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

Discussion in 'Community Discussion' started by dukebound85, Mar 15, 2013.

  1. macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #1
    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
     
  2. macrumors P6

    Peace

    Joined:
    Apr 1, 2005
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    #2
    If you're not behind on anything I don't think they would just take all your money from your account. I don't think they even can.
     
  3. thread starter macrumors P6

    dukebound85

    Joined:
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    #3
    That is what I thought too

    How in the world would I figure out where my loans have been transferred?
     
  4. macrumors P6

    Peace

    Joined:
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    #4
    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.
     
  5. macrumors G5

    Macman45

    Joined:
    Jul 29, 2011
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    Somewhere Back In The Long Ago
    #5
    Either that, or you have a secret benefactor!
     
  6. macrumors 68030

    waloshin

    Joined:
    Oct 9, 2008
    Location:
    in my world.
    #6
    If anyone wants to pay off my student loans just PM me. ;)
     
  7. macrumors 6502a

    gsugolfer

    Joined:
    Jul 11, 2010
    Location:
    Georgia, USA
    #7
    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.
     
  8. macrumors 65816

    Zombie Acorn

    Joined:
    Feb 2, 2009
    Location:
    Toronto, Ontario
    #8
    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.
     
  9. thread starter macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
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    #9
    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?
     
  10. macrumors 68000

    Joined:
    May 29, 2011
    Location:
    Michigan
    #10
    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.
     
  11. thread starter macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
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    #11
    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
     
  12. macrumors P6

    Peace

    Joined:
    Apr 1, 2005
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    #12
    Do you have any update on this since it's monday now ?
     
  13. macrumors 68020

    ugahairydawgs

    Joined:
    Jun 10, 2010
    #13
    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.
     
  14. thread starter macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
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    #14
    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
     
  15. macrumors P6

    Peace

    Joined:
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    #15
    Well knowing brings peace of mind. That's good.

    I had a house mortgage get bought out by a different bank once. It does cause a headache.
     
  16. macrumors 68000

    Joined:
    Apr 25, 2012
    #16
    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.
     
  17. macrumors 601

    Plymouthbreezer

    Joined:
    Feb 27, 2005
    Location:
    Massachusetts
    #17
    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.
     
  18. macrumors 6502

    ELMI0001

    Joined:
    Jan 5, 2009
    Location:
    Olympic Hills GC
    #18
    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.
     
  19. macrumors 65816

    stonyc

    Joined:
    Feb 15, 2005
    Location:
    Michigan
    #19
    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.
     
  20. einmusiker, Apr 1, 2013
    Last edited: Apr 2, 2013

    macrumors 68030

    einmusiker

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  21. einmusiker, Apr 2, 2013
    Last edited: Apr 2, 2013

    macrumors 68030

    einmusiker

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    #21
    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 :/
     
  22. macrumors 68000

    TyPod

    Joined:
    Nov 2, 2006
    Location:
    And Yourself?
    #22
    Same here! Haha my goodness that would be nice!
     
  23. macrumors 6502

    Joined:
    Oct 12, 2011
    Location:
    check the tracking device
    #23
    And here I was sat, hoping for the slightest possibility that sometimes, student loans just disappear. :(
     
  24. macrumors regular

    Joined:
    Dec 2, 2010
    #24
    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.
     
  25. macrumors 65816

    fr4c

    Joined:
    Jul 27, 2007
    Location:
    Hamster wheel
    #25
    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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