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Student Loan balance went to 0...not paid by me

dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,131
4,110
5045 feet above sea level
So I went to check my student loan balance and to set up a payment only to find that my outstanding balance was $0.

I did not pay this or initiate any sort of payment nor was enrolled in auto-debit nor was I behind

In all of the payments I have made (through myedaccount.com), the initiated payments were of the type "EDPay". This recent payoff was of type "other"

What is going on? I assume that my account was sold to someone else?

Google told me that Mohela may be the new holder of my account yet when I try and register my account, my SSN is not in their system.

Does anyone have any idea what is going on? I have received ZERO communication regarding any sort of loan transfer (if this is indeed the case) and hope not to wake up to my bank account being emptied.

Any insight would be of great assistance, not to mention relief to my beyond worried mind seeing how it is the weekend and I am unable to contact the DOE people until Monday
 
Peace

Peace

Cancelled
Apr 1, 2005
19,546
4,556
Space The Only Frontier
I'd just wait it out. It could be they took over your account and payed it off but you could be getting a letter today or monday informing you what to do to sign up at the new service.

Just a thought mind you.
 
gsugolfer

gsugolfer

macrumors 6502a
Jul 11, 2010
507
1
Georgia, USA
This has happened to a couple friends. Your loan's been transferred. They won't be fast about getting you the information for servicing. You still owe every dime.
 
Zombie Acorn

Zombie Acorn

macrumors 65816
Feb 2, 2009
1,307
9,132
Toronto, Ontario
I wish I had this problem, just dumped 20k off the loan truck and am still shoveling. If I would have went to college here instead I would be done already. High interest private loans ftw.
 
dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,131
4,110
5045 feet above sea level
gsugolfer said:
This has happened to a couple friends. Your loan's been transferred. They won't be fast about getting you the information for servicing. You still owe every dime.
Click to expand...

I saw this website that lists the services
http://mappingyourfuture.org/paying/loanservicers.htm

I have tried creating accounts with most of them (75%) but none so far have my SSN or DOB in the database

I just want to find which servicer now controls it and have not had any luck in figuring this out

For those that have had this happen, the loan terms (due dates, rates, amts) stay the same? I have read sometimes they change but they should be what they were correct?
 
M

malman89

macrumors 68000
May 29, 2011
1,651
6
Michigan
dukebound85 said:
That is what I thought too

How in the world would I figure out where my loans have been transferred?
Click to expand...

I'm not sure if this tool is limited to just federal loans - I only have federal loans from college - and I also wouldn't be surprised if the information hasn't transferred over yet to begin with (it does sound like a transfer), but this is a great tool: National Student Loan Data System

Then click on Financial Aid Review. Plug in your info - you will need your FAFSA/Fin Aid PIN - and it'll list all your loans, outstanding balances, and who services them. It unfortunately does not list old transferred loan providers (I thought it did).

When in college, all my federal loans were through Citi. Senior year they got dumped off to Sallie Mae, National Education, and My Great Lakes. It kind of sucks paying 3 providers 4-5 auto payments a month instead of 1, but oh well.
 
dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,131
4,110
5045 feet above sea level
malman89 said:
I'm not sure if this tool is limited to just federal loans - I only have federal loans from college - and I also wouldn't be surprised if the information hasn't transferred over yet to begin with (it does sound like a transfer), but this is a great tool: National Student Loan Data System

Then click on Financial Aid Review. Plug in your info - you will need your FAFSA/Fin Aid PIN - and it'll list all your loans, outstanding balances, and who services them. It unfortunately does not list old transferred loan providers (I thought it did).

When in college, all my federal loans were through Citi. Senior year they got dumped off to Sallie Mae, National Education, and My Great Lakes. It kind of sucks paying 3 providers 4-5 auto payments a month instead of 1, but oh well.
Click to expand...

