Many or all companies we feature compensate us. Compensation and editorial
research influence how products appear on a page.
Student Loans Student Loan Repayment

How to Change Your Student Loan Servicer

A student loan servicer is a company that manages administrative tasks, including keeping track of your loan records. The U.S. Department of Education assigns you a loan servicer for federal student loans. For private student loans, your lender may act as a loan servicer or assign the responsibility to a third party.

When you begin repaying your loans, you’ll send payments to a loan servicer. You won’t choose your initial student loan servicer, but it’s possible to switch federal and private loan servicers if you encounter difficulties. Here’s what to know about changing loan servicers.

Can I change my federal student loan servicer?

When you take out a student loan, the Department of Education assigns you a federal loan servicer. Your federal loan servicer manages the day-to-day aspects of your loan on behalf of the U.S. Department of Education. It may process payments or work with you to change your repayment plan. 

If you have federal loans, log in to your online dashboard or call 1-800-4-FED-AID to check which servicer you have.

You can’t request a new federal loan servicer unless you’re consolidating your federal loans. More on this below.

Here’s a list of federal loan servicers you can switch to: 

How to change federal loan servicers

When you take out a Direct Consolidation Loan, you can request a new federal loan servicer. Direct Consolidation Loans allow you to consolidate multiple federal loans into one. This could result in a new interest rate, longer repayment term, or simplified monthly payments.  

You can apply online for a Direct Consolidation Loan through the Federal Student Aid website. During the application process, you can choose a new federal loan servicer.

You can also complete a paper application and send it to your preferred federal loan servicer.

Can I change my private student loan servicer?

Some private student loan lenders might use third-party loan servicers, while others act as loan servicers, meaning they process your payments.

If you want to change your private student loan servicer, you’ll need to refinance your loan. This involves swapping out your private loan with a new one.

How to change private loan servicers

You can change private loan servicers by refinancing your private loans. When you refinance your loan, you take out a new student loan with a new private lender. Afterward, you use the funds from the new loan to pay off the old one.

Several banks and credit unions can help you refinance your private student loans, so it’s essential to compare options to find a favorable loan term and interest rate. 

As you shop around, look at each lender’s customer service options. An accessible customer service team is helpful if you have questions about your loan.

Can I change student loan servicers without changing any other loan terms?

You won’t be able to change your student loan servicer without consolidating or refinancing your loans. However, if you’re refinancing private student loans with a new loan, you could opt for one that offers a similar term or rate. 

In general, your new loan will likely differ from your original one. This is true whether you’re consolidating federal student loans or refinancing private student loans. You’ll have a different servicer, and you may also have a longer or shorter loan term, a lower or higher rate, and a different monthly payment.  

If you have private student loans, comparing private lenders can help you find the best student loan refinance for your situation.