06-28-2013 05:48 AM
I've seen a lot lately about federal student loan being transferred to different loan servicers. I too, have had that happen this month. When I logged in to make a payment, I noticed my acct has a 0 balance and I was unable to make a online payment. I called and was told it was transferred and would need to contact my new loan servicer to make payment.
So, that's what I did. They said that it would take a few weeks to get everything in their system and to wait for a welcome packet. Now it is 1 week later-- no welcome packet yet, but the online system has everything loaded. It shows my account 6 days past due with delinquent status.
This is the first day I am able to make a payment due to THEIR transfer. I just scheduled one for today.
Will my account always show that I made a late payment? I have a perfect payment histrory and hate for this to show up. I am going to apply for a mortgage in the next few weeks and the printable reference letter on their site says past due.
06-28-2013 08:52 AM - edited 06-28-2013 08:54 AM
Where you 30 days late? (Some loans won't even report until you hit 60 or 90 days.) If not, then it won't be reported. You may get a late fee but due to the transfer, they should waive it. If a late fee pops up(or you get reported), be sure to call them. If they give you some BS about should have sent payments via snail mail, don't accept that. Tell them you don't like sending checks in the mail due to fear of being lost or arriving late, etc. I think at least some of the servicers temporarily modify your due dates during the transfer process as well.
Edit: Somehow I missed the 6 days past due part. You should not be reported for that but call them and make sure you sort it all out. Things like this make me glad my loans were transferred while in the grace period.
06-28-2013 09:31 AM
You are in the clear as far as credit reporting goes. Just make the payments for now but keep a close eye for any fees or penalty interest rates being applied for paying after the due date. If they give you any grief, contact your ombudsman. You should be totally fine though