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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. If you receive a notification that indicates a change in your loan's status, simply call the servicer you know to confirm the change.
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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.
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.
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
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.
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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