Xpress Loan Servicing

Xpress Loan Servicing is a company that provides loans to pay for college.  Formerly known as Education Loan Servicing Corporation, Xpress Loan Servicing claims to raise the bar not only when it comes to helping students pay for college, but also sets a new higher standard in loan servicing. They are committed to providing you with excellent customer service as well as effective financial solutions for all of your education loan needs.  One seperation factor is their commitment to ensuring that students retain their good credit ratings through timely loan payments (I’ll explain more in a moment). Xpress Loan Servicing is a company worth considering if you are looking for college money, and here is a list of some of their features:

Borrower Options

Xpress Loan Servicing works to make everything as easy for you, the student, as possible. You can find forms online to cut down on application hassle, as well as eligibility information to receive a loan. Not only that, you can log into your own secure account which will provide you with updated loan information whenever you need it. It’s a great tool, and one that I made sure to have when I was looking at student loans. Not only that, they also provide loan calculators for use at your disposal, and the ability to make your payments online. From what I can tell, they will allow you to set up automatic payments from your bank account at no cost to you, if you like that sort of thing. Personally, I want to be the only one that knows my bank account information.

Payment Deferral Options

Another positive about Xpress Loan Servicing is that if you ever get in a tight spot and think you will have to miss a payment on your loan, they boast that their customer service will work with you to find options to keep you from missing a payment. This could be done through different types of payment deferrals. There are several types of payment deferrals you can use, such as:

  • In School Deferment
  • Education Related Deferment
  • Temporary Total Disability Deferment
  • Public Service Deferment
  • Unemployment Deferment
  • Parental Leave/Working Mother Deferment
  • Economic Hardship
  • PLUS Borrower with Dependent Student Deferment

A customer service representative will work with you to find out which deferment you qualify for, and will help to get the deferment approved to keep you from missing a payment. If you don’t qualify for one of them, and still intend to pay your loan in full, then you may still be able to temporarily suspend your payments, delay payments, or pay a smaller amount than previously scheduled through forbearance.

Whatever company you are looking at to help you pay for college, Xpress Loan Servicing is one to consider. They really push their customer service as a cornerstone of their business. Loan companies are usually a big hassle, and you usually are picking the lesser of evils, but at least this company puts emphasis on their customer service. If they prove to treat you badly, you can always consolidate or transfer your loan to another loan service company.

4 thoughts on “Xpress Loan Servicing

  1. When I first called xpress loan servicing to inquire about student loan consolidation, I spoke with a representative who was adamant that I needed to sign up immediately because the federal interest rates on student loans were due to increase at any moment. (This was in 2007 – the interest rates have not changed a bit since then). He was very pushy and assured me that it would be at least 6 months for all of the paperwork to go through before I would actually have to start making payments. Being a very young graduate and naiive … I thought he was trying to help me and agreed to move forward. Although this is not my major concern at this time, I believe it’s important for you to have the full history of my concern in order to understand the veracity of my complaint.

    I told the rep that I was uncomfortable with moving forward, however, he talked me into it anyhow, convincing me it was the best decision. After the paperwork went through, my payments were due within 30 days of the call I made. So, the 6 months I was supposed to have for repayment never happened. I called back and talked with a customer service rep to explain that I didn’t feel comfortable with my loan terms, that I had been pressured into doing something I wasn’t ready for, and that I felt like I had been taken advantage of. The rep, at the time, seemed very empathetic. Yet, it was STILL never explained to me that I was on a repayment plan that payed interest only, or that there was another option on my loans.

    Thanks to the lovely AIG fallout, I was laid off of my job in 2008 due to a trickle-down effect. I called back several times while I was laid off from my job and spoke with reps about my plans to repay, how much I could pay and when, and I always kept my end of the bargain. Of all the times I have called Xpress Loan Servicing, no one has ever mentioned that I was on a ‘level 2’ repayment plan and that the money I was paying would have no benefit to my principal loan whatsoever.

    Two weeks ago (May 20th), I called to speak with a customer service rep because I didn’t understand some of the correspondence I had received. For the first time, a representative explained to me that I was paying interest only. I was extremely upset. She promised me that she would speak with her supervisor and that I would receive a call back from her supervisor the next day. I gave her my new cell phone number. It is now June 1st and I have STILL not received a call back from this ‘supervisor’ who was promised to correspond with me by May 21st. I have made attempts to call back and email – still receiving no way to reach a supervisor.

    So, as it sits, my loan is still a ‘level 2’ (not sure what that means still) and my payments are doing me no good. So, of the thousands of dollars that I have given to to xlservicing, none of it has applied to my loans, leaving me in more debt now than when I started. I feel that they have stolen from me. I know this is not a personal thing, but from my perspective, it feels very personal. Especially now that I’m being completely ignored.

    Don’t let this happen to you! Shop around and have the companies explain your options. Do not let anyone pressure you into making a rash decision. May you learn from my mistake and never use xpress loan servicing!

    • I am sorry to hear that…All I can say is I too, have been ripped off by companies in the past. You have to make sure of everything you are being sold, read through all of the documents and make an informed decision.

      I realize that is of little comfort at this time, but you do have options to refinance or consolidate with a different company.

  2. DO NOT BORROW FROM XPRESS LOAN SERVICING! I am going through a nightmare with them. I applied for the income based repayment program. Xpress Loan Servicing calculated my income to be approximately $15,000.00 more than I will actually make and based my monthly payment off of that. When I sent the my tax return in to have my payments based off of last year’s income, they said it was too much conflicting information and they refuse to recalculate my payment. How convenient for them.

    • Chad:

      I am sorry to hear that! But there are options for consolidating/refinancing that loan with another company…

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