Best loan servicer for student loans

Student Loans
1

Which “Federal Loan Servicer” Should I Select for Loan Consolidation on “Studentaid.gov”?

Hi everyone,

I’m in the process of consolidating my loans through “Studentaid.gov,” but I’m unsure which federal loan servicer to choose. I currently have Nelnet, but I’m considering if there’s a better option. Here are the choices available:

  • OSLA Servicing
  • HESC/EdFinancial
  • MOHELA
  • Great Lakes Educational Loan Services, Inc
  • Nelnet
  • Aidvantage

My primary goal is to maintain the 0% Covid Relief for as long as possible and to take advantage of any potential extensions or lower payments the government might offer.

Here’s a screenshot of my dropdown options: imgur.com/a/JmucVnF

Any advice on which servicer to select would be greatly appreciated!

Thanks!

1 Like
2

If you intend to pursue PSLF, MOHELA would be the proper choice; they are taking over that position as FedLoan quits the business.

The rest are roughly the same.

3

Looking to get student loan forgiveness through Public Service Loan Forgiveness (PSLF)? Then switching to MOHELA might be a good idea. They’re taking over that program from FedLoan, which is shutting down.

For everyone else, the loan servicer you use shouldn’t make a big difference. I personally use Nelnet and haven’t had any problems with them.

4

Nelnet is one of the “big four.” While no servicer comes out as remarkable, Nelnet is comparable to the others in terms of borrower satisfaction.