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How to Transfer Student Loans to Another Lender

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Key takeaways

You can consolidate federal student loans to get a different servicer; you may get a longer repayment term that decreases your payment but increases total interest.

You can refinance your student loans to a private lender and get a lower interest rate and different repayment term. Federal borrowers shouldn’t refinance right now.

You can transfer Parent PLUS loans to your child through refinancing privately and serve as a co-signer if your child doesn’t meet the requirements on their own.

Transferring your student loan to another lender can get you a lower interest rate and different repayment term. It could also allow you to transfer a parent loan to your child.

But just as no one loan is right for all borrowers, no one method for transferring a loan is right for everyone.

The way you should go about it depends on your current situation and what you want to get out of a new loan and lender. Consider these options.

Options for federal student loan borrowers

Federal student loan consolidation.

Federal student loan consolidation won’t change your lender, but it will allow you to choose a new student loan servicer . This process lets you combine several federal student loans into a single, easier-to-manage federal student loan. While it does not reduce your interest rate, it can lower your payment by extending the term. The downside is that the extended term will mean you pay more over time.

You can complete a consolidation loan application at studentaid.gov .

Consolidation might be right for you if:

You are unhappy with your servicer or have several servicers and want to simplify your loan under one.

You want to decrease your monthly payment amount.

You have FFEL loans and want to qualify for Public Service Loan Forgiveness , or PSLF.

You have variable-rate federal loans and want to switch to a fixed rate loan.

Consolidation isn’t right for you if:

You want to pay off student loans faster.

You want to decrease your total repayment amount.

You don’t want to lose credit for payments made toward PSLF or your existing income-driven repayment plan , or IDR.

Private student loan refinance

Refinancing your federal student loans means that your loans will move to a private lender. Doing this can get you a lower interest rate and give you the flexibility to choose a shorter or longer repayment term.

While refinancing can be a good option for decreasing your loan payments or decreasing the amount you’ll pay on your student loans overall, now is not the right time for federal student loan borrowers to refinance. Federal student loans are currently in an interest and payment-free forbearance until September 2022. Refinancing will cause you to lose that benefit. You will also lose access to other federal student loan benefits by refinancing to a private lender.

After the interest-free forbearance period is over, refinancing might be right for you if:

You have solid finances, a strong credit profile and a stable income to help you qualify for a low rate.

You won’t need access to federal student loan benefits, like IDR.

Student loan refinancing isn’t right for you if:

You’ll need access to federal student loan benefits.

You don’t qualify for a lower rate than what you currently have.

Options for private student loan borrowers

If you have private student loans, refinancing will get you a different lender with a new interest rate and repayment term.

Unlike with federal student loans, private student loan borrowers don’t risk losing any benefits by refinancing. So take advantage of refinancing if you have private loans and can qualify for a lower interest rate.

Private student loan companies offer their lowest rates only to those with the strongest financial and credit profiles. But you can save money — monthly or in total repayment — even if you don’t qualify for the lowest advertised rate. And you can refinance as many times as you qualify, so check your student loan refinance rates periodically.

Lenders typically look for these qualifications for refinancing:

Credit score in the high 600s.

Debt-to-income ratio below 50%.

A degree from a qualifying institution.

» MORE: 4 Lenders that will refinance student loans for borrowers with no degree

If you don’t qualify on your own, you might still be able to refinance with a qualified co-signer.

Options for Parent PLUS borrowers

If you took out federal Parent PLUS loans and are looking to have them transferred to your child, refinancing can provide a pathway.

To do this, first identify Parent PLUS refinance lenders that allow loan transfers. Have your child prequalify with multiple lenders to see where they can get the best rate.

If your child meets the lender's qualifications on their own, you can fully transfer the loan to them.

If they don’t, you can serve as a co-signer on the refinanced loan and work with them to meet the lender’s co-signer release requirements. Many lenders allow co-signer release after a set number of successful payments.

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transfer education loan from one bank to another

How to Transfer Education Loan to Other Bank? Know the Details Here

Shekhar Suman

October 14, 2023

Education loan refinancing is one of the most preferred options today for students who have taken an education loan with a floating interest rate . When the inflation rate becomes high the borrowings also gets affected and the rate of interest increase. This makes your education loan costlier. When you choose education loan refinancing you generally get lower interest rates, a flexible repayment structure, and a longer repayment period. There are a lot of public and private sector banks and financial institutions that offer education loan refinancing for students. Let’s discuss how to transfer an education loan to another bank.

Benefits of transferring education loan to other bank, research and choose the new bank, review existing loan terms, apply to the new bank, new bank’s evaluation, inform the existing bank, loan transfer, repayment with the new bank.

There are a lot of benefits to transferring an education loan to another bank. You will get low interest rates, a revised and flexible EMI structure, a longer repayment period, better customer service etc. Loan refinancing is a potential saving for you as it reduces the overall cost of the education loan. In some cases, you can even get an extended period for further studies if you want to pursue the same. For example, under the SBI takeover of education loan, you can easily get a top-up loan after refinancing to pursue further with an extended repayment period.

Through education loan refinancing you can get your monthly EMIs reduced to a lower amount
It will have a good impact on your credit score and it will increase when you pay your EMIs on time
The education loan refinancing will also cover the payment of any other outstanding or penalty due with the existing lender.

Also Read: Benefits of Education Loan Refinancing

How to Transfer an Education Loan?

Transfer of education loans depends upon several factors. You need to have a good credit score (above 700) and the repayment of the existing loan must have been started. When you decide to transfer your education loan to another bank you need to figure out the best-suited options like which bank should you choose, what shall be the interest rate, how much is the overall cost of the loan and the difference between the cost of exiting and new etc. Check the step-by-step guide involved in transferring education loans to other banks.