Thanks for the link:)

Apparently, the new servicer hasn't been updated as it states the one that has my balance 0 at the moment
 
ugahairydawgs

ugahairydawgs

macrumors 68030
Jun 10, 2010
2,959
2,457
Same thing happened to me last year. Just meant that my loan had been bought out by another servicing company. In the mean time I'd pull together all of your past payment records, because these transitions can sometimes have some hiccups involved. When mine was moved over they tried to tell me that I was a month behind. It took about half an hour going over about 4 years worth of payments with the rep, but eventually they figured out there was a paperwork error on their end and it was all sorted out.
 
dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,131
4,110
5045 feet above sea level
Peace said:
Do you have any update on this since it's monday now ?
Click to expand...

Yes, my loan was taken over by another servicing agent. I have to wait 10-15 business days before I can access my account, make payments, etc.

Not cool as I was planning on making a payment go through today so will have to accrue this additional interest
 
hallux

hallux

macrumors 68040
Apr 25, 2012
3,437
1,005
dukebound85 said:
Yes, my loan was taken over by another servicing agent. I have to wait 10-15 business days before I can access my account, make payments, etc.

Not cool as I was planning on making a payment go through today so will have to accrue this additional interest
Click to expand...

Interest to your benefit or theirs? If to their benefit I would hope any interest they MAY have charged would be waived during the transition period. This IS the financial industry though.

Is the interest seriously compounded DAILY? Usually on long-term loans it's compounded monthly, though they can figure a partial month if you ask for a payoff amount.
 
Plymouthbreezer

Plymouthbreezer

macrumors 601
Feb 27, 2005
4,337
253
Massachusetts
dukebound85 said:
Yes, my loan was taken over by another servicing agent. I have to wait 10-15 business days before I can access my account, make payments, etc.

Not cool as I was planning on making a payment go through today so will have to accrue this additional interest
Click to expand...
Just call them... they are super easy to deal with.

I don't think you'll have to pay anything extra because of this change.
 
ELMI0001

ELMI0001

macrumors 6502
Jan 5, 2009
375
10
Olympic Hills GC
Mine were sold to Granite servicing or something another. It took 2-3 weeks for everything to move over and be transferred.

I was "allowed" to miss a payment because of the transfer so I double payed the next payment and applied the extra to principal.

Also check your email. I'm pretty sure I was alerted by email but I had setup my accounts so long ago it was forwarded from a couple of email addresses. They may have mailed something but who knows what address that went to.
 
stonyc

stonyc

macrumors 65816
Feb 15, 2005
1,259
1
Michigan
Mine recently got moved to Great Lakes something or other, got an e-mail about 2 weeks ago informing me of the move. Got another e-mail a few days ago instructing me to create an account on the Great Lakes website.

malman89's link was really helpful... if for nothing else, I checked that website to confirm that Great Lakes is my new servicer.
 
einmusiker

einmusiker

macrumors 68040
Apr 26, 2010
3,001
355
Location: Location: Location:
so far so good on my end. Thank GOD my loans weren't transferred to Mohela as I've heard pure nightmare stories about them. Edfinancial website looks EXACTLY the same as the direct loan site and all of my infor was transfereed over so it's really like there was no change. felling pretty relieved atm hoping nothing further changes down the road

Edit: turns out my loans were not "sold" as they are still owned by DOE and I am still on IBR and PSLF plans and nothing has changed other than my loans are now administered by edfinancial. I feel very fortunate and I really empathize with people who had theirs sold to Mohela as according to reports they are a pretty shady company. Apparently this was all caused by a tucked away clause passed by the GOP congress. I don't understand why they hate americans so much :/
 
Last edited:
I

ianwuk

macrumors regular
Dec 2, 2010
161
0
You are very lucky. It took me two years of solid saving to be able to fund myself through university entirely and get my degree.
 
fr4c

fr4c

macrumors 65816
Jul 27, 2007
1,261
131
Hamster wheel
Weird, if your loans were transferred you should have received an letter before it even happens letting you know where it was being transferred to. In my case it was to MOHELA, and I received an letter from both parties a few months prior regarding the change.

Anyways, just finished paying off my loans this month, and it's a big relief. Good luck!
 
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