Just wanted to share this for anyone else that may be wondering about how long it could take.
I submitted my ECF via fax again on September 14th, every other time Fedloan did not receive/process but Mohela did this time - woohoo!
Checked pretty regularly for progress via the Form Status section of this page. I think it was around November that it showed up as received and mentioned 90 business days to process.
January 4th I received an email notice from Great Lakes that my account was being transferred to Mohela "on or about 1/20/2023".
Late last month I was finally able to login on Mohela. I already have them servicing my SoFi loans and the same account works for both which is a little weird to me. Prior to the magic day, trying to login or register would just redirect me to the SoFi page. Some people have reported using successful registration as an indicator of a successful transfer. When I logged in, no information really showed and I had the smiley saying good standing. Over the next week or so, more information populated.
Yesterday (February 8th), I got the welcome email from Mohela and my PSLF counts and full loan details were in there.
Today, I did my daily check of Experian and Great Lakes are officially off with no replacement yet. Jumped up 14 points there on my FICO 8 but I'm sure that'll fall right back once the new ones report.
as of 1/1/23
Oh that'll be MANY MANY weeks, however many it takes to get to about June 2027 for my 120th payment. It really should be January, but I noticed over the years that there's a month or two gap in there while they do the recertification process that no payment is required/gets processed.
Then the "processing time" after that.
Then the "processing time" after that.
Now on March 17th I have EQ and TU showing 14 new lines for MOHELA/DOFED. Each of them is dated between August 2011 and 2016 which corresponds to when they were disbursed - I think I prefer the Great Lakes way of one big loan fully backdated to the first disbursement date. Just makes it all look cleaner and (AFAIK) age for these installment loans doesn't matter like revolvers.
Somehow (could be other metrics like aging, not studying too closely), my EQ FICO 8 is 7 points higher now and TU is 6 points lower.
Somehow (could be other metrics like aging, not studying too closely), my EQ FICO 8 is 7 points higher now and TU is 6 points lower.
And a couple weeks later now on April 5th, they've shown up on Experian as well and brought me down to 800 there.
The Great Lakes way is definitely cleaner looking than all these separate tradelines -.-
The Great Lakes way is definitely cleaner looking than all these separate tradelines -.-
@cr101 wrote:@ccquest What were your scores before and after? I am so hurt by the news that I just got about my loan before xferred. I'm so concerned about my score. Do any of your credit monitoring services show this as a new loan? That's my main thing, that it will scare some of my creditors.
796 before to 810 after they dropped to 812 with aging to 800 once they popped back up to 805 now with more aging I guess. Some of the aging could be balance type things with revolvers though.
Different services shouldn't show anything different either btw, the servicer reports factual data to all of them and they just make it available. I did pull up Credit Karma just to doublecheck for you and those are each backdated as well.