10 Million Student Loan Borrowers Will Lose Their Loan Servicer

Checked on your student loans lately?

Well, now may be a good time. With the rise in numbers for student loan forgiveness, two major federal loan services have decided to pack their bags and break things off with the federal government.

That’s right! As of December 31, 2021, FedLoan Servicing, also known as the Pennsylvania Higher Education Assistance Agency (PHEAA) and Granite State Management & Resources, which is part of the non-profit New Hampshire Higher Education Association Foundation (NHHEAF) Network, have decided they will no longer be offering their federal student loan services. This departure will affect roughly 10 million student loan borrowers. However, there’s no need to panic; not much will change.

Though students will be assigned to a new loan servicer, their loan conditions, interest rates, and payments will remain unchanged. When one borrows a student loan, a Master Promissory Note is signed, which includes the terms and conditions of the student loan. That Master Promissory Note is honored for the life of the student loan, even if the student switches loan servicers. Federal student loans also have a fixed interest rate, which means you will have the same interest for the entire life of your student loan as well.

Notifications will start going out to affected student loan borrowers closer to December 31. However, if you’re unsure who your student loan servicer is and curious, log into your Federal Student Aid (FSA) account and view your student loan servicer on the, or you can call Federal Student Aid at 1-800-4-FED-AID (1-800-433-3243).