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Authorization for Automatic Transfers Student Loan Services Mystudentloanonline Nd Form
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People also ask
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Can student loans be transferred without my consent?
While you may not want your student loan sold to another lender, there is unfortunately nothing you can do to prevent it. “Borrowers have no say in whether their loans are sold to another lender or whether the servicer can be changed,” said Kantrowitz.
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What does it mean if my student loan is transferred to MOHELA?
ED will continue to own your loans; however, MOHELA will manage your loans and assist you on ED's behalf as your federal student loan servicer. This change in servicer will not impact the existing terms, conditions, interest rate or available repayment plans of your federal student loans.
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Why are my student loans being transferred to MOHELA?
We also transfer loans when borrowers sign up for a program, such as Public Service Loan Forgiveness (PSLF), that is handled by a specific servicer (in the case of PSLF, that servicer is MOHELA). Even if we transfer your loans to a new servicer, we (the U.S. Department of Education) still own your loans.
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Will student loans held by MOHELA be forgiven?
To clarify, MOHELA doesn't have any exclusive student loan forgiveness programs. But MOHELA borrowers may be eligible for federal loan forgiveness programs through the PSLF program or income-driven repayment plans.
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How to transfer student loans to another person?
Parent PLUS loans: These can be transferred to the child's name through refinancing with specific private lenders. Spousal consolidation loans: In some instances, spouses can consolidate student loans into both names. Federal student loans: These cannot be transferred to another person except in specific circumstances.
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Why do my student loans say transferred?
Sometimes, we need to transfer loans from one servicer to another—for example, when a servicer's contract with us ends. We also transfer loans when borrowers sign up for a program, such as Public Service Loan Forgiveness (PSLF), that is handled by a specific servicer (in the case of PSLF, that servicer is MOHELA).
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What does it mean when your student loan is transferred to MOHELA?
ED will continue to own your loans; however, MOHELA will manage your loans and assist you on ED's behalf as your federal student loan servicer. This change in servicer will not impact the existing terms, conditions, interest rate or available repayment plans of your federal student loans.
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Why did my Great Lakes loan transfer to Nelnet?
In February 2018, Great Lakes was acquired by Nelnet Diversified Solutions, LLC, the parent company of Nelnet Federal Student Loan Services. In the summer of 2023, Great Lakes' student loan servicing portfolio was transferred to Nelnet Federal Student Loan Services.
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Why was my student loan transferred?
Why are my student loans being transferred to a new servicer? A loan might be transferred to a new servicer for several reasons: Private loans may be bought out by another company. Federal loans may be transferred by the U.S. Department of Education from one member of its servicing team to another.
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What is going on with MOHELA?
MOHELA is facing a class-action lawsuit from borrowers who allege the company repeatedly failed to process their PSLF applications. Come May 1, the company will no longer be the sole servicer for the loan forgiveness program as the Education Department revamps its servicing operations.
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Can my company pay off my student loans?
These programs, offered by government agencies and private employers, can provide hundreds or even thousands of dollars in aid to borrowers every year. Currently, employers can provide up to $5,250 in student loan repayment annually as a tax-free benefit for employees.
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