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FedLoan Replacement

Cory88
Frequent Contributor

FedLoan Replacement

Has anyone gotten any info on were the Loans from FedLoan going to a new services? I think it may go to edfinancial as they got my loans in the first place and they have been getting loans from Granite State. I'm nervous that it will go to Naviant.

Message 1 of 17
16 REPLIES 16
ccquest
Established Contributor

Re: FedLoan Replacement

There's been some things going around about Mohela getting the first batch of transfers, but nothing clear about all accounts.

 

There's even this official Mohela page which has language that makes it sound like not everyone is moving there.

as of 11/29/21
Current Cards:
Message 2 of 17
Cory88
Frequent Contributor

Re: FedLoan Replacement


@ccquest wrote:

There's been some things going around about Mohela getting the first batch of transfers, but nothing clear about all accounts.

 

There's even this official Mohela page which has language that makes it sound like not everyone is moving there.


I have not gotten anything yet good to know. Thanks.

Message 3 of 17
calyx
Super Contributor

Re: FedLoan Replacement

A couple of people here have mentioned that they've gotten info, so I'm guessing they're working through it.

I'm still waiting to hear on mine, as well.   I am cracking up at the fact that I'll have an entire line on my credit report that had no activity (since FedLoan took my loan from Cornerstone, which will now be turned over to someone else).   I had super bad experiences with PHEAA back in the day, so I'm happy to be away from them.

 

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 17
JamP
Valued Contributor

Re: FedLoan Replacement

Following.

 

I'm interested to see where everyone's loans go.

 

Too Bad they didn't forgive them, no let's switch companies again... Wishful thinking I know. 

250k+ CL and climbing.
Message 5 of 17
calyx
Super Contributor

Re: FedLoan Replacement

Today I got an email and it says

 

"Over the next year, your loans will move to a different servicer.  Until this change happens... [yada]"

 

So it looks like they're expecting loans to take a while to transfer (I would expect plain jane loans to go first, followed up PSLF and other forgiveness programs).   I'm not shocked, just very slightly disappointed that there's a chance I'll have to remit payment to them.    For no other reason than I personally would find it funny to have an account on my reports I've never done anything with.

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 6 of 17
Cory88
Frequent Contributor

Re: FedLoan Replacement


@calyx wrote:

A couple of people here have mentioned that they've gotten info, so I'm guessing they're working through it.

I'm still waiting to hear on mine, as well.   I am cracking up at the fact that I'll have an entire line on my credit report that had no activity (since FedLoan took my loan from Cornerstone, which will now be turned over to someone else).   I had super bad experiences with PHEAA back in the day, so I'm happy to be away from them.

 


I never had a big issues with any on the serving agents at all. I spoke to a manager with FedLoan and she said "FedLoans is sending over 25k of loans in waves with the people that are in repayment or almost done with grace first then people will be the last that are marked as in school all federal loans will transfer to Mohela" she seamed very informative in the info and it sounded right I guess we will see.

Message 7 of 17
Lebrunrf
Valued Member

Re: FedLoan Replacement

I'm a confused because I got a notice from FedLoan who is my current servicor, letting me know Navient will be my new servicing company howver I also read earlier that Navient would ALSO stop servicing student loans????

 

Any insight would be helpful, thanks!

Message 8 of 17
calyx
Super Contributor

Re: FedLoan Replacement


@Lebrunrf wrote:

I'm a confused because I got a notice from FedLoan who is my current servicor, letting me know Navient will be my new servicing company howver I also read earlier that Navient would ALSO stop servicing student loans????

 

Any insight would be helpful, thanks!


@Lebrunrf - It may have just been unfortunate timing.
Navient is transferring their SLs to Maximus (article on Navient's site here)

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 9 of 17
micvite
Frequent Contributor

Re: FedLoan Replacement


@calyx wrote:

@Lebrunrf wrote:

I'm a confused because I got a notice from FedLoan who is my current servicor, letting me know Navient will be my new servicing company howver I also read earlier that Navient would ALSO stop servicing student loans????

 

Any insight would be helpful, thanks!


@Lebrunrf - It may have just been unfortunate timing.
Navient is transferring their SLs to Maximus (article on Navient's site here)


Well actually... my navients are both going to aidvantage... sooooo looks like everything is going everywhere Screenshot_20211029-012432_Gmail.jpg

 

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $7400
Citi DC: $8000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
VS CC: $1850
Kohls: $1500
Synchrony car care: $4000
Message 10 of 17
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