So I just got an email saying that one of our student loans has been 'reassigned' -- basically sold to a random third party! Is this normal with federal loans?? I didn't know they did this. At first I thought it was a scam but when I logged into the account through the federal website, sure enough, the balance was $0 and it listed the loan as Transferred. I guess I shouldn't be surprised, I knew private lenders did this, just not the government...
According to the email, nothing will change, it's just part of a routine reassignment, I just have to create a new account with the new loan holder. So I guess it's not a big deal but it makes me uncomfortable and I'm wondering if there will be any potential issues from this. I also feel we should have received the email directly from the federal loan site, not from the new loan holder, which is a company I've never even heard of.
I always liked that our mortgage has a clause in it that our loan will never be sold to another company or something like that. I'm just not comfortable with this at all... convince me that it's not a big deal, please...
According to the email, nothing will change, it's just part of a routine reassignment, I just have to create a new account with the new loan holder. So I guess it's not a big deal but it makes me uncomfortable and I'm wondering if there will be any potential issues from this. I also feel we should have received the email directly from the federal loan site, not from the new loan holder, which is a company I've never even heard of.
I always liked that our mortgage has a clause in it that our loan will never be sold to another company or something like that. I'm just not comfortable with this at all... convince me that it's not a big deal, please...
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