gov, you have a private student loan.

Who is the largest student loan servicer?

Of all the federal loan servicers, FedLoan Servicing currently services the largest percentage of outstanding loans at 27%.

What is loan servicer?
  • A “loan servicer” or “mortgage servicer” is the company that handles your loan account. The servicer might be the loan owner or it might be another company.
Can new student loan servicer change interest rate?

When your loan servicer switches, you may have the ability to change servicers on your own terms… You may be able to lower your interest rate during a student loan refinance. But you'll also lose out on benefits like Income-Driven Repayment (IDR) and federal forgiveness programs.

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.

How to track down your student loan servicer?
  • Start by signing into your student loan accounts, if you have your login information, or checking your most recent student loan statement. Alternatively, you can track down your lenders by requesting a credit report. You can access your credit reports from the three main credit bureaus for free at AnnualCreditReport.com.
Where can i find my student loan servicer?

Alternatively, you can find your federal student loan servicer by calling 1-800-4-FED-AID ...

Who is the servicer of my student loan?
  • Your student loan servicer is the company that manages your student loans. Essentially, it’s a third party that acts as a middleman between you and your lender. When you make a payment toward your student loan, it is managed by your loan servicer. Student loan servicers work with borrowers to help manage their student loan repayment.
Can a student loan servicer erase a late payment?
  • They allow you to ask if your student loan servicer can empathize with the situation that caused the lateness and erase it from your report.
Where can i find my private student loan servicer?
  • The best way to find your private student loan servicer is to pull up your credit report. You can check your credit report for free at annualcreditreport.com. You can also use a free tool like Credit Karma to monitor your credit and get help. Once you see your credit report,...
Who is the servicer of the cornerstone student loan?
  • If you were one of the 1 million borrowers with a CornerStone loan, your loan has been transferred to FedLoan Servicing, another federal student loan servicer. FedLoan - run by the Pennsylvania Higher Education Assistance Agency - is currently contracted with the Department of Education through December 2021.
How do i determine who my student loan servicer is?
  • To find out who your loan servicer is, visit your account dashboard, find the “My Aid” section, and select “View loan servicer details,” or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. Whom to Contact for Loan Information
How do i find my loan servicer for student loans?
  • If you have Direct Loans or FFELs that the Department of Education owns, go to the National Student Loan Data System to find out your loan servicer’s information.
  • If you have privately-owned FFELs, contact the lender to get details about your account.
  • If you have Federal Perkins Loans, contact the school where you got the loan to get information. Your school might be the servicer for the loan…
How do i find my student loan balance and servicer?
  • One phone call should help you find your student loan balance and current servicer. Ask your school for help: If you’re having trouble tracking down your loans, talk to your university’s financial aid office. They can help you identify who currently manages your debt.
Is my student loan servicer the same as my lender?
  • As a student loan borrower, your main point of contact when it comes to managing your loans is your loan servicer. This is the company you send your payments to every month. Sometimes, your lender is also your servicer. Often, however, your loan servicer isn’t the same as your lender.
When do i need to change my student loan servicer?
  • Here is a list of our partners. You can change student loan servicers only when you consolidate your loans or apply for Public Student Loan Forgiveness. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.
What is a loan servicer and how does it work?
  • A loan servicer is a company that we assign to handle the billing and other services on your federal student loan on our behalf, at no cost to you. Your loan servicer will work with you on repayment options (such as income-driven repayment plans and loan consolidation) and will assist you with other tasks related to your federal student loans.