Private College Student Loan

Why did the US Dept of Education trasnfer my Stafford student loan to Great Lakes Educational Loan Services?

Is this good or bad for me? Is there a better service for me to use other than Great Lakes? The letter I got in the mail says that Great Lakes is now servicing my Stafford student loan account. Does this mean that they can raise my interest?

Public Comments

1. It just means that Great Lakes bought your loan. Banks do that all the time.
2. They cannot raise your interest rate as interest rates on federal student loans are federally regulated.