I was happy with the Direct Loan Servicing Center. Nearly 10 million federal student loan borrowers will be transitioned to a new servicer by the end of this year after two student loan servicersFedLoan Servicing and Granite State Management and Resourceshave decided against renewing their contracts with the Department of Education (DOE). Please do not listen to anything in the previous comment. The new owner of your loan must notify you within 30 days of the effective date of transfer. Lol. Do I have to start from scratch? Maybe its just their way of trying to get me to sign up for automatic debit, but I wont do that. Your student loan servicer might change soon. There is a two month grace period before anything is reported to the credit bureaus. one month at a time and we call all eventually get rid of our student loans. Get more information about the transfer. 2023 Forbes Media LLC. But im not going to lie, it makes me a little uneasy with all of the scams out there to provide my SSN to a company that I have never heard of and dont actually have an accounct with. I would caution anyone in a similar transfer situation to make sure that they follow up on this and submit the payment that normally would have been made, even if it wouldnt reflect badly on your credit. But I got an email earlier this week stating they were being transferred at least. I would call to discuss this, but its a holiday weekend In the meantime, can someone offer insight and possibly appease some of my anxiety? When they transfer your loan, the new loan holder is hoping that you will just believe them when they say, you owe us now. You dont. This seems like business as usually to them, which is ridiculous. One of my loans was sold to Sallie Mae awhile ago and since youre currently in Forbearance now, it SHOULD carry over to Sallie Mae. Student Loan Transfers from FedLoan Servicing - Nelnet Student-Loan Forgiveness Decision Coming Friday, June 30 - Business Insider I noticed there was a place to log into an account so I tried using the same account information that I used for the DLS site, and to no suprise that didnt work. Apparently they are the only servicer for PSLF (and they are non-profit). All Rights Reserved. It would have been much easier to manage 1 payment instead of 3. What I take exception to, is the lack of communication between the entities involved with the transfer. My loans mysteriously zeroed out with a "no eligible loans message" about a week before I got notification that they would be transferred 2wks later. I have no issues with this practice. I just found out that my my loan was sold to Sallie Mae. We'd love to hear from you, please enter your comments. My federal loan provider on the other hand let me defer my payments with almost no questions asked. I had spoken to both DirectLOAN and Sallie Mae a few days before that. I worried they are going to no garnish my check and my co signers check. In theory, everything should go smoothly with these transfers, and you should be able to continue making your regular payments with your new loan administrator. Long wait times over 30 minutes on hold and every time I call I get different information. For example, someone with $100,000 in federal graduate student loans at the current 6.54% interest rate would make monthly payments of $1,138 on the standard 10-year plan and end up paying $36,502 . I actually think thats why they dumped my consolidation load. Im pretty sure my balance went up across servicers. Nope. This week, the Department of Education quietly announced that some borrowers whose accounts are with FedLoan Servicing will have their student loans transferred to MOHELA, another contracted. Same issue I would suggest getting your credit report. My girlfriends loans were sold to Wells Fargo (subsidized loans through her school, not privately obtained ones) and they cancelled her income based plan she had with her original loan agency and tripled her payment. They called me one day, informing me what happened and I said notify me in writing what youve done and where we stand and I will go from there. Sallie Mae acknowledges in-school deferments. Please see the back of this letter for details ont he new terms. When I look at the back, it tells me how much I owe, and that I will now be paying $448.21/monthly for 8 months. Are you sure you want to rest your choices? They marked my credit, I sued and the judge ruled in my favor. Together we could not make the monthly payments. Like several commenters here, I got an email from DL saying I was being transferred to MyFedLoan.org. Information provided on Forbes Advisor is for educational purposes only. This can happen when the loan is sold or transferred to a new company. Look for servicing companies with .org at the end of their names. I had Sallie Mae and Nelnet then realized the total was the same for both. You are definitely not alone. I just created an account on Nelnets website. This is so false. Like many others have said, you are ok if it shows you are a few days past due b/c it has to be 60days past due for them to report negative info to your credit report. Loan Servicer Website Contact; FedLoan Servicing (PHEAA) myfedloan.org: 1-800-699-2908: Great Lakes Educational Loan Services, Inc. mygreatlakes.org: 1-800-236-4300 So now what? You think thats bad. I joined the army shortly after graduation in 2009. Ive now sent certified letters to the President / CEO & to the Ombudsman of the new institution, managing my loans. You never signed anything with these people calling asking for money. The program is already in place and there's nothing you need to do to enroll. The loans are being transferred, not sold. FedLoan Servicing and Granite State Management and Resources have both