When borrowing money from the federal government to pay for your undergraduate degree, graduate school, or professional program, the Department of Education doesn’t deal with you directly after you graduate and as you repay your loan. Instead, after your loan is paid out to your school, the Department of Education assigns you to a loan servicer.
Your loan servicer is responsible for collecting your loan payments and for working with you as you repay your loan. Unfortunately, not all loan servicers provide excellent customer service to borrowers, and problems can sometimes arise with servicers. It can also be confusing to determine who your loan servicers are, especially if you have multiple loans that are all serviced by different student loan companies.
This list of student loan servicers can help you determine who is responsible for servicing your student loans, so you’ll know who to reach out to about repayment issues and who to turn to for help when you have questions about your student loans.
Complete list of student loan servicers
The Department of Education works with only a limited number of student loan servicers. These student loan servicing companies are responsible for administering all of the loans issued through the Direct Loan Program and the Federal Family Education Loan (FFEL) Program. Here are the servicers that the Department of Education works with.
- CornerStone website
- Telephone number: 800-663-1662
- Address: P.O. Box 145122, Knoxville, TN 37930-6008
- How to take charge of your CornerStone student loans
FedLoan Servicing (PHEAA)
- PHEAA website
- Telephone number: 800-699-2908
- Address: P.O. Box 69184, Harrisburg, PA 17106-9184
- Resources for borrowers whose loans are serviced by FedLoan Servicing.
Granite State (GSMR)
- GSMR website
- Telephone number: 888-556-0022
- Address: P.O. Box 3420, Concord, NH 03302-3420
- Review of GSMR
Great Lakes Educational Loan Services
- Great Lakes Educational Loan Services website
- Telephone number: 800-236-4300
- Address: P.O. Box 7860, Madison, WI 53707-7860.
- In October of 2017, Nelnet, another student loan servicer, bought Great Lakes Educational Services. Learn what Nelnet’s purchase of Great Lakes Educational Services means for student loan borrowers
- HSEC/EdFinancial website
- Telephone number: 855-337-6884
- Address: P.O. Box 36008, Knoxville, TN 37930-6008
- Information and resources for EdFinancial borrowers
- Mohela website
- Telephone number: 888-866-4352
- Address: 633 Spirit Drive, Chesterfield, MO 63005-1243
- Get to know Mohela guide
- Naviant website
- Telephone number: 800-722-1300
- Address: P.O. Box 9500, Wilkes-Barre, PA 18773-9500
- Information and resources for Navient borrowers
- Nelnet website
- Telephone number: 888-486-4722
- Address: P.O. Box 82561, Lincoln, NE 68501-256
- Information and research for Nelnet borrowers
Oklahoma Student Loan Authority (OSLA) Servicing
- Oklahoma Student Loan Authority website
- Telephone number: 844-835-7494
- Address: P.O. Box 18475, Oklahoma City, OK 73154-0475
- Review of OSLA
What do student loan servicers do?
Student loan servicers handle all of the many complex and varied administrative responsibilities associated with managing student loans. Some of the different student loan services that student loan companies offer to borrowers include the following:
- Collecting loan payments from borrowers
- Processing changes in name, address, and contact information
- Setting up automatic payments
- Enrolling eligible borrowers in income-driven or other flexible repayment plans
- Providing help to students who cannot afford to make loan payments
- Providing borrowers with educational resources to better understand loans
- Answering questions about student loan bills
- Providing customer service support to borrowers
- Issuing a Form 1098-E tax form that you need to deduct student loan interest from your taxes
You do not get to choose your student loan servicing company, so, unfortunately, there’s no opportunity to shop around for the best student loan companies to service your federal loans. You’re stuck with the servicer assigned to you.
If you have multiple loans, it is also possible your loans will be assigned to multiple servicers. This means dealing with two different companies, or more, when setting up repayment plans or trying to take advantage of programs like Public Service Loan Forgiveness.
