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FedLoan Replacement

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Jshepherd04
Established Member

Re: FedLoan Replacement

I've been patiently waiting also. Just got my email this morning that my loans are going too AidAdvantage, skipping Navient also.

Starting FICO8 Score on 01/2021: EQ-540, TU-540, EX-540
Current FICO8 Score on 04/2022: EQ-681, TU-668, EX-665
Current FICO9 Score on 04/2022: EQ-676, TU-707, EX-724
Goal FICO8 Score: EQ-720, TU-720, EX-720

Credit Cards
Discover IT (1/15/2021) - $1,500 SL
Capital One QuickSilver (3/4/2021) - $300 SL
NFCU Cash Rewards Mastercard (4/12/2021) - $6,000 SL
NFCU Cash Rewards Visa (5/31/2021) - $23,000 SL
Lowes Advantage (9/3/2021) - $6,000 SL
Directions CU Rewards Visa (9/9/2021) - $1,000 SL
Amex Blue Cash Preferred (2/13/2022) - $1,000 SL
PenFed Power Cash Rewards Visa (2/15/2022) - $2,000 SL
Capital One Platinum (3/1/2022) - $2,000 SL
Total CL - $42,800
PenFed Auto Loan at 4.4% APR(12/26/2021)

Message 31 of 39
Limitless3000
Member

Re: FedLoan Replacement

I have received a notice that FED Loan will no longer service student loans. They have not informed me who my new provider may be. I am afraid. I submitted document for the loan forgiveness program and it states that they are reviewing my information & that it may take several months to process. That's crazy because I may have a new provider in a few months. I hope my already credited years of service isn't lost of messed up.   Smiley Sad


Starting Score Fico 8: EX664 EQ671 TU654
Current Score: EX664 EF671 TU654
Goal Score: 750+ Across All


Take the myFICO Fitness Challenge

Message 32 of 39
calyx
Super Contributor

Re: FedLoan Replacement



@Limitless3000FedLoan has received a one year extension of its contract - don't worry yet (I also have FedLoan and follow SL news pretty closely).


Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 33 of 39
KristinaQ86
Member

Re: FedLoan Replacement

Mine went to Nelnet... according to CK fed loans reported mine closed yesterday and my CK scores dropped about 100 points... will probably get pummeled again once nelnet re-reports as "new" debt. Im sick to my stomach over this. We just finally got mortgage ready and were expecting to start home shopping in the next few months. The timing could literally not be worse.

Message 34 of 39
pizza1
Community Leader
Super Contributor

Re: FedLoan Replacement

Well , fedloan reported closed/ transferred on my reports. Mohela hasn’t reported yet😔


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 35 of 39
Limitless3000
Member

Re: FedLoan Replacement

@calyx  Thanks 


Starting Score Fico 8: EX664 EQ671 TU654
Current Score: EX664 EF671 TU654
Goal Score: 750+ Across All


Take the myFICO Fitness Challenge

Message 36 of 39
ccquest
Established Contributor

Re: FedLoan Replacement


@KristinaQ86 wrote:

Mine went to Nelnet... according to CK fed loans reported mine closed yesterday and my CK scores dropped about 100 points... will probably get pummeled again once nelnet re-reports as "new" debt. Im sick to my stomach over this. We just finally got mortgage ready and were expecting to start home shopping in the next few months. The timing could literally not be worse.


If it makes you feel better, Credit Karma scores aren't entirely representative of what your mortgage company would see.

 

Depending on what sort of accounts you have, you may have lost all of your "credit mix" with installment loans so once the new one reports it may go right back up again.

as of 11/27/22
Current Cards:
Message 37 of 39
calyx
Super Contributor

Re: FedLoan Replacement


@ccquest wrote:

@KristinaQ86 wrote:

Mine went to Nelnet... according to CK fed loans reported mine closed yesterday and my CK scores dropped about 100 points... will probably get pummeled again once nelnet re-reports as "new" debt. Im sick to my stomach over this. We just finally got mortgage ready and were expecting to start home shopping in the next few months. The timing could literally not be worse.


If it makes you feel better, Credit Karma scores aren't entirely representative of what your mortgage company would see.

 

Depending on what sort of accounts you have, you may have lost all of your "credit mix" with installment loans so once the new one reports it may go right back up again.


It should not report as "new" debt - it'll be backdated, so don't worry too much about it.
Also, CK/vantage scores are pretty far from mortgage scores (FICO 2, 4, & 5).


Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 38 of 39
Crimsonglory
New Member

Re: FedLoan Replacement

I must be an outlier. My FedLoan went to EdFinancial. Had notices since around October and just received confirmation last week that all is transferred. It basically says "This letter is to inform you that effective 2/4/22 the US DOE transferred the servicing of your student loan from FedLoan Servicing to Edfinancial Services". It also says any auto-pay arrangement info has been transferred as well, which is what I had done. I'm wondering if mine went to EdFinancial because I still owe almost the entire thing, having made only 1 payment before the pandemic hit and everything halted. 

As a side note, the letter also says: "Now that we are servicing your federal student loans, you may see some changes on your credit report. Within 90 days, your old federal student loans will now be reported by us". 

Message 39 of 39
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