opted to not renew their contracts with the DOE. This Credit Card Taught Me Everything I Now Know About Earning - CNET If your student loans are sold, your lender is required to notify you about the change. Tried it a few times with multiple browsers. I guess I need to find a lawsuit group to join on Sallie Mae. That means millions of borrowers will enter repayment during the servicer transition, which has made some student loan borrower advocates wary of how it will be handled administratively. If its a claim of fraud, file a complaint with the Inspector General of the Department of Education. I have written to th creift beuros, Ive been ignored. After 3 months, only 1 payment is reflecting. Did you get an exact reason of why there was different math?, Looks like my Direct Loans got transferred/sold to Nelnet hope the balance disappeared along the way . 99.99% of the time, everything goes fine.. Is there anything I can do? Again, how about some documentation to back this up? My stomach sank. Or give me an idea of what I might say to whom? And about the deferments, the same rules apply. I found this out when I went to purchase a new car. If you have defaulted on your loan(s) and have additional questions, please contact us.. Its been two weeks Id trade Sallie Mae in for just about any other company. Follow me on Twitter at @keywordkelly. I agree. Student loan forgiveness advocates rallied outside the White House last summer to celebrate President Biden's announcement to cancel a portion of the education debt held by millions of Americans . Sallie Mae spent nearly 37.5 million on lobbying from 1998-2012. Any tips on my next step? These companies are responsible for billing, managing and collecting loan payments. This could be related to one of the following reasons: You have paid your loan(s) in full Your loan(s) was paid in full by a consolidation Your loan(s) has been transferred to another servicer You have defaulted on your loan(s) and a claim has been filed with your guarantor or assigned to Default Management Collection Services (DMCS) If you would like to see details about your paid-in-full status, please refer to the Loan Benefits and Details for your account status. Just in case the direct debit wouldnt process, I setup a manual payment for the day before, which processed. What theyre doing is packaging these loans into securities, essentially the exact same thing they did with mortgages. I just found out my loan was transferred to Sallie Mae and is showing a payment date due in 2014. UGH!! It indicates the ability to send an email. If you still have aid after 25 years of on time payment they will forgive balance. The loan servicer that sold your loan to Sallie Mae should have sent you something stating that your status would remain the same with Sallie Mae. From everyones looks like it will take a few months until this is sorted out. I called and they told me it was against Sallie Mae policy. Well considering I do not yet have an account my only option is my SSN. What to Do If Your Student Loan Was Sold to Another Lender - LendingTree Keep a log of all contacts with and communications from [your servicer.] Also I was way ahead on my loan payments, meaning technically I didnt have to make payments if I got into a bind, but when transferred I noticed THAT wasnt transferred. I just wanted to know my balance but everyone keeps saying we dont have your account and sends me back to Great Lakes! Nearly 10 million federal student loan borrowers will be transitioned to a new servicer by the end of this year after two student loan servicersFedLoan Servicing and Granite State. When I called a few weeks ago to change my payment, they said that the lowest they could go for me was $247 a month. Whats your number?? In the mean time, Id written three certified letters to ACS. 5 takeaways from Supreme Court's student loan relief decision : NPR Why are my student loans being transferred to a new servicer? Did you ever find out how you can remove payment history showing from 2005 ? Borrower has no regrets paying off student loans ahead of debt Upon calling the first thing they ask for is either and account number or social security number. What does this mean? As for my own frustration, my loan was transferred to FedLoan Servicing without notice. My payment wouldve been due July 15th-17th (auto-debit) but the payment still hasnt came out of my account today is the 23d. It is rare that any of the agencies seem to be willing to listen, and even though little hope for relief exists (and none of the promised great jobs or increases in salary are actually available), maybe your information could help straighten out some bad situations. US Department of Education is claimin I have over 40 missed or late payments with a list of 9 different services till 2015. As a result, Sallie Mae will be receiving the fewest new loans to service in the upcoming school year. Okay, so Sallie Mae is so bad that the government doesnt think they should get any more new loans, but what about those of us who have already been transferred to Sallie Mae? Glad and not glad to see this happening to others. Now I lost my job need hardship deferment & of course Called 3 times told no problem sent in or fax info follow instructions exactly Guess what refused NOTE: if you try to lower your payment instead of deferment you lose your Original Direct Loan Terms! I sent an email to Nelnet last night and didnt get a reply and called today but was put on hold and I have no idea what the hell happened to my money. Needless to say I was quite surprised last night when I logged on to my Direct Loan Servicing (DLS) account and saw that my $40K in student loan debt had magically been reduced to $0! Just as when a mortgage