In some cases, the Department of Education might also transfer your student loan from one loan servicing company to a different student loan servicer. You will still owe the Department of Education the same amount of money as you did before the transfer of the loan, but a different servicer will be responsible for helping to facilitate your loan repayment process.
How to determine who your loan servicer is?
If you have federal student loans and you aren’t sure who your loan servicer is, there’s a tool that can help you find out. To find the student loan servicing companies servicing your loans, visit the National Student Loan Data System and click on “Select Financial Aid Review.”
You’ll be asked to accept the terms and conditions and to enter your Federal Student Aid (FSA) login information. If you don’t already have an FSA login, you can create one by selecting the “Create an FSA ID” from the tabs along the top of the screen.
After logging in, you’ll see a complete summary of all of your student loans, the amounts you owe, and details about the loan servicer, including the servicer’s contact information. You can find out more in this guide to finding your student loan servicer about the specific process of discovering who the servicer is for all of your student loans.
What to expect if your student loan servicer changes
If the Department of Education transfers your loan to a new servicer, the assigned servicer who’s taking over the administration of your loan will typically notify you of the change via mail or letter.
Once your student loans are added to the system of the new servicer, you’ll then receive a full welcome packet that includes information about the transition to the new servicer and details about any steps you need to take, such as signing up for an online account with the new servicer.
Your loan terms do not change when you move to a different student loan servicer. The new servicer receives all of your information from the previous servicer, including up-to-date payment information about your student loans.
Once you’re notified that your loan servicer is officially changed, you’ll need to begin sending your payments to the new servicer. If you have autopay set up through a bank or bill paying service for your existing loan, you might need to update the contact information to the new servicer so your financial institution knows where to send the payment.
Working with student loan companies
Between September 1, 2016, and August 31, 2017, complaints were made to the Consumer Financial Protection Bureau about more than 250 companies in the student loan business, including complaints about many student loan servicers. Borrowers raised complaints to the CFPB about:
- Problems accessing protections for federal student loan borrowers, including difficulty getting help with loan discharge after severe disability.
- Student loan servicers putting obstacles in the way of the borrower’s ability to take advantage of income-driven repayment programs.
- Loans being improperly placed into forbearance.
Some companies, including Navient and AES/PHEAA, were the subject of many more complaints than other student loan servicing companies, as this chart from the CFPB shows.
A group of students is suing their student loan servicers for allegedly providing false information about whether the students were able to qualify for Public Service Loan Forgiveness.
Because it’s common to have problems with student loan servicers, it’s important to try to do your own research into what your rights are as a borrower, rather than solely relying on your servicer for that information. Since you don’t have a choice about who your loan servicer is, understanding your rights as a consumer and carefully documenting information provided by your servicer can help you ensure you’re treated as fairly as possible as you pay back your student loans.
You should also speak up as a consumer and make a complaint to the Consumer Financial Protection Bureau if you believe your servicer is mistreating you or engaging in unethical business practices.
If you hate your student loan servicer, you can also consider options such as refinancing your loans. While refinancing isn’t right for everyone, it’s one of the few ways you can end a relationship with a student loan servicer who’s making your repayment process more difficult than it needs to be.
If you decide to refinance, research any student loan companies you are considering to make sure they have a good reputation and won’t cause you more hassle as they administer your loan during repayment. You can check our guide to the best banks to refinance student loans as a good starting point to find a student loan servicer who will hopefully treat you right.
Interested in refinancing student loans?Here are the top 8 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.20% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of December 13, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 12/13/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Figure.
Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.
4 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.
5 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
6 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
7 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019.
8 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 12/019/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
|1.99% – 6.89%1||Undergrad & Graduate|
|2.31% – 7.36%2||Undergrad & Graduate|
|2.06% – 6.81%3||Undergrad & Graduate|
|2.62% – 6.12%4||Undergrad & Graduate|
|2.29% – 6.65%5||Undergrad & Graduate|
|1.99% – 7.06%6||Undergrad & Graduate|
|1.81% – 6.29%7||Undergrad & Graduate|
|1.90% – 8.59%8||Undergrad & Graduate|