While finalising your decision to get an education loan refinance always do proper research comparing the terms and conditions of different banks. Nowadays there are a lot of NBFCs that offer education loan refinance at affordable rates. You can compare banks and NBFCs for loan transfers. Check customer reviews and feedback and the track record of the bank/lender which you want to choose as your new banker. Consider factors like interest rates, loan tenure, repayment options etc and ensure that the new bank is willing to approve the education loan transfer.

Before finalising your education loan transfer, thoroughly review the terms and conditions of your existing education loan. Take note of the interest rate, outstanding balance, and any prepayment charges. This information will be essential during the transfer process. Also, you will be able to figure out the difference between the repayment amount of an existing loan and a takeover loan.

Now that you have finalized the bank for your education loan refinancing you can move ahead with the application process. Contact the chosen bank to initiate the transfer process. They will provide you with a list of required documents, which generally include your existing loan agreement, repayment history, and proof of identity, among others. Fill out the loan transfer application form and provide the necessary documents.

Also Read: Best Time to Apply for Education Loan Refinance

The new bank will evaluate your application and financial stability. They will check your credit history and assess your ability to repay the loan. If you meet their criteria, the bank will provide you with a sanction letter detailing the terms of the new loan. Through this, you will get to know the exact repayment costs, details of the EMI and interest rate charged. At this step, you can also negotiate with the bank over the interest rate.

Once the new bank approves your loan transfer, you must inform your existing bank about your decision. You will need a no-objection certificate (NOC) from your current bank, which states that they have no objections to transferring the loan to another bank. The new bank will check the details like your EMI repayment history with the existing bank. Also, if you have any penalties or overdue amounts charged by the existing lender you must inform the new bank and check whether they are ready to cover that or not.

After completing the necessary paperwork, your new bank will pay off the outstanding balance of your existing loan to the old bank. This effectively closes your loan account with the old bank and opens a new one with the new bank. After this process, you will get all the details about EMI deductions and the ECS presenting date.

Once the loan transfer is complete, you will start repaying your education loan to the new bank as per the terms and conditions agreed upon in the sanction letter. It’s essential to ensure that you follow the repayment schedule diligently. Now that your interest rate is lower your EMI amount will be less than earlier. Hence, try to make all the EMI payments on time to increase your credit score. A high credit score helps you to get loans faster with better interest rates and repayment periods.

Yes. If you have started your repayment for your existing loan and have paid for one year you can easily get an education loan refinancing.

Usually, most banks don’t approve a loan transfer if it has already been refinanced by some other bank. You need to make a fresh application for an education loan refinance and make sure that it hasn’t been transferred earlier.

To get an education loan refinance you need to be above 18 years of age and your credit score must be at least above 650-700 subject to the terms and conditions of the lender.

Education loan transfer is one of the best options through which you can manage your finances efficiently. When you transfer an education loan you get low interest rates and flexible repayment terms. This reduces your monthly EMIs and makes your loan cheaper.

To know more about education loan transfer, the best bank accounts for students , forex and banking experience for global students or international money transfers , reach out to our experts at 1800572126 to help ease your study abroad experience.

About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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Takeover Of Education Loans

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With SBI Take-over of Education Loans, you can switch your existing high cost Education Loan to SBI and reduce your monthly EMIs.

Education Loans upto Rs. 1.5 Crores can be considered
Competitive Interest Rate
Flexible repayment tenure upto 15 years*
No Processing Fee
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Facility to avail top up loan for further study
Switch to SBI and reduce your monthly obligation
Pay your EMIs through Net Banking/ Mobile Banking/ Cheques
Avail of top up loan after take over for pursuing further studies subject to submission of required documents with extended repayment period for that course
Quantum of Finance Minimum:Rs. 10 Lakhs
Quantum of Finance Maximum:Rs. 1.5 Crores
Quantum of Finance Covers Outstandingin the account +Limits sanctioned as Top Up Loan (if any) +Prepayment Penalty (if any)
Please click here for Rate of interest
The collateral security acceptable to the bank to be minimum 100% of the value of the proposed loan*.
* Terms & conditions apply
Loan to be a fresh (first-time) takeover
The student-borrower should be a major at the time of switch over
The loan should have been fully disbursed at the time of takeover
Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution
Completely filled-in Loan Application Form
2 passport size photographs
PAN Card of the student and Parent/ Guardian / other co-borrower
Aadhaar Card of the student and Parent/ Guardian/ other co-borrower
Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms)
Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill)
bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months
IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee)
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower

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Can you transfer your student loan from one bank to another?

A balance transfer is a process of transferring high-interest debt from one account to another bank account with a considerably lower interest rate. Various parameters need to be considered before you apply for an Education loan balance transfer.

Eligibility Criteria

The loan must be a first-time takeover.

The loan requires to be fully disbursed at the time of take-over.

Repayment should have been started and the borrower must have a good CIBIL score.

Know about the processing fees and other related charges before you apply for the Education loan transfer from one bank to another. For some banks charge processing fees while others don’t. Depending upon the number of charges required overall, consider if the transfer would be a net benefit or net loss.

Collateral to the outstanding ratio:

In case you have already paid back the majority of the loan amount don’t offer the original collateral to the bank. Instead, offer your new bank a lesser amount of collateral and utilize the higher amount collateral to take up another loan.

Read all the terms and conditions of the bank before finalizing the loan transfer.

While the new bank will attract you with an extra-low annual percentage rate (APR) sometimes as low as zero per cent, do not fall prey to such schemes as the promotional offer may not last until the end of your repayment period.

The transfer of student loans to another lender can be beneficial because of the reduced rate of interest from the new bank but be aware of the pros and cons of loan transfer as you might end up saving money from the reduced interest rate but the bank might charge rates in the form of processing fees or other allied charges for the transfer. Consider studying the recent trends of loan transfer to avoid falling prey to interesting interest schemes.

