A loan transfer typically won't hurt your credit score - as long as you continue to make payments on time. Your loan terms and payment history stay the same.

You might notice a small temporary dip in your score due to how credit reporting systems handle the transition (closing the old account and opening a new one). This is normal and your score should bounce back once the new loan is reported consistently.

If you’re currently enrolled in automatic payments, please take a moment to review the goodbye letter you received. It will let you know whether your automatic payments will transfer to the new servicer or if you’ll need to set them up again.

No, there are no fees associated with the transfer of your loan servicing. This process is completely free for you.

You’ll receive a welcome letter from your new servicer that includes the official transfer date and all the important contact details. This letter confirms that your loan has been successfully transferred and provides everything you need to get started.

If you’re currently on a loss mitigation plan, it will transfer along with your loan. The new servicer will continue to honor and manage your plan, so you won’t need to reapply or start over.