Topic : how to change student loan servicer
Not to worry. I recently had the opportunity to sit down and talk to a former customer support rep who still remembers one of her favorite spots she used to go to help students apply for student loans (which are often the ones that the student struggles to pay back).
For students looking to make the switch from one company to another, here are some tips for how to get the switch done that will save you a couple of hours of your time. Pay attention to the details You have a choice to either be “lucky” and switch a giant company to a company that is local and can give you service.
Many of these local companies are notoriously terrible, but those that are familiar with the rules are more likely to be able to navigate better. Most consumer services can help you choose the right student loan servicer to make a better decision. Make sure you pay attention to the fine print, as any changes or additions to the existing contract can affect your loan.
While some may look good in their online information, remember that the financial institutions that make their money off of the student loan market are the same ones making the changes. As the rep in my previous position said, if they want to change their contract, there is only one way they can do so.
The easiest and most efficient way to switch the student loan servicer is to just put in the request right away. Most lenders will also provide a 30-day window to switch for both full-service loan servicers and subcontractors. When you see the extension of that window, get in touch and have the switch completed before you need it in order to avoid being charged a penalty fee (as of now, these costs anywhere from $100–200. Don’t buy).
Also, when you have questions about the switch, ask the loan servicer where you applied. It may give you a clue as to which student loan service you are better suited for and which you need to look into. Call and ask Consumer service reps will be happy to help you with your questions and concerns.
Many of the consumer protections that we enjoy are due to those types of interactions. The most important thing to remember is that not all customer services are created equal. Experts have the experience and tools to help you navigate any issue. While there are some companies that won’t let you know, a good rep will usually be able to get you some answers within a few days.
Even if the student isn’t familiar with the difference between the former and current contract, a rep should be able to find out what the loan servicer is offering. However, if it is a very generic term, it may take you longer to get an answer. Another option is to use the contact information listed under each servicer’s Terms of Service or Contract and let them help you to get that answer.
This may not be an option if the old servicer has kept the contact information for older students. By having a good deal of patience, a great approach to this and other consumer questions can be taken care of.
Hence conclude the topic : how to change student loan servicer.