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How to transfer an education loan?

The process of transferring an abroad education loan from one school or program to another and when it might be necessary to do so .

You must thoroughly examine a loan provider’s terms and conditions for loans for international education before choosing them.

But what if you wind up taking out an education loan from a lender with extremely high interest rates, whose loan repayment terms are inconvenient for you, or if you wish to switch schools or programs?

If you find yourself in such a circumstance, there is a solution that you may learn about by reading this article.

Can I transfer my education loan from one bank to another

Eligibility criteria for education loan transfer, process of education loan transfer, other terms and conditions for education loan transfer, can we transfer education loans from one university to another, how long will it take for the bank to approve my request to switch universities, which bank is best for education loans abroad .

Moving high-interest debt from one lender to another with a much lower interest rate and better repayment terms is an education loan transfer.
Lenders, in this case, include banks and NBFCs. Banks like SBI, Union Bank, and Bank of Baroda offer takeover loan programs to transfer student loans.
You may effortlessly switch your expensive education loan to SBI through the takeover loan program to lower monthly EMIs. The highest loan limit for this is INR 1.5 crores, with no processing cost.

3 Steps on how Education Loan works?

Only if the loan applicant meets the following requirements may they apply for an education loan transfer:

There should be no more loan disbursements from the existing lender for the applicant. It indicates that no more money may be borrowed from that lender because the disbursements have already been made.
The borrower’s CIBIL score and the repayment of the previous loan must have begun in the form of EMIs. Go here to learn more about the CIBIL score.
The financing has to be a new takeover.

Tips to consider before applying for an abroad education loans

Applying for Education Loans

Your former lender will offer you a statement regarding the outstanding loan amount that has to be repaid after you decide to transfer your loan.
The bank offering the student loan refinancing must then get the presented statement.
After receipt of this statement, the loan application procedure will start as usual. When the loan has been approved, the new bank will send a check to pay off any outstanding debts owed to the previous lender.
Because the risk component connected with the new bank is relatively minimal, takeover loans always have lower interest rates than new loans.

The new bank will take over the current collateral if you move an education loan with collateral.
In contrast, if you want to move a non-collateral loan to a public bank that typically provides loans based on collateral, you will need to provide the specific public bank with valuable collateral. The collateral will secure no loan margin and a 100% loan amount.
Because of the lower interest rates and better repayment options, moving student loans from one bank to another is usually advantageous. Nonetheless, to prevent any losses, think about researching previous patterns in loan transfers before making the decision.

Certainly, but you must inform the bank about the change and provide the necessary paperwork. You could now wonder, “If I switch universities, would I have to refund any loan amounts?”.

The short answer is no. You won’t be required to repay any loan sums if you switch universities. But, to take advantage of the most current modifications, you must speak with the bank.

You must also present the necessary paperwork, including a letter of acceptance from the new school, proof of any scholarships you may have earned, and other records specified by the bank.

Depending on the bank’s internal procedures and the intricacy of your request, the time it takes to accept your request to move universities may change.

It is advised that you contact your bank as soon as possible to establish a rough schedule.

Finding the best bank for school loan programs might take a lot of work because so many banks provide these loans. Following are the best banks and education loans to study abroad:

The State Bank of India: SBI Global Ed-Vantage Scheme
The Bank of Baroda: Baroda Scholar Scheme
The Punjab National Bank: PNB Udaan Scheme
Canara Bank: IBA Model Loan Product For Higher Studies Abroad

There is no such thing as a sure thing, and during your time studying abroad, you can decide that you want to switch colleges or countries after your loan has been approved and occasionally disbursed. You won’t need to worry about the changes afterward.

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All You Need To Know About Education Loan Transfer In India

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Table of content

What is an education loan transfer, types of education loan transfer, what is the process of education loan takeover, what are the eligibility criteria for an education loan transfer, documents required for education loan transfer, what are the benefits of an education loan transfer, other terms and conditions for education loan transfer, can we transfer education loans from one university to another, benefits of doing the loan transfer via wemakescholars.

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While deciding on a loan provider, it is very important that you conduct thorough research on their terms and conditions regarding education loans abroad.

But what if you end up borrowing an education loan from a lender whose interest rates are very high or whose education loan repayment policies are not convenient for you? If you are stuck in such a situation, don't worry because there is a way out. You can transfer your education loan from one bank to another, this process is known as an education loan transfer or education loan takeover.

This article aims to give you complete information about an education loan transfer or takeover and when you should consider switching your education loan lender.

Education loan transfer includes an extended process of transferring debt from one bank to another. Most students prefer education loan transfer from one bank to another because of the higher interest rates, unfriendly repayment policy of the bank, etc.

Note: The minimum loan balance required to transfer an education loan from one bank to another is 10 lakh rupees. Banks won't prefer to take up your case if it's anything less than that because they won't benefit from the transfer.

There are basically 4 types of Education Loan transfers/takeovers:

Loan transfer from secured to secured type of loan : In case of secured to secured loan transfer, wherein your existing loan is with collateral, the new loan will also have a collateral security. In such case, you will not have collateral originals and hence the process will be done on xerox papers.
Loan transfer from unsecured to secured type of loan : Either due to time constraints or unavailability of mandatory collateral papers, most people consider an unsecured education loan from private banks or NBFCs . During the time of repayment, students realize their loan is very costly. With collateral security, students get a lower rate of interest in Government Banks.
Loan transfer from unsecured to unsecured type of loan : In the case of unsecured to unsecured transfer, it is more likely to take a loan from NBFCs and they prefer moving to a private bank because of the certain benefits like 80E, which will help them save tax on the interest .
Loan transfer from secured to unsecured type of loan : This is very rare as this includes giving upon lower interest rates for higher interest rates. This happens mostly when the collateral owner is willing to sell off the property and get released from the loan.

