<p>Has anyone's loans ever been transferred?
Just received an email this morning telling me that Great Lakes is now servicing my loans.
I'm just a college student and I have no idea how these things really work, so what does this all mean? Also, for upcoming years, I assume I still can take the normal stafford, parent plus loans?</p>
<p>It means whatever bank you received your loans from sold them to Great Lakes. You will eventually end up making payments to GL. It’s not uncommon. You will still be able to get other loans.</p>
<p>Okay thanks. I was mainly concerned about whether or not I would still be getting federal loans, which was probably a stupid question, but I had no idea. </p>
<p>Thanks for the clarification!</p>
<p>The loans are not sold, because they are all through the government (unless you are older and have the old FFELP loans). Servicers are contracted through the Department of Education to service Direct Loans, and they are evaluated annually. ACS recently lost its contract to service Direct Loans due to servicing issues. Was your loan previously serviced by ACS?</p>
<p>I’m not sure. Last year I didn’t take out any loans. This semester I only took out around 600, and I just did it through my Universities website or something…</p>
<p>Oh … then this is the first time you borrowed federal loans? Your loans were not transferred. You were simply assigned a loan servicer, which happens to be Great Lakes. All future loans you borrow will also be serviced through Great Lakes. Set up an online account with them, and make sure you always keep them updated with current address and email info. This is who you will make your payments through when it is time to repay your loans.</p>
<p>Ohhhh okay. Yes this is my first time, and I doubt I will take out many more. but who knows… Well, I guess I thought since they were federal loans I would literally be paying the government back. I guess I still kind of am? </p>
<p>Thanks for the info!</p>