How To Change Student Loan Servicer

How to Change Student Loan Servicers. 1 Step 1: Know what you owe. Enter details of your existing loan. More than one? Calculate your weighted average interest rate first. 2 Step 2: Estimate your new rate. 3 Step 3: Run the numbers.

When you first get federal student loans, you can’t choose your servicer — the company contracted by the government to manage your loans. But you can change student loan servicers if you consolidate. There’s no reason to make a change if you’re fine with your current servicer.

Granite State Management & Resources, another loan servicer, also exited the Department’s student loan servicing space last year. The Department has completed the transfer of these accounts to other loan servicers as of December, as well.

The U.S. Department of Education assigns your servicer when your loan is first disbursed. The servicer is in charge of collecting and tracking payments you make. If you run into financial difficulty, it helps you enroll in a new repayment plan and grant requests for forbearance. What is a good credit score?