It was a bit concerning when the news broke that Great Lakes was bought out by Nelnet. Unfortunately, the short answer is no. The first way is to consolidate your federal student loans through a Direct Loan consolidation.
The other option is to refinance your federal student loans. With student loan refinancing, you can choose whichever lender you want. However, refinancing federal student loans can be a dangerous move.
Take our 11 question quiz to get a personalized recommendation of whether you should pursue PSLF, IDR forgiveness, or refinancing including the one lender we think could give you the best rate. Clint Proctor is a freelance writer and founder of WalletWiseGuy. When he's away from his keyboard, he enjoys drinking coffee, traveling, obsessing over the Green Bay Packers and spending time with his wife and two boys. You can actually opt to consolidate your student loans which will give you the option to pick any of the companies listed here as your new loan servicer.
Great lakes used to be, well great. Even after I repeatedly asked. I might consolidate my loans just to change servicers. The above review points out that Navient is the worst of the worst, so I wonder why, then, that Navient is given these loans intially? Thanks for the reply, Travis! However, not all of my loans are eligible for IDR plans. Or should I reconsolidate just my unsubsidized loans, or not at all?
Very tricky and confusing stuff. As you are aware, your student loans die with you. What do you think? Privacy Policy - Terms and Conditions - Disclaimer. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program.
We may earn compensation from advertising partners when you click on links on this site. We do not provide tax or legal advice. This is why we work hard to ensure that our content delivers complete and unbiased information. Read more about our editorial ethics policy. All rates listed represent APR range. Offered terms are subject to change and state law restriction. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. The bonus amount will depend on the total loan amount disbursed. Rate range above includes optional 0. Terms and conditions apply. There is a limit of one bonus per borrower.
This offer is not valid for current Earnest clients who refinance their existing Earnest loans, clients who have previously received a bonus, or with any other bonus offers received from Earnest via this or any other channel. Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2. Variable rates range from 1. Your rate will be calculated each month by adding a margin between 2. You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment.
The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction.
For multi-party loans, only one party may enroll in Auto Pay. Earnest clients may skip one payment every 12 months. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. Find a Solution Today. Having Trouble Paying? Review Your Options. Sign Up For Direct Debit. Sign Up Today. Go Mobile! No matter where you are, your account is just a finger tap away with our mobile app.
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We apologize for any inconvenience this may cause and thank you for your patience. Sign In Now. Create an Account. There are changes coming to how federal student loans are serviced. The U. Five servicers were selected for this new initiative, so many student loan borrowers will be shifted to a new servicer as the program is rolled out in the next few years. If you have loans managed by one of these companies, update your contact information to ensure that any emails are sent to your inbox and not your spam folder.
Once the change is in effect, monitor your student loan account and ensure that your payments go through correctly. You may have to sign up for automatic payments again. Private institutions such as banks, credit unions and online lenders originate these loans and hire loan servicers to manage the accounts, much like federal student loans.
To find out who services your private student loan, log in to your lender website or app. You should be able to find details about your loans, including the loan balance, interest rates and loan servicer.
If you have no idea who the loan servicer is, check your credit reports. The loan servicer should be listed next to the account, along with any contact information. The process of finding your student loan servicer can seem frustrating, but there are a few ways to locate this information. Start by logging in to your student loan account, calling the Federal Student Aid Information Center or checking your credit reports.
Make sure to tell your loan servicer when your address or other information changes so it can continue sending you important information about your loan. Finally, return to your account each month to make payments, track your progress and get information about hardship options. How We Make Money. Kim Porter. Written by. Kim Porter is a personal finance expert who loves talking budgets, credit cards and student loans. In addition to serving as a contributing writer for Bankrate, Porter also writes ….
Edited By Chelsea Wing. Edited by. Chelsea Wing. Chelsea has been with Bankrate since early She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity. Key Principles We value your trust.
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