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FedLoan Servicing, one of the nation’s largest federal student loan servicers, ended its contract with the Department of Education in 2021. As a result, millions of student loan borrowers were ...
In July 2021, FedLoan Servicing announced that it would stop servicing federal student loans when its contract ended in December 2021. Since then, it extended its contract one more year to allow ...
CornerStone was previously one of eight approved federal student loan servicing agencies that provided loans nationwide. Although Cornerstone was contracted to service loans through 2022, the ...
It also has a loan servicing operation for student loans that it owns and for lenders under contract. Originally a small student loan guarantor with approximately 5,000 student loans a year after its formation, it at one point managed more than $100 billion in total assets and serves nearly four million students through its various programs.
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [40] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
In order to replace their loan servicing contract with the United States Department of Education, which expired on June 16, 2019, Great Lakes decided in 2016 to make its bid for a new contract in cooperation with the competing student loan servicer, Nelnet. [2]
The Department of Education dropped ACS’ loan servicing contract in 2013, though ACS continued to service some Federal Family Education Loans (FFEL), Perkins Loans and private student loans. ACS ...
The current loan service providers for the Federal Student Aid (FSA) program are: Great Lakes Educational Loan Services, Edfinancial, MOHELA, Aidvantage, Nelnet, OSLA Servicing, ECSI, and the ...
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