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Found Credible on your site.. looking for more info.

Started by lasoyoga, April 06, 2016, 06:57:10 pm

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lasoyoga

Hello,

I am finding myself in a overwhelming amounts of debt and I'm feeling like I will never get rid of it.
I have Navient and Fed Loan Servicing but i have a few questions about these companies...

1. Is Fed Loan Servicing really thee federal loan company they refer students to use?
2. Do I have continue to use Fed Loan Serving once I'm in?
2. How is that Navient offers a 3% interest rate and Fed Loan Serving won't offer anything lower than 6%?

I applied to refinance all my loans with Credible. I have input all the information asked of me and it says I will get a quote in 90 seconds but I haven't. Also, I'm a little worried about them running my credit so many times for different companies. Any breakdown on how this works?

Thank you!


TheCollegeInvestor

Hello,

1. FedLoan Servicing is a contractor for the Department of Education. The Department of Education will assign your Federal student loans to a servicing company, which FedLoan is one of them.
2. Yes, you don't get a choice. It's assigned by the Department of Education
3. The rates on your Federal loans are set by the government, not the servicing company. Private student loan rates are based on your credit score and company you choose.

As for Credible, you're not ruining your credit at all. Inquiries (even a bunch of them) will all count as one within a two week period of time. It's smart to shop for a loan and the best interest rate, and that requires inquires. As long as you pay all your bills on time, you'll be find with your credit score.

As for the quote, check your email and spam box just to make sure you didn't miss anything. We're fans of Credible and they are a great tool.