Here’s how an education loan transfer from one bank to another works. Let’s assume that you took an abroad education loan from an NBFC because of their shorter processing time and later on you are not satisfied with their education loan repayment policy and would like to opt for a student loan refinance from a public bank.

In such a situation, you may apply for an education loan transfer from your NBFC to a nationalized bank. Here’s how it can be done.

Once you decide to opt for an education loan transfer, your old lender gives you a statement of the pending loan amount to be repaid.
This statement has to be submitted to the bank providing the student loan refinance.
Once the new bank receives this statement, they begin your education loan process as usual.
Once your loan is sanctioned, the new bank issues a cheque with which you can clear your pending dues with your former lender.

It is to be noted that when an unsecured education loan from a private lender is being transferred to a public bank, the collateral must be pledged if the loan amount that is being transferred is more than 7.5 lakhs.

Note: You can use Loan takeover calculator for a detailed understanding of your case.

A loan applicant may opt for an education loan transfer from one bank to another only when-

Primary conditions:

There are no more disbursements to be taken from their current lender, i.e students cannot demand any more disbursements on the remaining loan amount or borrow any money from the old lender.
Repayment of your old loan must be started in the form of EMI and should be regular to avoid a low CIBIL score in the future.

Other terms

As per the bank-laid norms, if your current loan is collateral-based, the new bank will take over your collateral under possession until the loan is repaid completely with interest.
As per the bank-laid norms, if your loan is unsecured and you are transferring it to a Government Bank, you would need to arrange valuable collateral securities to get the loan against it. There will be no loan margin as the new bank will pay off the pending dues to your old bank and the loan amount on that collateral will be 100%.

The rest of the terms and conditions are similar to those of a regular abroad education loan. If you are still facing any doubt regarding your eligibility for a takeover loan, Please feel free to request our financial team for a callback, as our team has special expertise in processing huge volumes of education loan transfers. Our team will respond at the earliest.

Completely filled-in Loan Application Form
2 passport size photographs
PAN Card of the student and Parent/ Guardian / other co-borrower
Aadhaar Card of the student and Parent/ Guardian/ other co-borrower
Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms)
Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill)
bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months
IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee)
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower
Photo ID proof
Proof of residence
Passport sized photograph
Proof of admission
Fee structure document
Salary slips of experienced candidates
Academic documents

Co-applicant

Income related documents

Collateral documents

Property documents
FD documents

A takeover of your education loan by another lender brings with it a lot of financial benefits.

Lesser interest rates: If you are switching to a government bank from a private lender, you are in for a treat! The biggest takeaway is that your education loan interest rate will be considerably lower than what would have been had you chosen to continue with your private lender.
Eligibility for education loan subsidy under government schemes: If you qualify for an education loan interest subsidy under several government schemes, you can avail it when you switch your lender from a private one to a government lender. Watch the 13th episode of the YouTube web series, Loanflix to get a deeper understanding of these schemes.
Longer education loan repayment tenure: Most NBFCs have limited the education loan repayment tenure to ten years. Public banks allow students to avail of a total of 15 years as repayment tenure. The other way to look at it is that the longer the repayment period, the thinner the initial EMIs.

If you transfer an education loan along with collateral, the new bank will replace the existing collateral.
On the other hand, if you are looking to transfer non-collateral loans to a particular public bank that usually offers loans on the basis of collateral, you will have to provide valuable collateral to that specific public bank. The collateral will not be secured by any loan margin and the loan amount will be 100%.
Moving student loans from bank to bank is often beneficial due to low interest rates and improved repayment options. However, to avoid losses, consider looking into past loan transfer trends before making a decision.

Yes, but you need to let the bank know and submit the relevant documents. Now you may be wondering, “Will I have to pay back the loan amounts if I change universities?” Well, the short answer is no, you won’t have to pay back any loan amounts if you change universities. However, to benefit from the most recent changes, you need to talk to your bank. In addition, you need to submit the relevant documents, such as the letter of acceptance from your new school, any scholarships you have won, and any other records specified by your bank.

How long will it take for the bank to approve my request to switch universities?

Depending on your bank's internal processes and the complexity of your case, the amount of time it will take to approve your request to transfer universities may vary. Contact your bank early to get a rough estimate.

Zero-Processing Fee: For the loan takeover cases, WeMakeScholars has secured approval from all the banks and NBFCs for the Zero Processing Fee. This means if you transfer your loan via WemakeScholars either there is no processing fee or it is 100% refundable.
Complete assistance for students abroad: In most situations, students studying abroad seek an education loan transfer in India. Applying via WeMakeScholars can help students connect with our financial officers via WhatsApp calls or through other digital modes as well. The candidate’s parents will be allowed to carry out further documentation if in India and will receive assistance from the student's dedicated financial officer at each and every step. In cases where the candidate and the candidate’s parents are both abroad, the process can be done by involving a local guardian.
No Pre-Payment Penalty: There will be no pre-payment penalty at any of the banks. This means that even if you procure a bulk payment and ought to close the loan on an immediate basis or within 6 months, there will be no charges for pre-closing the loan. Along with providing support for regular overseas education loans, our financial officers also help you with student loan transfers. Our team has processed close to 20,000 student loan applications in the past year. No one in the market has as much expertise as our team in the market, due to the large number of loan applications processed by us.

Our team's expertise is built on the knowledge acquired from processing huge volumes of education loan applications every year. So, if you are someone who is stuck with the wrong lender who is charging you a bomb in the name of interest, do approach our team to help you get an education loan transferred to a bank that charges a lower interest rate.

We hope this article helps you solve your doubts regarding education loan transfers. For any further assistance, feel free to contact the financial team at WeMakeScholars .

