If you are responsible for managing your private or federal student loan debt, you may be familiar with Lakeview Student Loans. With all the changes happening in the loan servicing industry, it could be hard to figure out who Lakeview Loan Servicing is, what they do for a living, and what borrowers can expect from them.
The purpose of Lakeview Loan Servicing, repayment options, forbearance, and customer support alternatives are all discussed in detail in this comprehensive overview to Lakeview Student Loans. Anyone, from current borrowers to those just thinking about it, may benefit from the information in this article when it comes to confidently managing their student loans.
Learn About Lakeview Student Loans Here!
Lakeview Loan Servicing, LLC is primarily known as a mortgage loan servicer. However, a lot of people are confused because they think they see “Lakeview” associated with their student loan accounts. By partnering with other financial institutions like MOHELA or servicers licensed by the US Department of Education, Lakeview is able to avoid servicing student loans directly.
Then Why Is Lakeview Linked to the Issue of Student Loans?
Many factors might be relevant in this case:
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One possible role for Lakeview is to retain student loan assets or provide funding for them.
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Following the sale, refinancing, or consolidation of your student loan, Lakeview may have assumed an administrative or financial role.
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Some customers may confuse letters from Lakeview Mortgage with unrelated student loan services.
Be advised that if your student loan account specifically names Lakeview, you are encouraged to confirm that Navient, Nelnet, MOHELA, or Aidvantage is in fact your servicer. You will have direct interactions with these companies about payments, deferments, and income-driven repayment schemes.
Who Is Lakeview Loan Servicing Called?
Lakeview Loan Servicing is a major player in the US residential mortgage loan subservicer market. They are in charge of all the paperwork that goes into a home loan, from managing the escrow account to distributing statements and collecting payments.
The name Lakeview appears on many loan documents, which could be misleading for student loan applicants, even if mortgage servicing is the company’s main activity.
Will Lakeview Be Responsible For Servicing My Student Loans?
Whether you want to see whether Lakeview is paying back your student loans, follow these steps:
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To access your account for Federal Student Aid, go to StudentAid.gov.
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Next, go over to the “My Aid” section.
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Make sure you double-check the listed loan servicer(s) and contact information.
If you come across the name Lakeview on your billing statement or in emails but do not see it on your profile, it is likely that they are not the direct servicer.
Common Questions About MOHELA and Lakeview
Many borrowers may notice that both Lakeview and MOHELA are referenced in loan communication, especially in 2023 and 2024. A recognised government loan servicer, MOHELA, may sometimes take over the servicing of loans owed by Lakeview or its related firms.
Here is the way it works:
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It is possible that Lakeview owns or is financing the debt.
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MOHELA handles all borrower services and accepts payments for your loan.
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Your account may still show the name Lakeview Student Loans due to system record-keeping or legal ownership.
Contacting the designated servicer directly is essential, regardless of whether Lakeview’s name appears in the paperwork, due to this dynamic.
The Lakeview Method for Resolving Student Loan Debt
Treat student loans with Lakeview like you would any other loan; they are an affiliated company. Be mindful of:
1. Identifying Your Lender
Find out who is responsible for handling your payments, deferments, and repayment programs. It is with this service provider that you will primarily interact.
2. Getting to Your Account
When you’ve confirmed your servicer (such as MOHELA, Nelnet, or Aidvantage), you may manage your loans, set up autopay, and check your loan amount by registering or logging in to your online account.
3. Exploring Repayment Options
Rules that apply to all student loans, whether those from Lakeview or not, will apply to yours as well. This means that you may be eligible for:
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Revenue-Driven Repayment Strategies
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Federal Student Loan Forgiveness Program (PSLF)
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Putting off or easing up on spending when money is tight
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Refinancing choices that might lower rates
4. Contacting Customer Service
Your loan servicer’s customer service department is the first point of contact in the event of an emergency. Your NSLDS report or FSA dashboard could provide the identity of that person.
Does the Government Provide Funding for Lakeview Student Loans?
Another common question is whether the loans offered by Lakeview are private or government-backed. The answer depends on where the loan came from and how it is being serviced:
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Your loan, if obtained via the FAFSA, is federal, regardless of whether Lakeview is mentioned.
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If Lakeview is on the list of private lenders you were considering while refinancing or consolidating your loan, it’s likely that your loan is private.
Know your loan type before applying for a federal loan; some loans come with additional protections including deferral, forgiveness, and income-based repayment schedules.
Next Steps in the Event That Your Payment Is Delayed
If you are behind on your payments for your Lakeview student loans, you need to do something quickly to avoid going into default or having your credit damaged.
What Has to Be Done Is This:
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Get in Touch With Your Loan Handler: Make haste. There are a lot of options for temporary relief from a variety of service providers.
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Request a Deferment or Forbearance: You may temporarily halt payments without incurring penalties.
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Apply for Income-Driven Repayment Plans: An income-driven repayment plan can allow you to lower your monthly payment if your income is high enough.
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Consider Refinancing: If you have private loans with high interest rates or are thinking about consolidating them, refinancing may be a good option for you.
Tips for Staying Away from Lakeview Student Loan Frauds
The complexity and unpredictability of student loan servicing has led to an increase in scams using these debts. Anyone claiming to represent Lakeview Student Loans and offering quick forgiveness should raise red flags.
Red Flags to Watch For:
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Any request for payment in advance should raise red flags.
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Time is of the essence
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Asking for your SSN or Federal Student Aid ID
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Promises of instantaneous discharge of debt
What You Should Do:
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The next step is to check your servicer’s legitimacy on StudentAid.gov.
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A direct line to your service provider may be found on their website.
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Report fraudulent activities to the FTC.
Lakeview Student Loans: Pros and Cons
Positive Aspects
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Might provide low-interest refinancing options via their network of linked lenders.
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Typical government benefits may be available to those who participate in major service providers like MOHELA.
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Government protections are available to you if your loan receives funding from the federal government.
Negative Aspects
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In the event that you are unsure about your service provider, confusing branding
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It could be difficult to communicate with Lakeview because of the indirect function it typically performs.
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Not as transparent as other service providers like Nelnet or FedLoan (formerly MOHELA)
Results Concerning Lakeview Education Loans
Inclusion of Lakeview in ownership, invoicing, or documentation records may lead to confusion, even if Lakeview does not provide direct student loan service. When dealing with account management, benefits, and payments, it is critical to concentrate on your actual loan servicer.
Understanding the relationship between your current loan status and Lakeview Student Loans will help you get full control of your debt, whether your goal is to manage your payments, request forgiveness, or locate a better interest rate.