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Select Portfolio Servicing (SPS) is a loan servicing company founded in 1989 and owned by Credit Suisse. It was formerly known as Fairbanks Capital Corp. and settled with FTC and HUD over subprime mortgage practices.
Loan servicing is the collection of payments from borrowers by a company on behalf of investors or guarantors. Learn how loan servicing works, what fees and activities are involved, and which companies are involved in the industry.
Navient Corporation is a public company that manages nearly $300 billion in student loans for more than 12 million debtors. It was formed in 2014 by the split of Sallie Mae and has faced lawsuits, investigations, and controversies over its practices and policies.
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and Nelnet.
The Department of Education announced in 2021 that FedLoan Servicing would stop servicing federal loans at the end of its contract. New updates have been released since then that have changed the...
A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The agreement settles a lawsuit brought by the ...
PHEAA is a quasi-governmental agency that administers state and federal student financial aid programs in Pennsylvania. It was involved in a controversy over the 9.5% interest rate loophole and the TEACH grant program, and lost its federal contract in 2021.
Sallie Mae is a U.S. corporation that provides private education loans and banking products. It was founded in 1972 as a government-sponsored entity that serviced federal loans, but became private in 2004 and spun off its federal loan business in 2014.