You should have or will soon be receiving a letter from your current student loan servicing company informing you they will no longer be managing your account. This is huge news because many of the servicing companies like Navient (formerly Sallie Mae) will no longer be managing loans for borrowers.
This is could be a very good thing. It is suggested through numerous complaints and lawsuits that many of the former student loan companies were purposely and fraudulently mismanaging borrowers’ accounts. The major companies that will no longer be coming back include Fedloan Servicing, Navient, Great Lakes, and Nelnet. The new servicing companies will be:
- EdFinancial Services
- F. H. Cann & Associates, LLC
- MAXIMUS Federal Services Inc.
- Missouri Higher Education Loan Authority (MOHELA) and
- Texas Guaranteed Student Loan Corporation (Trellis)
The biggest problem with this change is many times borrowers are late on payments, or the processing is delayed due to the change. It’s important that if you have student loans which you are paying, make certain to read all new mail you receive and make sure your current servicer has the current mailing address and email for you. This will help ensure you are not delinquent on your student loans due to missed correspondence. Don’t be late on your student loan payment as this could impact your credit score.
As these changes come about, contact me to assist you with sifting through any documents you may need to ensure you continue to be successful in paying off your student loans. This may include necessary consolidation (which you can do even with one loan in most cases), applying for an income-driven repayment plan, and applying for forgiveness. Also, for those who are seriously delinquent and in default I can help you negotiate a better payment amount that you can afford and work with the collection company on your behalf.
During this stressful time in our history don’t allow your student loans to add to that stress. Contact me today by scheduling a free call
so I can discuss with you how I can help.
Dr. Genevieve Dobson
Degrees of Success
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