Will my credit score be affected if I transfer my education loan?

Will I be charged a penalty if I transfer my education loan before the end of the repayment period?

Can I transfer my education loan if I have defaulted on payments?

Can I transfer my education loan to a lender that offers a lower interest rate?

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Hello Manthan Patel,

I advise you to contact the support team and discuss the matter with them. They are the ones who will assist you in the process.

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Oh yes! we will help you with the loan transfer. I will connect you with our Expert. He will soon connect with you and discuss the possibility.

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Money Report

The Education Department will transfer some student loan borrowers to a different servicer. Here's what you need to know

Borrowers who are being transferred to a different servicer should receive alerts from Mohela and their new servicer, the Education Department explained.

By Annie Nova,CNBC • Published May 2, 2024 • Updated on May 2, 2024 at 5:02 pm

The U.S. Department of Education recently said that it will soon transfer some student loan borrowers to different servicers.
Here's what you need to know.

If your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education said it will soon transfer some student loan borrowers to different servicers.

Here's what you should know about the change.

Change impacts Mohela borrowers

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The Education Department began transferring a portion of Mohela's borrowers this week to different companies, it said in an April 29 blog post .

More than 1 million borrowers may be impacted.

"A different servicer will begin managing these loans and assisting these borrowers," the department said.

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The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial . It pays the servicers more than $1 billion a year to do so, according to higher education expert Mark Kantrowitz.

Why the transfer is happening

Mohela requested the transfers, the Education Department said, but the company has also been a magnet for controversy of late.

At the end of October 2023, the government accused the servicer of failing to send timely billing statements to 2.5 million borrowers when the Covid-era pause on payments expired, resulting in more than 800,000 borrowers becoming delinquent.

The Education Department withheld $7.2 million in payment to Mohela for its error.

"The disruption to Mohela's servicing last fall may have been caused by capacity issues," Kantrowitz said.

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In February, the Student Borrower Protection Center and the American Federation of Teachers published a joint report titled, " The Mohela Papers ," finding that four in 10 student loan borrowers in repayment serviced by Mohela "experienced a servicing failure since loan payments resumed in September 2023."

On April 10 , the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy held a hearing about Mohela's performance as a student loan servicer.

"Today, Mohela surrendered more than 10 percent of its total loan servicing business, showing that its executives now recognize what borrowers have long understood: Mohela's position as a leader in the student loan industry was a mistake," Mike Pierce, the executive director of the Student Borrower Protection Center, said in a statement.

Officials at Mohela did not immediately respond to a request for comment.

Pierce added that he hopes Education Secretary Miguel Cardona "builds on this progress and continues to protect borrowers by stripping the scandal-plagued firm of its remaining business."

After the transfers, Mohela will still service the federal student loans of at least 6 million borrowers, Kantrowitz estimates.

What borrowers should do amid transition

They will then need to establish an online account with their new servicer.

If you were enrolled in automatic payments with your servicer, which usually leads to a small discount on your interest rate, you may need to reenroll, Kantrowitz said.

If a borrower has a problem with their servicer, they can submit a complaint to the Department of Education's Federal Student Aid unit.

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Transferring a mortgage: How it works

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Key takeaways

A mortgage transfer is when another person or an entity takes over your existing mortgage.
Most mortgages are not transferable, but lenders may approve a transfer in a few situations.

In most circumstances, a mortgage can’t be transferred from one borrower to another. That’s because most lenders and loan types don’t allow another borrower to take over payment of an existing mortgage.

In some cases, though, a mortgage transfer is necessary and allowed, such as in the event of a death, divorce or separation, or when a living trust is involved.

What is a mortgage transfer?

A transfer of a mortgage is when a borrower reassigns an existing home loan to another person or entity.

“In essence, this transfers all responsibilities associated with the mortgage and lien on the property to somebody new,” says Rene Segura, head of consumer lending for FBX, the banking division of Informa Financial Intelligence, based in Dallas.

This transfer, or assignment, is usually only allowed when the mortgage is assumable , says Rajeh Saadeh, a Somerville, New Jersey-based real estate attorney. When transferring an assumable mortgage, the new borrower agrees to make all future payments at the original interest rate. The transfer typically severs any legal obligations the original borrower has to the loan.

How a transfer of mortgage works

When you transfer a mortgage, another person assumes the financial responsibility of repaying the outstanding loan balance, under the same terms and conditions. The monthly payment, loan length and interest rate will remain the same once the mortgage is transferred to the new borrower. After the successful transfer of a mortgage, the original borrower is usually relieved of any financial obligations for repaying the loan.

Transferring a mortgage has benefits for both the original borrower and the new borrower. For example, transferring a mortgage can help the original borrower avoid foreclosure if they’re unable to continue paying their loan. For the new borrower, assuming an existing mortgage can potentially help them get a better interest rate than what’s offered in the current market and avoid the closing costs required with a new mortgage.

Can I transfer my mortgage to another person?

The short answer is yes, you can transfer your mortgage to another person, but only under certain circumstances. To find out if your mortgage is transferable, assumable or assignable, contact your lender and ask.

“Most lenders would prefer not to do a loan transfer, as it doesn’t benefit them in any way unless the buyer is at risk of being in default,” says Dustin Singer, a real estate agent and an investor in Pittsburgh.

Make no mistake: Most mortgages are not transferable from one borrower to another. That’s true of conventional loans , which are not government-backed (meaning they’re not an FHA, VA or USDA loan), as well as conforming loans that meet funding criteria for Fannie Mae and Freddie Mac.

“These types of loans tend to use a due-on-sale clause , which requires a loan to be repaid in full or conveyance of the full interest in a property to allow the mortgage transfer,” says Segura. “In other words, the loan must be fully repaid, and a new mortgage would need to be executed to achieve a transfer.”

