Study Loan: A Guide to Understanding Student Loan Servicer Changes

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STUDY LOAN
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(No Transcript)
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A Guide to Understanding Student Loan Servicer
Changes

• Enrolling in automatic payments is one way to
  ensure you pay that first bill and each
  thereafter on time.
• This allows your student loan servicer to deduct
  the amount you owe each month directly from your
  bank account and puts student loans out of sight
  and out of mind, which is exactly where many
  borrowers want them to be.

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Why Servicers Change

• Lenders hire servicers to provide customer
  service on their behalf. This can include doing
  tasks like sending you your bills and collecting
  your payments. Student loans transfer from
  servicer to servicer all the time, and for a
  number of reasons.
• This recently occurred when it ended its
  agreement with Aspire Resources and transferred
  the loans it was servicing to Mohela.

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Your Rights as a Borrower

• Who the servicer is, as well as telephone
  contact numbers
• The address to which the servicer will send your
  bills and communications
• The effective date of your loan's assignment or
  transfer
•  The date that your current servicer will stop
  accepting payments and the date that your new
  servicer will start accepting them

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How Your Loans May Change

• In addition to automatic payments going away,
  some other elements of your loan can change when
  your loan changes hands.
• For instance, your payment amount may shift
  slightly higher or lower as your new loan holder
  calculates your payoff timeframe.
• However, the general terms of your loan will stay
  the same, including your interest rate, current
  repayment plan and any postponement you're using.

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Handling the Situation

• This situation occurs with many borrowers, and
  many times for some of them as well, as there's
  no limit as to how many times a Study loan can be
  transferred or sold.
• And if you automatically debit your payments,
  celebrate the likely anniversary of your first
  payment this November by checking the National
  Student Loan Data System to confirm you're
  sending them to your current servicer.
• Source (http//bit.ly/21l57KX)

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