![]() There are five companies that manage most federal student loans, the largest of which is Nelnet. If your assigned servicer has changed, you should have received a letter or email and your account information should transfer automatically, with no change to the terms of your loan. Before taking on a personal loan, it’s important to know how much the monthly payments will be and whether your budget can reasonably accommodate the added expense. Its accounts have been taken over by Nelnet, which shares the same parent compan FedLoans accounts were transferred to MOHELA and Granite State accounts were given to EdFinancial.Īs of June 2023, Great Lakes is no longer managing student loans for the federal government. The number of third-party contractors was trimmed significantly: Aidvantage took over 6 million accounts previously overseen by Navient, which got out of the federal student loan business in September 2021.įedLoans and Granite State ended their contracts with the government in December 2021. What is nice about this way, you can test certain payment plans based on your needs. ![]() All you have to do is key in the payment. ![]() In June 2020, then-Education Secretary Betsy DeVos announced sweeping changes to the companies managing active and defaulted student loans for the federal government. If you key in the original amount, and the interest, the excel spreedsheet does just about everything else for you. ![]()
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