Loans that are usually assumable, meaning you can transfer them in some cases, include:

Keep in mind there are exceptions to this rule, so not all loans will be transferable.

“ FHA loans are typically assumable but depend on the current state of the loan and the creditworthiness of the new borrower at the time of attempted transfer,” says Segura, adding that to complete the transfer, the new borrower would have to go through the application process and may need to have a property appraisal done, as well.

For VA loans , this same process applies, but only if the loan closed before March 1, 1988. VA loans closed after that date may require approval by the lender or loan servicer.

USDA loans may also be transferable pending lender approval.

Exceptions to the rule

Even if your mortgage has a due-on-sale clause and isn’t assumable, there are certain circumstances under which your lender may approve a transfer. These include:

Death of a spouse, joint tenant or relative
Transfers between family members, including the borrower’s spouse or children
Divorce or separation agreements in which an ex-spouse continues to live in the home
Living trust arrangements in which the borrower is a beneficiary

For these mortgage transfers to work, the new borrower needs to be added to the property’s deed, the deceased owner needs to be removed from the deed or a spouse relinquishing ownership must sign a quitclaim deed.

When a mortgage transfer makes sense

There are several situations when transferring a mortgage might make sense. Some of those scenarios include:

A family member has an ownership stake in the home: If an immediate family member has an ownership stake in the property, you might transfer the mortgage into their name.
A family member is better suited financially to take on the loan: Transferring a mortgage can be a good solution if you have a family member who is in a better financial position to repay the loan.
The original borrower has passed away: If the original mortgage borrower dies , it makes sense to transfer the loan to a relative or survivor who has the ability to pay it back.

“All of these scenarios are still on a case-by-case basis in which the lender will need to approve the transfer,” says Segura.

“Many people try to assume mortgages so they can take advantage of lower interest rates than what they would qualify for today,” says Than Merrill, founder of FortuneBuilders in San Diego.

How to transfer a mortgage

To learn how to transfer ownership of a house with a mortgage, you’ll need to talk to your lender and see if your mortgage qualifies for a transfer. Here’s how the process might look:

Contact your lender. Before doing anything else, reach out to your lender to check that your mortgage is transferable.
Consider legal representation. Transferring a mortgage can be complicated. If you’re nervous about doing it alone, you can hire an attorney to help you navigate the process.
Begin the transfer process. After confirming your eligibility, you can work with your lender to start the transfer. Depending on your loan and lender, this can include completing paperwork and verifying that you’re current on your payments. The lender will also assess the new borrower’s credit profile.
Complete the transfer. Mortgage transfers aren’t instant. Until yours is approved, don’t forget to keep making loan payments and comply with any follow-up instructions sent by your lender.

What are transfer taxes?

Some state and local governments impose a one-time real estate transfer tax that must be paid any time a property is transferred from one person to another. In many cases, the seller must cover transfer taxes, but this varies by jurisdiction. The amount of the tax also depends on where you live, but it’s usually either a flat rate or a percentage of your home’s sale price.

Alternatives to a mortgage transfer

Instead of transferring a mortgage, consider these alternatives:

Buying the home from the original borrower : The person who wishes to assume the loan applies for a new mortgage and buys the home from the previous borrower. However, this means dealing with new loan terms and interest rates .
Adding a second borrower : This option involves adding the new borrower to the loan. However, it won’t remove the original borrower, so they’ll remain liable for the debt.
Refinancing and adding a borrower : Refinancing your mortgage and adding a second borrower lets you adjust the loan’s terms and rate. It may be easier to add another borrower by refinancing. However, this also has the drawback of not freeing the original borrower from their liability for the loan.
Unofficial transfers : With this option, you can have the new borrower send payments to the original borrower, who then pays the loan. However, this is a bad idea because the initial borrower is liable for the debt and has little recourse if the new borrower stops paying. It may also break the terms of the mortgage, especially if the original borrower moves out.

Can I take over a mortgage from my parents?

Do i have to notify my lender of the transfer, why would a bank transfer a mortgage, bottom line.

Transferring a mortgage can simplify things: The new borrower wouldn’t have to apply for a new loan, pay for closing costs or possibly risk paying higher interest rates. However, many kinds of mortgages aren’t transferable, and if yours is, you’ll have to prepare for a lot of paperwork to make it official.

“The mortgage transfer will require a lot of documentation, with several new guidelines and criteria on the loan,” says Segura. “Read all documents thoroughly for any potential changes on the mortgage rights.”

Also, keep in mind that a mortgage transfer doesn’t change the debt obligation on the loan; the new borrower still needs to pay off the same outstanding balance.

If in doubt, consider discussing this option with a real estate attorney and skilled financial professional before proceeding.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

“ Chapter 7. Assumptions " U.S. Department of Housing and Urban Development. Accessed on Jan. 24, 2024.

“ Rights of VA Loan Borrowers " U.S. Department of Veterans Affairs. Accessed on Jan. 24, 2024.

" Chapter 2: Overview of Section 502 " U.S. Department of Agriculture. Accessed on Jan. 24, 2024.

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How to transfer a car loan to another person.

A car is a major purchase that requires most people to take out some form of financing . An auto loan can help someone get behind the wheel of a car, but what happens if that loan becomes unsustainable for them? Is it possible for someone else to take on that obligation? Let’s look at how to transfer a car loan to another person, as well as some other strategies to manage your loan.

Although Chase does not offer auto loan transfers, we'll cover some of the steps that may be needed to transfer an auto loan, as well as some alternatives, so you can determine what the best option might be for you.

Can you transfer a car loan to someone else?

