If your student loan is transferred to another servicer, it means that the company responsible for collecting your payments and managing your account has changed. This can happen for several reasons, such as the original servicer selling your loan to another company or the Department of Education reassigning your loan to a different servicer.
When your loan is transferred, you should receive a notification from your current servicer with details about the transfer and the new servicer's contact information. You should also receive a welcome letter from the new servicer with instructions on how to set up an online account and make payments.
Here are some things to keep in mind when your student loan is transferred:
Your payment due date may change, so make sure to check the due date on your first statement from the new servicer.
Your interest rate and loan terms should not change as a result of the transfer.
Your payment history and credit score should not be affected by the transfer, as long as you continue to make payments on time.
If you are enrolled in an income-driven repayment plan or other repayment program, you will need to contact the new servicer to continue your enrollment.
If you have automatic payments set up with your current servicer, you will need to update your payment information with the new servicer.
If you have any questions or concerns about the transfer, you can contact your new servicer for assistance.
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