Free Repayment Guide » In Repayment » Maintain Your Credit » Keep Track of Changes to Your Loan Servicer

Keep Track of Changes to Your Loan Servicer

Recently, many lenders have moved or are moving their loans (selling them) to the U.S. Department of Education, which could result in a change in your loan servicer.  This selling of loans simply means you no longer owe your original lender; you now owe the Department of Education.

The Department of Education has contracts with four major loan servicers to handle all the loans they are getting from lenders, so there’s a good chance that one of the following organizations may service your loans if your loans were sold or will be sold to the Department:

You should always be notified if and when your student loans are sold, so be sure to keep record of any correspondence you get about this, and always look for at least three important pieces of information on the notice you get:

1. Name of Loan Servicer
2. Toll free number
3. Web address for managing your loans online

Whether by email, on the Web, or by phone, the ability to effectively engage with your loan servicer(s) can save you time and energy, and should help ensure that you always understand the best ways to manage your student loans and keep them in "good standing".

• Subtask Complete!