The short answer? It’s unlikely. Most loan contracts typically don’t allow for transfers, and mainstream lenders generally refuse such a request. There are two main reasons most lenders won’t do a person-to-person transfer of a car loan:

When one person is still driving the car, but another person takes on full financial responsibility for it, it’s hard to clearly define ownership. That means it would start to get a little messy sorting out important paperwork like titles and lien registrations.
For similar reasons as above, there are also serious implications in terms of insurance and liability. This poses a serious risk to all parties involved.

It may, on occasion, be possible to directly transfer a loan if it came from a private lender and there is a high level of trust between all parties. This is a rare and unique circumstance, however, and likely won’t apply to many situations.

How do you transfer a car loan to someone else?

In most cases, when people talk about transferring a loan, it essentially refers to selling a car and the new owner applying for new financing, at which point that new owner would assume legal ownership of the car. Though not all lenders offer financing for car sales between private parties , here are a few broad steps to consider to address the difficulty in transferring a loan:

1. Contact the lender

In general, you’ll have to close out your own loan balance. If you have the cash available to do this, great! If not, you’ll pay off the current lender with proceeds from the new borrower’s loan. Note: at this time it’s helpful to double-check with relevant authorities before finalizing a purchase to determine any requirements such as taxes, fees, registration, etc.

2. File new paperwork

Once you and the borrower have agreed on a selling price for the car, it’s time for the borrower to submit an application for a new loan. The borrower will have to undergo a standard credit check and be approved for a new loan based on their credit.

3. Update title and insurance

Once the new loan is approved, it’s time to transfer the title to the new owner. Depending on your state’s regulations, the title may go to the lender instead of the new owner. Updating the title typically requires a trip to the DMV with valid IDs and the bill of sale information pertaining to the sale. Of course, the new owner will also need insurance on the car in order to keep it on the road.

Alternatives to transferring a car loan

If you feel like a loan transfer through the sale of your vehicle to another person isn’t the right choice for you, here are some alternative strategies to consider instead.

Sell your car to a retailer

This is one of the most common ways to resolve an unwanted car loan. S elling the vehicle to a retailer can help you avoid the transfer process. It also gives you a potentially much-needed infusion of cash.

Refinance your loan

If you want to keep the car but you’re simply looking to relieve some of your financial stress, refinancing your loan may be an option to consider. Refinancing can potentially lower your interest rate or extend your loan term in order to decrease the size of your monthly payments.

Request a deferment

Depending on the lender, you may be able to ask for and acquire a deferment for a defined period. Bear in mind that interest will typically continue to accrue on deferred payments, and you will need to resume payment at some point.

Most car loans can’t be assumed by someone else. When you're figuring out how to transfer a car loan to another person, it’s important to understand that it's typically seen as a big risk by most lenders. There are other strategies that you may consider when looking for help managing your car loan.

car financing
car insurance

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Personal loan balance transfer.

Summary: Personal loan balance transfer is a process where you can transfer the unpaid loan balance from one bank to another and refinance it at a lower interest rate!

Personal loan balance transfer helps save money, provides access to more credit, and could increase your CIBIL score

When you transfer the outstanding personal loan balance from one bank to another, you are using the personal loan balance transfer facility. It occurs when another bank offers a lower rate of interest on the remaining amount. The main reason for a personal loan transfer is to reduce the interest burden on the remaining amount. Hence, it is important that you carefully assess the personal loan balance transfer offer to save considerably on the total interest payable.

Guide to Personal Loan balance transfer, including its benefits

To understand this better, assume that you approached IDFC FIRST Bank for a personal loan transfer . IDFC FIRST Bank will now take over the loan from your existing lender and offer you a similar loan at a lower interest rate. Now, you must pay your future EMIs to IDFC FIRST Bank and not your original lender.

You can also consider transferring your loan if your financial situation has changed. You can also increase or decrease your loan tenure or EMI if your current bank is not accommodating you. Check our Personal Loan EMI Calculator .

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How does personal loan balance transfer work .

When you opt for a personal loan balance transfer, IDFC FIRST Bank will pay off your existing loan. If you have any other payment clause, then you might have to incur those charges, along with the processing fee for your new loan. Since you will save a lot with a lower rate of interest, these charges will not hurt your wallet. Now you know what a personal loan balance transfer is and how it works, keep reading to find its benefits for you.

The benefits of Personal loan balance transfer

A personal loan balance transfer comes with various advantages such as:

Better rate of interest

One of the biggest benefits of a personal loan balance transfer is that the rate of interest becomes less. This ultimately lowers the borrower’s interest burden. The new lender will offer a lower rate of interest on the loan transfer, which benefits the borrower. While there is a possibility that your new bank increases the rate of interest, most banks, including IDFC FIRST Bank, will reduce the interest after assessing your background.

Extended duration on the loan

When a personal loan transfer from one bank to another is carried out, the tenure of the existing personal loan is negotiated upon, and you can get the repayment period of the loan either extended or reduced. The EMIs and interests can increase and decrease according to the negotiations.

For the personal loan balance transfer process, you will not need any collateral. The bank might levy nominal charges for the personal loan balance transfer, such as the foreclosure charges, processing fees and stamp duty on the loan agreement.

Added features

This benefit depends on your past payment record, your CIBIL score and the income dynamics. Some lenders may provide loftier features, such as zero processing fees, a lower rate of interest, a waiver of the last EMI, and so on. The personal loan balance transfer facility cannot only reduce the personal loan interest burden, but the borrower may also get better loan features.

Increment of loan facility

Most banks allow a top-up facility along with the personal loan balance transfer. Many banks and financial institutions offer new loans and top up facilities for personal loans at competitive and lower interest rates.

With many benefits and the ability to reassess your financial future in terms of your loan repayment, a personal loan transfer from one bank to another can be of great help. With IDFC FIRST Bank, you can enjoy a lower rate of interest in your existing personal loan.

