Which servicer should I choose? I’m consolidating out of FFELP to take advantage of the IDR waiver. Currently with Navient. Good/bad experiences with government loan servicers? TY!
Posted Jun 7, 2022, 8:11 PM UTC
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I also have a mix of direct and FFEL loans that I want to consolidate to Direct under the new one time waiver. I’ve been too nervous to pull the trigger. Any updates on your application?
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I’ve been researching servicers and most are being bought and consolidated into mega-servicers. Loans are being moved around because only certain companies are going to service PSLF loans and applications. The CARES act people go back into repayment very soon. Then there’s the one time IDR waiver. It really looks like servicers are going to be crazy overburdened.
I’m nervous, too. I’ve been Sallie Mae then Navient during all my years of repayment. I don’t even think I’ll benefit from the IDR waiver, but I think it’s a good idea to have government held loans. The two years of interest-free non-payment would have been life changing for me. Like, crazy life changing! So, in case I benefit from any student loan forgiveness or qualify for any future payment or interest reprieves, I’m making the change.
Anyway, that is my thinking. In wanting to choose a smaller, less burdened servicer, I am looking into EdFinancial. They are nothing special. Usual number of complaints, even some serious ones. But I watch my student loans like a hawk, so I think I’ll be OK. The government is really cracking down on sleazy practices, hence the IDR waiver. I am going to do my application either today or tomorrow. I’ll let you know what I ultimately choose.
This is so stressful!
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They are all pretty much the same. I have greatlakes and it's easy to navigate the website and I've heard the same about naviant.
Thank you! I hear so much complaining about servicers. I thought I’d get a few horror stories but it’s crickets in my thread. I guess since federal loans have been paused for so long, people just aren’t interacting with their servicers as much.
Most horror stories come from private loan companies and misinformation where someone feels they were mislead by the company when in fact some light education would have solved the problem from the very beginning.
You will be fine with any of them.
That makes sense. I also hear stories of miserable interactions with customer service where the agent doesn’t have the right info and can’t or won’t dig further to answer the question. I had an annual ritual of sitting down with two calculators and a cup of tea, and yelling to my H, “I’m calling India! Wish me luck!” This was during early implementation of the new IBR classifications, and much math was argued in these calls. Want to know how to offend a cs agent? Know how to math.
Anyway, I’m so far into my loan journey that things are pretty straight forward. And I’m persistent and polite with cs. TY for your replies!!!