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FedLoan Replacement

calyx
Super Contributor

Re: FedLoan Replacement

@pizza1 - I'm still waiting, and I'm VERY MUCH hoping for a transition to Mohela - from what I've seen, they're one of the better ones.

F8 EQ: 807 | EX: 785 | TU: 790 | Accounts: 1/6 3/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 21 of 39
simplegirl
Valued Contributor

Re: FedLoan Replacement

My updated information was fedloan is extending its contract to october of next year. Other than that i haven't heard anything about my loan being transferred. but i do wonder if the late payments will stay or go away since they are going away.








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Message 22 of 39
calyx
Super Contributor

Re: FedLoan Replacement


@simplegirl wrote:

My updated information was fedloan is extending its contract to october of next year. Other than that i haven't heard anything about my loan being transferred. but i do wonder if the late payments will stay or go away since they are going away.


Late payments will stay as long as the account is present on your credit report (I mean, they'll fall off at 7y like normal, but the lates won't magically disappear).  Interestingly, when my loan transferred to fedloan last year, EX deleted my old account, so if the old account is deleted, then yes, you'd "lose" your lates.  TU & EQ kept the old, closed/transferred line.   It will be an interesting YMMV situation with all of this transferring.

F8 EQ: 807 | EX: 785 | TU: 790 | Accounts: 1/6 3/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 23 of 39
JamP
Valued Contributor

Re: FedLoan Replacement

I haven't heard a thing. I keep making payments to Fedloan.

I would not wish it on anyone to lose their loans, they always seem to find you eventually.

 

Let's hope the transfers are smooth.

250k+ CL and climbing.
Message 24 of 39
simplegirl
Valued Contributor

Re: FedLoan Replacement


@calyx wrote:

@simplegirl wrote:

My updated information was fedloan is extending its contract to october of next year. Other than that i haven't heard anything about my loan being transferred. but i do wonder if the late payments will stay or go away since they are going away.


Late payments will stay as long as the account is present on your credit report (I mean, they'll fall off at 7y like normal, but the lates won't magically disappear).  Interestingly, when my loan transferred to fedloan last year, EX deleted my old account, so if the old account is deleted, then yes, you'd "lose" your lates.  TU & EQ kept the old, closed/transferred line.   It will be an interesting YMMV situation with all of this transferring.


Yeah they fall off in 3 years just wanted to see if it would happen sooner due to this transition.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge





Goals:

Get First Home in Summer 2025
Message 25 of 39
pizza1
Community Leader
Super Contributor

Re: FedLoan Replacement

Just an update on my transfer.... They went to Mohela, and today I got an email confirming the transfer to them, and I went ahead and set up my online stuff. They said, the transfer should be completed by 1/13/22. I really hope this doesn't screw up on the CRA's..(fingers crossed for a smooth all around transition!)

My rebuild worked for me, but won't necessarily work for you!
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Message 26 of 39
calyx
Super Contributor

Re: FedLoan Replacement


@pizza1 wrote:
Just an update on my transfer.... They went to Mohela, and today I got an email confirming the transfer to them, and I went ahead and set up my online stuff. They said, the transfer should be completed by 1/13/22. I really hope this doesn't screw up on the CRA's..(fingers crossed for a smooth all around transition!)

It should be smooth - just give it a few months to shake out on reporting.

I'll be interested to see if the Fedloan (whenever mine transfer) falls off of EX like the original loan did when it got transferred *to* Fedloan.

At this rate, I could have ended up with a thick file (at least with TU & EQ) on student loans alone Smiley LOL

F8 EQ: 807 | EX: 785 | TU: 790 | Accounts: 1/6 3/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 27 of 39
macinjosh
Senior Contributor

Re: FedLoan Replacement

Well, I'm happy to report that my loans transfered to Aidvantage without issue. They totally skipped Navient. I'm not crying. Everything went without a hitch. In fact, I like that Aidvantage gives more details on their website than FedLoan did.




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Message 28 of 39
jlegleiter
Established Member

Re: FedLoan Replacement

Thoughty I would chime in.

No real surprises given other's responses so far, but I received notification sometime last year that my loans would be transferring from FedLoan to Mohela.

 

Last month or so, I received a notification via email to setup my Mohela account. So far, I only received the following message:

"Welcome! We received your account information from FedLoan Servicing; but it's still being processed. Your full account information is expected to be available by 01/13/2022. We'll notify you when your information is available"

 

I expect that in the next week or so, this will update. To be completely honest, I never had any issues with FedLoan, so I do not have a great deal of excitement for the transition. I'm sure that Mohela will be more than adequete just as FedLoan was!





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Message 29 of 39
calyx
Super Contributor

Re: FedLoan Replacement

I'll just sit here crying that my loans aren't going anywhere yet Smiley Wink

F8 EQ: 807 | EX: 785 | TU: 790 | Accounts: 1/6 3/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 30 of 39
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