What is a loan servicer?
Many lenders contract with student loan service organizations (servicers) to manage their loans and handle billing during repayment. Servicers generally do not own these loans: They manage the day-to-day bill collection and payment processing for the lender. Some servicers, like Sallie Mae, buy loans they service from the original lender.
Related Questions
- If a servicer tells the counselor that a loan cannot be modified because the eligibility requirements were not met, or the investor is not participating in HAMP, what should the counselor do?
- Im already working with my servicer or a housing counselor on a loan workout. Can I still be considered for a Home Affordable Modification?
- What is a "Loan Servicer?" Is my loan servicer the same as my lender or investor?
