Very confused: Lender, Servicer...

Paying for College
1

<p>Ok, so I'm transferring and need to redo my loan information.</p>

<p>I originally had a loan with EdAmerica (or so I thought...)</p>

<p>I got a letter from them saying the Education Department bought their loans.</p>

<p>When I look up my info online, it says my 2nd year loans are from Education department, 1st year loans from edamerica. But edamerica is my servicer, under lender it says Wells Fargo.</p>

<p>My loan paper suggest to keep the same lender... but I have no idea who my lender is? Is it now the education department, is it edamerica (though it says servicer not lender?)</p>

<p>So confused, please help!</p>

2

<p>Welcome to the world of reselling loans.</p>

<p>I wouldn’t be too concerned right now about sorting out who has your previous loans. In all likelihood, they will be sold again to another party by the time your graduate anyway. I recommend you concentrate on finding who will be a consistent party for your loan for the coming year.</p>

<p>Wells Fargo apparently is buying loans and they’ve been around for 100+ years. You might want to go with someone that has a track record of sticking around for the long haul.</p>