Do you hate the user interface of your student loan service? Have you had any negative experiences with customer service?
Personally, I had really negative experiences with Fedloan’s interview.
Unfortunately, it is quite common for Federal Student Loan services to have difficulty meeting the ongoing needs of borrowers. Although borrowers complain about all government loan providers, you can find a better provider using one of these methods.
Note: If the Department of Education relocates your loan servicer without you, read the following: What happens if your student loan servicer changes?
Consolidate loans
When consolidating your federal student loans, you need to choose your credit provider. You can apply for a bundling of federal loans at StudentLoans.gov , and choose your mechanic at the end of the process.
Credit providers that handle direct consolidation loans include:
- Advantage of help
- HESC / EdFinancial
- Great Lakes Educational Loan Services, Inc.
- MOHÉLA
- OSLA Student Loan Service
- ICSE
- Nelnet
Note: Fedloan, Navient and GSMR were all credit providers in the past, but no longer served federal student loans. Find out here why credit servicers are giving up.
Consolidation of student loans allows borrowers to extend the term of loan repayment, reduce monthly obligations to one payment, and maintain all the benefits of federal loans.
This is the most direct method to change the provider, so it is worth considering if you have difficulties with your current lender.
Apply for cancellation of a public service loan
Another solution to moving away from your current service rep might be to apply for cancellation of a public service loan (lpfp) loan. FSLP is a program where the government gives you your remaining federal student loans after 120 payments if you work full-time in a public service.
If you qualify for PSLF, your credits will be transferred to MOHELA. More information about PSLF can be found on the website of the US Department of Education.
Refinancing to a private lender
Tired of dealing with all the officials? It may be a good idea to transfer your loans to a private lender.
Before you do this, you need to be sure that you can easily make the necessary payments for a standard 10-year repayment plan. You should also have the income or credit history to lower the interest rate on your student loans. Be sure to compare the interest rates of several lenders before making the change.
Here is our list of the 10 best places to refinance your student loans.
Total disability leave
The penultimate method of changing the loan provider is probably the least desirable. If you are entitled to a full and permanent disability leave, the leave will be processed through Nelnet. The DPT request is here.
Nelnet contains a lot of interesting and easy-to-understand information about TPD, so be sure to check out the website if you think you qualify.
Eliminate all providers by repaying loans
If your loan officer is upsetting you, use this boredom to motivate you to repay your student loans faster. The best student loan service is not at all.
Once you have repaid the student loans, you should throw yourself a little party. Maybe your party can look like something like this.
