Student loan repayment: To begin in October, know about your loan servicer, payment plan, monthly amount
New Loan Servicer
But it will not be as easy as it is considered now as about 44% of borrowers will have new loan servicers. Student loan borrowers began to get emails in July regarding their new loan servicer and it is better for such borrowers to go to the website of the loan servicer and make a formal contact.
CARES Act
Those students who were in schools at the beginning of the pandemic and have graduated now have not paid any amount, because their federal loans were covered under the CARES Act student loan forbearance program.
Nelnet
In the meantime, all student loans of Great Lakes Institute have been transferred to Nelnet. The company has said that it is in the process of accessing the loan repayment history and it will soon make these data available on its website. Borrowers should look fr the documents into their inbox and should make an online registration with the company.
Navient
Loan servicer Navient has cut ties with the U.S. Department of Education and it will not deal with student loans anymore. These loan accounts have been transferred to Advantage, which has declared that the payment plan and the monthly payment amount may not appear on its website now. Besides, all borrowers who took loans from Granite State have been transferred to EdFinanial Services.
How to call a loan servicer
Great Lakes Educational Loan Services Inc., 1-800-236-4300Edfinancial, 1-855-337-6884
ECSI, 1-866-313-3797 Aidvantage, 1-800-722-1300
Nelnet, 1-888-486-4722
OSLA Servicing, 1-866-264-9762
MOHELA, 1-888-866-4352Default Resolution Group, 1-800-621-3115 (TTY: 1-877-825-9923 for the deaf or hard of hearing)
FAQs:
Q1. When the interest on the loan begin to accrue and when students will have to make the first payment?
A1. The interest
