What Is The Best Student Loan Servicer? (Solved)

1. Great Lakes. You might not have expected that one of the Big Four to rank as the best federal student loan servicer. But Great Lakes has, for years, been known for the great way it takes care of its customers.

Can I choose my student loan servicer?

When you take out federal student loans, you don’t get to choose your servicer. The Department of Education assigns you one, whether it’s Navient, FedLoan Servicing or another of the student loan servicing giants.

Is Navient a good loan servicer?

Twelve million federal student loan borrowers have their loans serviced by Navient (previously part of Sallie Mae, the well-known private student loan lender, but split as of 2014). In fact, we asked people to rate their experience including Navient complaints, and the average score was 2.7 out of 5 stars.

Is Navient forgiving student loans?

Plus, you may be eligible to receive Navient student loan forgiveness once you reach the end of your repayment schedule. Depending on the plan that you choose, you’ll be eligible for forgiveness in 20 to 25 years.

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Can you have more than one student loan servicer?

If you have multiple federal student loans, you may have a different servicer assigned to each. When you apply for loan consolidation, you’ll have the opportunity to choose one of four servicers for the new, consolidated loan: FedLoan Servicing, Great Lakes Educational Loan Services Inc., Navient or Nelnet.

Is FedLoan servicing legit?

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.

How do I choose a loan servicer?

Borrowers don’t get to choose who services their loans. In fact, they don’t get a say at all. After you close your loan, the lender is free to sell it to an external company. That company can also sell the loan, without the borrower’s approval, at which point your servicer may change.

Is Navient and Sallie Mae the same?

Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting student loans. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.

Is Navient private or federal?

Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders.

Is Navient loans private or federal?

1. Navient will no longer service your student loans. If the U.S. Department of Education approves this contract novation, then Navient will no longer be your student loan servicer. This means that, subject to approval, you will no longer make student loan payments to Navient to pay off your student loans.

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Is Navient going out of business?

Navient is leaving the business while under fire from the Consumer Financial Protection Bureau, which sued it in 2017, claiming that the company had made it difficult for borrowers to repay their loans. But Navient was already set to end its federal loan services at the end of the year.

What is going on with Navient?

Education loan management company Navient announced Tuesday it plans to leave the federal student loan servicing game and pass the torch to federal contractor Maximus. This move will affect 6 million borrowers who use Navient as its federal loan servicer.

Is Navient part of the Department of Education?

Navient processes and services on behalf of the U.S. Department of Education, education loans owned by the the U.S. Department of Education. This policy describes the U.S. Department of Education’s principles and practices regarding the sharing of customer information with other entities.

Is OSLA a good servicer?

One of its strengths is customer service. OSLA’s staff are consistently rated in the 90th percentile with good customer satisfaction ratings. It was also recognized as an Exceptional Performer by the U.S. Department of Education. OSLA has serviced the loans of over 130,000 student loan borrowers.

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.

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Who are the new student loan servicers?

Six loan servicing companies – Great Lakes, HESC/Edfinancial, MOHELA, Navient, Nelnet, and OSLA Servicing – will be held to these higher standards starting early next year.

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