There are five companies that manage most federal student loans, the largest of which is Nelnet. ![]() If your assigned servicer has changed, you should have received a letter or email and your account information should transfer automatically, with no change to the terms of your loan. You just need to input the education loan amount (Principal), the interest rate, and the loan tenure (number of months) in. Disclaimer: Calculators are provided for reference only. ![]() ![]() Monthly payments on a graduated plan increase incrementally during the repayment term. Its accounts have been taken over by Nelnet, which shares the same parent compan This calculator provides an estimate of how much each monthly loan payment would be on a graduated repayment plan. FedLoans accounts were transferred to MOHELA and Granite State accounts were given to EdFinancial.Īs of June 2023, Great Lakes is no longer managing student loans for the federal government. The number of third-party contractors was trimmed significantly: Aidvantage took over 6 million accounts previously overseen by Navient, which got out of the federal student loan business in September 2021.įedLoans and Granite State ended their contracts with the government in December 2021. In June 2020, then-Education Secretary Betsy DeVos announced sweeping changes to the companies managing active and defaulted student loans for the federal government.
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