Student Loan Servicers List: Federal and Private Options Explained

Student loan servicers manage billing, repayment plans, and customer service for borrowers. Whether federal or private, the servicer determines how repayment is handled. Knowing your servicer helps you manage payments, request assistance, and stay updated on changes.

Servicers differ based on loan type, each with its own policies. Understanding these differences helps borrowers make informed financial decisions.

Federal Servicers

The U.S. Department of Education assigns federal student loans to servicers responsible for payments, deferments, forbearances, and repayment options. Each servicer has unique tools and customer support structures.

Aidvantage

Aidvantage, a division of Maximus, took over Navient’s federal loan portfolio in 2021. It services Direct Loans and Federal Family Education Loan (FFEL) Program loans owned by the Department of Education. Borrowers can make payments online, enroll in autopay for interest rate reductions, and apply for income-driven repayment plans or deferments.

Processing delays for repayment plan changes are common, potentially disrupting payments. Submitting documents early helps prevent issues. Customer service is available by phone and online messaging, though wait times vary, especially during peak repayment periods.

Nelnet

Nelnet services a large share of federal student loans, offering an online platform for payments, balance tracking, and repayment plan adjustments. Borrowers can apply for Public Service Loan Forgiveness (PSLF) and request deferment or forbearance.

The company provides financial literacy resources on interest accrual and extra payments. Many find the website user-friendly, but some report slow customer service responses, particularly for payment adjustments. Autopay users receive an interest rate discount but should monitor statements to ensure proper payment application.

MOHELA

MOHELA exclusively manages PSLF applications and forgiveness. Its online portal tracks qualifying payments and allows employment certification form submissions.

While some borrowers find the platform easy to use, others report issues with payment counts for forgiveness. Keeping detailed records of payments and submitted forms helps resolve discrepancies. Customer support wait times can be long, especially during policy changes or deadlines, so acting early is advised.

Edfinancial

Edfinancial, a smaller federal servicer, still manages a significant number of loans. Borrowers can access repayment options, including income-driven plans and deferments, through its online portal.

Some borrowers find customer support more responsive than larger servicers, but loan consolidation processing delays are common. These delays can affect repayment plans and forgiveness eligibility. Ensuring all documents are correctly submitted and following up regularly can help avoid issues.

Key Private Servicers

Private student loan servicers work directly with lenders to manage billing and repayment. Private loans have different terms and fewer borrower protections than federal loans.

Sallie Mae

Sallie Mae, formerly a federal loan servicer, now handles only private student loans. Borrowers have fixed or variable interest rates, and repayment terms depend on the loan agreement. Unlike federal loans, Sallie Mae does not offer income-driven repayment plans but provides temporary forbearance for financial hardship, during which interest accrues.

Borrowers can make interest-only payments while in school to reduce overall costs. Negotiating repayment terms can be difficult, as private loans lack federal forgiveness and deferment options. Those considering refinancing should compare interest rates and terms carefully, as refinancing with another private lender may eliminate existing borrower benefits.

SoFi

SoFi offers student loan refinancing and private loan servicing. Borrowers who refinance with SoFi may qualify for lower interest rates based on credit score and income. However, refinancing federal loans with SoFi converts them into private debt, eliminating federal protections like income-driven repayment and PSLF eligibility.

SoFi provides unemployment protection, allowing borrowers to pause payments temporarily if they lose their job, though interest continues to accrue. The company also offers career coaching and financial planning resources. Some borrowers report difficulties modifying repayment terms, so those considering refinancing should weigh potential savings against the loss of federal benefits, as refinancing is irreversible.

Discover

Discover, known for its credit card services, also provides private student loans with fixed and variable interest rates. Borrowers can defer payments if they return to school or enter military service, but repayment flexibility is more limited than with federal loans.

Discover offers a cash reward program for borrowers who maintain a high GPA. However, co-signer release can be difficult, requiring strong credit and payment history. Borrowers facing financial hardship may qualify for temporary forbearance, though interest will continue accruing. Those considering a Discover loan should review terms carefully, as private loans generally have fewer repayment options and protections than federal loans.

How to Identify Your Loan Servicer

Finding your loan servicer is essential for managing repayment. Since loans are often transferred, borrowers may not always know where to send payments or who to contact.

Federal loan borrowers can log into the Federal Student Aid (FSA) website using their FSA ID to view loan details and servicer information. Private loan borrowers should check their original loan agreement or recent billing statements, as private lenders assign servicers directly.

Setting up an online account with your servicer allows you to track balances, make payments, and explore repayment options. These portals also let you update contact information to receive important notifications. If you receive a message claiming to be from your servicer, verify it through official channels before responding. Scammers sometimes pose as servicers to collect fraudulent payments, so always confirm details through your servicer’s website.

If Your Servicer Changes

Loan servicers can change due to government contract expirations, lender sales, or borrower refinancing. While loan terms—such as interest rates and repayment schedules—remain the same, differences in account management and customer service can create challenges.

A major concern during a servicer transition is ensuring payments are processed correctly. Borrowers should monitor accounts closely after a transfer to confirm previous payments were recorded accurately and that no unexpected fees or delinquencies appear. If discrepancies arise, requesting a payment history from both the old and new servicer can help resolve issues.

Those using autopay should verify that banking details transferred correctly, as some servicers require reauthorization for automatic payments.