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The Great Student Loans Servicer Shake-Up

Extending the previous article, if you have student loans, your servicer likely has, or will very soon, be changing! Although different, a change in servicer may feel a lot like your bank is selling your home loan. Letters arrive notifying you of the new servicer and generally require you to create a new account online. It’s a good idea to log in and make sure everything looks accurate. Below is a summary of these changes:

Gone (or soon to be gone)

  • Navient
  • NelNet
  • FedLoan Servicing
  • Great lakes
  • Granite State
  • OSLA
  • Cornerstone

Survivors

  • MOHELA (Taking over all PSLF-based loans)
  • HESC/EdFinancial

New Kids on the Block

  • FH Cann & Associates
  • Maximus
  • Trellis
  • Aidvantage
     

There are 43 million student loan borrows with 1.8 trillion in loans and about 90% of that is switching servicers, all during significant rule changes. Fingers crossed!

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