He is always negotiating better student loan refinancing bonuses for readers of the site or finding honest companies that provide student loan advice for a fair price. This program has been rife with problems since … © Copyright 2020 Student Loans Advice. How Are Millennial Homebuyers Saving To Buy Their First Home? Nelnet will service your request, as it’s the only federal student loan servicer that processes disability discharge applications. FedLoan is one of the largest student loan servicing companies, and they handle ALL Public Service Loan Forgiveness applications. This gives them an overall total of 28.8 complaints per million. Laurel Road Review: Is Laurel Road Safe and Legit? The problem with taking our a new Direct Consolidation Loan is that you’ll reset any payments you’ve made with respect to student loan forgiveness (e.g. Borrowers can find their federal loan servicer by logging into your dashboard at StudentAid.gov. When you're choosing your servicer, you can read reviews and consumer complaints to find the best one for you. Education Loan Finance, also known as ELFI, is a national student loan refinancing program for federal and private student loans from Tennessee-based SouthEast Bank. With a Direct Consolidation Loan for federal loans, you'll choose your consolidation servicer. White Rock Loans Review 2021: Scam or Legit? Once your request goes through, you won’t have to deal with any student loan servicer anymore — at least not for your federal student loans. Consolidate your federal loans with a Direct Consolidation Loan or refinance your federal student loans with private loans. However, the company should be making every effort to properly train all its employees. This investing app lets you trade stocks and do everything for free and takes no fees — ever. It will then show a list of your student loan debt that has been registered with the Department of Education (which includes all federal student loans and some private student loans). Don't subscribe You can pay off all your smaller loans with one large Direct Consolidation Loan. Two companies you may have heard of are no longer servicing federal student loans: Aspire Loan Servicing was awarded a contract as a student loan servicer in 2012 but exited the servicing business in 2015.; Conduent Education ceased servicing federal loans as of Sept. 1, 2019, and all loans that were administered by Conduent have moved to other servicers. The student loan servicers handle the transfer of your account, though it won’t affect your student loan terms. Although there's not much you can do to control your servicer, some are much worse than others. Here's how the 9 companies rank from worst to best. To make matters worse, customers claim that the customer service department at AES has been less than helpful when trying to resolve the issues. However, as far as the other servicers are concerned, Great Lakes is your best bet for a service provider in the country. Navient, FedLoan Servicing, and Nelnet received 1,027 complaints per million serviced accounts during the previous year. Unfortunately, three of these servicers are also among the most hated according to complaint statistics. You can check with the college you are enrolling in, state and federal agencies, foundations, religious and education groups, or even your parents’ employers for opportunities. 9 Best Federal Loan Servicers. If you’re interested in checking rates, try a company like Earnest or Credible to see what they will offer you. It’s also fairly common for borrowers to see federal or private student loans transferred to a new servicer at any point after disbursement, including in repayment. But this app really pays you for playing new games with cash rewards. This company serves 6,210,000 customers and had 3,800 complaints registered with the CFPB. Remember how we mentioned that most people have multiple student loans? Once a student applies for a federal loan, he will immediately be assigned to a private loan servicer. Though you don’t have a lot of freedom to choose your student loan servicer, it’s good to know your options. The numbers are quite impressive compared to the others on our list, as you’ll see. Keep in mind that Nelnet is a large company and services millions of student loans. Though Nelnet is doing significantly better than the other two federal loan servicers we’ll talk about, their customer service still leaves something to be desired. You’re assigned a servicer by the U.S. Department of Education when you take out your loan. The first is by taking out a Direct Consolidation Loan (however this may be a really bad idea, so keep reading). Former student loan servicers. What’s worse, they don’t really care to do anything about improving it. As is often the case when an organization doesn’t have to vie for your business, customer service is poor and management is haphazard. Once approved, it will assign the student to a servicer. Potentially by a lot depending on the error to service federal student servicers. Numbers we looked at, AES is trailing nelnet by quite a bit, 2021 CommonBond Legit for student... Against Navient at various points in 2017 and 2018 you’re not happy with Great Lakes is your bet! Independence, investing and other stuff for lawyers that makes you better to statistics... Any of the bad out of all the servicing companies the lawsuits cite new standards... Great investment decisions up your federal student loans not get to select their loan servicer by logging into your at. To federal student loan servicer to discuss your options and other tasks related to federal student loans and with! 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