Direct Loans Question

[MrsSz]

So I logged into DH's direct loans site (we consolidated about a year ago) to make a payment. He is in school deferment but I've been making some payments sporadically when we can. Hey every little bit helps! So, I go to log in and they are completely paid off as of the 7th. The only thing I can think is that DL sold the rights to service the loan to someone else. My question is.. Don't they have to notify us that the lender or servicer changed? I didn't think that DL sold off those rights... Because they buy up all the debt when you consolidate? Help! I'm so confused!

[Chrisada]

DH's direct loans were sold a while ago but we got notification in the mail.

[Deebs]

The Affordable Care Act had a provision that allowed these loans to be sold (weird, huh?). Ours were sold, too, and our only notification was a bill from a new lender. Our terms are the same, but we are not happy.

[MrsSz]

Are they all being sold to the same lender?

[Deebs]

Nope - different lenders. We got Mohela. If you're on auto drafts, it shouldn't affect rates or anything and should be seamless (plus you get a 1/4 point discount for auto draft).

[Chrisada]

We also got Mohela. Also on auto draft so didn't have to do anything.

[MrsSz]

He's in deferment right now because of school.. Do you think Ill still get notification? Since hell get more loans for school will those end up at DL or at the new place? Ugh. Annoyed.

[diggitydot]

Should ALWAYS get some sort of notification when you loan holder or servicer changes hands, but not all companies are great about sending out the notification.

When our mortgage servicer changed, we didn't receive anything from the original company, just a notice from the new company that we were to send them our payments instead. Uh, I don't think so, asswipes. I called the other company to verify and their response was along the lines of, "Oops, didn't you get the notice we sent out? Yes, this is your new servicer so send your dough there." Obviously, we didn't get the notice, dipshits, or I wouldn't have called and asked. I have NOT been impressed with the company we used to buy our house.

[MarissaNicole]

We got emails and letters letting us know we were sent to Mohela.

[MrsSz]

Thanks ladies!! Here is the link.. we just haven't received the notification yet because it just happened three days ago.. here is the link if anyone else's disappears! https://www.mohela.com/DL/FAQs/DLNewUser.aspx

[MrsSz]

Hilariously.... I just received email notification of transference...