is sold, the transfer of a loan requires the new owner of the loan to honor the original terms. Sallie Mae is a criminal company. If all these 8 differenct companies are representing one lender the US Department of Education how can I let the credit beaurout knwo all thse 8 different companies areactually the same company. They allow you to defer forever but make it difficult to make payments. FedLoan Servicing Contract Expires: What to Expect For Your Student Loans I am curious how this will impact my ability to continue making payments, as I was under the Income Based Repayment Plan. We strive to provide honest opinions and findings, but the information is based on individual circumstances and your specific experiences may vary. Im wondering if other people had problems with default & Mark LaVia and how you resolved the issue. I worked as a student loan consolidation counselor a couple of years ago, a lot of laws ago too, and I too have heard nightmarish stories about Sallie Mae, Nelnet, Chase, JP Morgan and all the tributaries of her company. Double-boo!! Was my Fed Loan transferred to Mohela or forgiven? : r/PSLF - Reddit I never had a late payment but servicers woulf make errors from time to time, sometimes Iwouold have absolutely no clue that my loan been transfered like 3 times.. LinkedIn Edfinancial Services LLC is a company that helps people manage their student loans. Student Loan Servicing Transfers Begin This Week As Servicer - Forbes I had a horrible experience with Sallie Mae. I was on the IBR program and never had a late payment. The representative was pleasent and told me that it was perfectly normal for federal loans to be transfered to another servicer without any notification. Pay these scumbags off as soon as you can. There are several reasons why a loan might be transferred to a new servicer. The Active Cash offers a $200 cash rewards bonus after spending $500 in purchases within the first three months. Who is impacted? Boo!! For now, getting organized and being proactive will go a long way. If you read comments online you will find that most people realize Sallie Mae to be a very dirty company. The catch allthe loans had to be direct loans and they were until last year when acs purchased them and guess what making me ineligible for forgiveness.imagine that..government programs are a joke because its a scam.when u get close they just sell themhuhdoes anyone have similiarcexperience or any advice.much appreciated. Some people think with the federal loans that the loans they took out were transferred when it was just the loan servicer who was changing. You can then contest this with your bank and file a complaint with the CFPB (Consumer Financial Protection Bureau). Good luck to us all! The company is legit and has been in business since 1974. When a student loan account is closed due to a transfer, it's important to understand the circumstances that led to the closure. Get Back In Touch With Your Money, 3 Reasons Renting Might Be the Right Move for You, our full privacy policies and disclaimers by clicking here. I was behind a few months. They can not harass your boss. I received a letter from Direct Loans saying the loans will be serviced by Sallie Mae. They were just sitting silent letting the interest accumulate. Ive no idea when the loan was transferred, several months from what I can tell. I called them, they sent me to Performant Recovery, who then transferred me to Nelnet.. My problem is my payment for this month and the transfer to Nelnet occurred on the same day without getting any notification. Help!! My Federal Student Loans were transferred from - Reddit The bank can find out who took money via transfer, cashing out the check, etc. In the end, I was told that they did some calculation to make sure I would pay within ten years so they increase my monthly payment. Next year I log into direct loans and see balance of 0. In other words, Government of Sallie Mae, by Sallie Mae, for Sallie Mae., http://billmoyers.com/groupthink/what-to-do-about-student-loans/sallie-maes-profits-soaring-at-the-expense-of-our-nation%E2%80%99s-students/. My loan was transferred to Fedloans recently and my monthly payment increase by $3. I know for sure thats the right line of questioning. Borrowers will need to stay on top of their own loan information to insure that their loan agreements are honored. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. Wells Fargo ACS Sallie Mae Nelnet AES USA FUNDS Fed Loans ECMC. What? My sister is in the same boat. Or prepare me for the worst? Im not a lawyer, but are there any out-of-work lawyers out there who want to start a suit? After I originally commented I seem to have clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I receive 4 emails with the same comment. I called both agencies and to no surprise got conflicting information. They have yet to respnd to my 3rd email I have sent. http://www.propublica.org/article/student-loan-borrowers-dazed-and-confused-by-servicer-shuffle. Their goal is to get you to pay as little as possible for as long as possible. They can not harass you or anyone you know. I went to the doctor last week . Tomorrow, Ill attempt to have Sallie Mae honor my agreement with Direct Loans. Good luck to everyone. Thats just wrong. We are unable to accept an on-line payment for your account at this time. I just checked on my student loans to make a payment and it turns out there is a -0- balance. My work has been included in a variety of publications including Reader's Digest, NASDAQ, Bankrate and more. Because of being sold from one agency to another, also my graduate school nor anyon advised me to borrow all my loans with one servicer. Subscribe to our newsletter to grab free amazing content and