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FedLoan Replacement

calyx
Super Contributor

Re: FedLoan Replacement


@micvite wrote:

@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 

 


Aidvantage is Maximus Smiley Happy  New name for the SL division (I just read about it yesterday)

"Recently Navient shared that we are working collaboratively with Maximus and the U.S. Department of Education to transfer our servicing contract to Maximus, under the name Aidvantage."

(Kind of like PHEAA/Fedloan)

F8 EQ: 802 | EX: 779 | TU: 791 | Accounts: 0/6 2/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 11 of 39
macinjosh
Senior Contributor

Re: FedLoan Replacement

Well, frankly, when mine transfer from FedLoan, I hope they get lost, and I don't have to pay them back. I'll feel bad for the ones who get transferred to Navient and then over to Aidvantage, because I'm sure some wires will get crossed, and people's payments will go missing, and disaster will ensue. 😱


Samsung Financing TD Bank $3,200


Message 12 of 39
calyx
Super Contributor

Re: FedLoan Replacement


@macinjosh wrote:

Well, frankly, when mine transfer from FedLoan, I hope they get lost, and I don't have to pay them back. I'll feel bad for the ones who get transferred to Navient and then over to Aidvantage, because I'm sure some wires will get crossed, and people's payments will go missing, and disaster will ensue. 😱


Be careful what you wish for!  My loans getting lost in a transfer (and not notifying me) are what got me a second default Smiley Sad
The NSLDS file will not lose them, so the gov't will get its pound of flesh.

F8 EQ: 802 | EX: 779 | TU: 791 | Accounts: 0/6 2/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 13 of 39
macinjosh
Senior Contributor

Re: FedLoan Replacement


@calyx wrote:

@macinjosh wrote:

Well, frankly, when mine transfer from FedLoan, I hope they get lost, and I don't have to pay them back. I'll feel bad for the ones who get transferred to Navient and then over to Aidvantage, because I'm sure some wires will get crossed, and people's payments will go missing, and disaster will ensue. 😱


Be careful what you wish for!  My loans getting lost in a transfer (and not notifying me) are what got me a second default Smiley Sad
The NSLDS file will not lose them, so the gov't will get its pound of flesh.


Thank you. I take my wish back. Too bad NSLDS doesn't lose them too. Oh well.


Samsung Financing TD Bank $3,200


Message 14 of 39
macinjosh
Senior Contributor

Re: FedLoan Replacement


@calyx wrote:

@macinjosh wrote:

Well, frankly, when mine transfer from FedLoan, I hope they get lost, and I don't have to pay them back. I'll feel bad for the ones who get transferred to Navient and then over to Aidvantage, because I'm sure some wires will get crossed, and people's payments will go missing, and disaster will ensue. 😱


Be careful what you wish for!  My loans getting lost in a transfer (and not notifying me) are what got me a second default Smiley Sad
The NSLDS file will not lose them, so the gov't will get its pound of flesh.


Be careful what I wish for @calyx? I have opened mouth and inserted foot. I just got email confirmation that my remaining 3 student loans will be transferred to Navient on December 16th. doh.gif


Samsung Financing TD Bank $3,200


Message 15 of 39
calyx
Super Contributor

Re: FedLoan Replacement

@macinjosh - and here I am just getting constant phone calls, letters, and emails telling me that Fedloan is chucking me.... someday Smiley Tongue

F8 EQ: 802 | EX: 779 | TU: 791 | Accounts: 0/6 2/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 16 of 39
Rudy1
Established Contributor

Re: FedLoan Replacement

@Cory88 I have gotten some info my DD has loans serviced by FedLoan(PHEAA) her loans are being transferred to MOHELA. If you don't like your servicrt depending on the type of loan you have you can do a consolidation loan my DS did that from Navient to Great Lakes. I would recommend Great Lakes they are easy to deal with and it is very user friendly.


Goal Cards:
Message 17 of 39
TwoStacks
New Member

Re: FedLoan Replacement

I got an email telling me I'm moving from FedLoan to Mohela as of 12-28-2021. I'm downloading all correspondence and information just in case. I've been with FedLoan since a few weeks before the pandemic when I consolidated my federal loans.

Message 18 of 39
Rudy1
Established Contributor

Re: FedLoan Replacement

Good thinking! So far the transition for my DD to MOHELA has been fine. Her account is up and running. 


Goal Cards:
Message 19 of 39
pizza1
Community Leader
Super Contributor

Re: FedLoan Replacement

Just got an email this morning that my Fedloan is moving to Mohela. Im not familiar with them at all, so I hope its a decent transition. I hate change, lol!!

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013...I'm in the home stretch now!
Message 20 of 39
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