Change in Ownership of Loan

Question: I have several student loans with the same company, all are fixed rate. These loans have been purchased by someone else. I assumed the interest rates and payments would remain the same, but now the payments are significantly higher. So, far a representative from the new company cannot answer why.

Answer: Assignment of a loan does not change your obligations. Make sure that none of the loans were subject to deferral or forbearance and that they are in fact fixed rate loans. Request an account history of each in writing.

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