have it delivered to you, http://www.consumerfinance.gov/blog/scoring-student-loan-servicers/, http://www.huffingtonpost.com/2013/09/24/cfpb-sallie-mae_n_3985330.html?view=print&comm_ref=false, http://www.myfedloan.org/manage-account/loan-forgiveness-discharge-programs/public-service-loan-forgiveness.shtml, http://higheredwatch.newamerica.net/blogposts/2010/with_an_end_in_sight_whistleblower_lawsuit_reveals_truths_about_the_95_scandal-35559, http://www.propublica.org/article/student-loan-borrowers-dazed-and-confused-by-servicer-shuffle, https://www.youtube.com/watch?v=d-sALU_hveA, 3 Common Retirement Pitfalls (and How to Avoid Them), Say No to a Boring Retirement with These Alternatives, Automated Finances? This includes FedLoan Servicing (PHEAA . Based on experience, if theres a profit motive, your rights will be ignored. Here are three steps borrowers might consider taking now. Borrowers should pretend that payments have already begun and direct their usual monthly student loan payment to a savings . You might be using an unsupported or outdated browser. I made sure to printout my loan summaries so that way when everything is figured out there wont be any surprises. UPDATE Today, as expected, I received a notice from Sallie Mae that my payment is past due and that such information may be reported to consumer reporting agencies which it warns may damage [my] credit rating and be reflected on [my] credit report. But I previously contacted the Department of Education (because I feared this would happen) and was reassured that they had received my loan payment on July 11th. Commissions do not affect our editors' opinions or evaluations. They can not tell you that you should have died. Why Justice Amy Coney Barrett wrote about babysitters in her student You can certainly send someone else money that you owe the Federal government and they will take it and will call you to ask for it. February 21, 2022 graduates Are you confused about why your student loan says closed? I have never missed one and have worked hard to maintain good credit, if a transfer like this, with no notification, causes a late payment or blip on my credit that would be upsetting and unfortunate. Or will FedLoans honor the past three years Ive been on an IBR through a public service job retroactively? Biden's plan would have provided relief to most federal student loan borrowers - as many as 43 million people. Easily done. Turn off Fox and stop spouting talking points from la la land. It has key information about your federal student loans, including the loan amounts, interest rates and account statuses. An curved arrow pointing right. The transfer went through a full two weeks before I was informed by mail that it would happen. Prior to this change, only six loan servicers would have handled the administration of your loan: Department of Education Student Loan Servicing Center (ACS), Direct Loan Servicing Center (ACS), FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae. In the meantime it seems I am to be treated like a dead beat. Sometimes the move is initiated by the borrower. What rights do I have? It seems that the companies involved could have done a lot better job on the transition and saved their customers a lot of grief, wasted time and potential credit impact. Any help is appreciated. In fact, direct loans are so cheap I bet you a bank would be happy to trade you a loan to them for your debt. One hand does not know what they other is doing. It was the most demoralizing horrible experience Ive been through. There are so many choices out there that Im completely overwhelmed .. Any suggestions? I thought Obama was going to help us to deal with the heavy burden of all these debts and the inability to make enough money to pay them off in our lifetime. My loan just got transferred, causing my credit to take a hit (because the student loan account was my longest open account). What To Do If Your Student Loan Servicer Is Changing This Year - Forbes The Forbes Advisor editorial team is independent and objective. Did you get a notice that your student loans are transferring to a new I would advise people to not take it on faith that the education will pay off in the end (especially those pursuing architecture). Finance and CBS News Radio. Im suspicious by nature, so rather than celebrating that some secret patron had paid off the rest of my education, I started wondering how this obvious mistake could possibly mess up my financial plans. Thankfully now they did something and I am still adding extra cash to my monthly payment so I technically still dont owe a payment until August 2013, but it was just not a pleasant experience all around. I ended up contacting MyFedLoan and it turns out that it took them a month to get the auto payment stuff transferred over, and they automatically put a special exemption on the account so that the skipped month wouldnt be reflected as a skipped payment (which was a nice courtesy). Above all, however, Mayotte advises borrowers to exercise patience during the process, and adds that some servicers include forbearance periods after a transition to help borrowers adjust. Friday is the last day of the Supreme Court's term before summer recess and it means a student-loan . Has this ever happened to anyone and can give me any feedback? Contact your bank. ACS had been allowing me to defer the loan., which I was doing to free up cash to pay off my smaller debts first(debt snowball, smallest to largest ). I was looking for my tax form and cant find their website. I am still not exactly sure what FIA stands for because the website that was provided was http://www.myfedloan.org which is for a company called FedLoan Servicing.
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