Factors to consider before opting for a personal loan balance transfer

A personal loan balance transfer can be a strategic move for debt management, but it requires careful planning.

Interest rate : A loan refinance won't make sense to switch to another lender if the interest rate is higher, as this will increase your debt burden. Thus, it should be lower than what you currently pay. Lower rates mean lower monthly payments and a faster debt payoff.

Terms and rules : Evaluate the terms and conditions for a personal loan balance transfer set by your new lender. If you have a strong credit profile, leverage it to negotiate better terms like a waiver on your last EMI and lower processing costs. Simply put, look for offers that give you more flexibility and savings in the long term. Also, consider any prepayment fees you might incur from your current lender.

Loan tenure flexibility : Examine how your new lender allows you to select the loan's duration. While extending your loan tenure can lower your EMIs, it increases the total interest. So, tailor the loan length that balances low EMI payments to help you repay the loan faster while minimising the total interest you pay over the loan term.

Cost of transfer : Fees often accompany the transfer process. Make sure to calculate the cost of transferring your loan to get an accurate idea of how much you stand to save from the personal loan balance transfer. Also check additional costs and penalties (if applicable). These fees need to make sense to the overall plan of your debt repayment plan.

Eligibility criteria for a personal loan balance transfer

With IDFC FIRST Bank, not only do you benefit from competitive interest rates, but you also experience an easy and entirely digital transfer process. These are the requirements you must fulfil to qualify for a personal loan balance transfer:

For salaried individuals:

Minimum Age: 23 years
Maximum Age: 60 years or retirement, whichever comes first at the time of loan maturity

For self-employed individuals:

Business existence: Minimum 3 years
Minimum age: 25 years [HK2]
Maximum age: 65 years at loan maturity

Documents required for a personal loan balance transfer

Get an instant personal loan and transfer your balance digitally. The required documents include:

Valid KYC (Know Your Customer) documents: Passport, voter's identity card, driving licence, Aadhaar letter/card, NREGA card, Letter issued by the National Population Register .
RBI Approved Account Aggregator Process/ Bank Statement
Net banking or debit card details to set up e-Mandate
eSign/eStamp for faster disbursal

A personal loan balance transfer or loan refinance can help you save money, consolidate debt, get better repayment options, and ultimately make it easier to manage your finances. The key to maximising these benefits is thorough research, careful consideration of terms, and a clear understanding of your financial objectives.

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

Disclaimer:

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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More than 1 million student-loan borrowers could soon be transferred to a new company after their servicer requested a lighter load, the Education Department says

Over 1 million student-loan borrowers are being transferred from MOHELA to new servicers in the coming months.
MOHELA requested the transition, and Federal Student Aid agreed to allow for "the best service."
The Education Department withheld pay from MOHELA last year for not fulfilling some of its obligations.

A major student-loan company has requested that it no longer manage some of the borrowers in its servicing portfolio.

On Monday, Federal Student Aid released a blog post — first reviewed by Business Insider — announcing that beginning this week, it will begin transitioning some student-loan borrowers' accounts from MOHELA to other federal servicers.

An Education Department spokesperson told BI that it expects this transition will impact over one million borrowers, but that number is subject to change as the transition progresses.

"MOHELA requested these transfers and FSA, as part of its work to ensure borrowers receive the best service and support, agreed to this path," the blog post said.

According to FSA, it has already started to work with MOHELA and the other servicers to manage these transitions effectively. Impacted borrowers will receive a notice from both MOHELA and their new servicer notifying them of actions that they need to take to complete the transition. Those include creating an account with their new servicer, ensuring their new servicer has their contact information, and making sure any payment settings — like banking information — are up to date.

Watch: Student loans are canceled for former students of Corinthian Colleges

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How to Transfer Education Loan to Other Bank? Know the Details Here
Loan Transfer. After completing the necessary paperwork, your new bank will pay off the outstanding balance of your existing loan to the old bank. This effectively closes your loan account with the old bank and opens a new one with the new bank. After this process, you will get all the details about EMI deductions and the ECS presenting date.
Get Takeover Of Education Loans Online in India
Pay your EMIs through Net Banking/ Mobile Banking/ Cheques. Avail of top up loan after take over for pursuing further studies subject to submission of required documents with extended repayment period for that course. Quantum of Finance Minimum:Rs. 10 Lakhs. Quantum of Finance Maximum:Rs. 1.5 Crores.
Education Loan Transfer
If you meet above conditions then you are eligible to apply for an education loan balance transfer at IDFC FIRST Bank. Transfer your principal amount of the existing education loan to IDFC FIRST Bank @ 1% lower ROI. Best Collateral free loans of up to ₹75 lakhs. Apply Now!
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Shweta Joshi , 5 years ago 0 3 min 418. It is very much possible to transfer your existing education loan from one bank to another bank, and actually financially gain from such a transfer. Apart from lowering your interest rate you also can get a larger amount of loan. But instead of blindly rushing into it, you need to consider all the pros ...
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Here is how to transfer a home loan from one bank to another. Go to the bank's website. Read the terms and conditions, including the interest rate and processing fee. If you are happy with the plan, you can request a balance transfer. Fill in the relevant fields. It includes your name, home type, current loan tenure, and the bank's name.
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Apr 29, 2024, 1:17 PM PDT. Shutterstock. Over 1 million student-loan borrowers are being transferred from MOHELA to new servicers in the coming months. MOHELA requested the transition, and Federal ...

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The Education Department will transfer some student loan borrowers to a different servicer. Here's what you need to know

By Annie Nova,CNBC • Published May 2, 2024 • Updated on May 2, 2024 at 5:02 pm

Change impacts Mohela borrowers

CNBC's Inside India newsletter: A disconnected stock market

The U.S. is now Germany's biggest trading partner — taking over from China

Why the transfer is happening

What borrowers should do amid transition

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