Changing Loan Holders
Dear Betsy,
Is there any way I can change who is handling my student loans? The company who has them now employs extremely rude people, doesn’t post my payments correctly and keeps me on hold for up to a half hour at a time. What can I do?
Marilyn
Dear Marilyn,
I’m sorry to hear that you are not having a good experience with your student loan company. To have your loans purchased by another student loan lender or servicer, you should write a letter to your current loan holder requesting that your loans be sold to the new lender that you have chosen. The problem is, that your current lender has the right to refuse to sell your loans and they very well may do that—especially if you choose a lender that is a competitor of theirs. The best advice I can give you if they do indeed deny your request is to call and explain to a supervisor how unhappy you’ve been with their level of service and how important it is to you that they release your loans. After that, keep moving up the ladder in hopes of finding someone in the company willing to accommodate you.
Regards,
Betsy
