How Do I Find Who Has My Student Loan

Repayment Assistance Plan Stages

The plan has two stages: interest relief and debt reduction.

1. Interest relief

The interest relief stage is available for up to 60 months, or until you are out of school for 10 years, whichever comes first.

During the interest relief stage

• your monthly affordable payment will first go toward paying down your loan principal
• if your payment is large enough, the remainder will go toward monthly interest
• the governments of Canada and Ontario cover all monthly interest that is not covered by your payment

If you are not required to make any payments at all during this stage, the governments of Canada and Ontario will cover your entire monthly interest charges and your loan principal would stay frozen.

Visit the National Student Loans Service Centre website to get more information.

2. Debt reduction

The debt reduction stage occurs after the interest relief stage, which is after you have received interest relief for a minimum of 60 months or you have been out of school for 10 years, whichever comes first.

During the debt reduction stage:

• you will make either no payments or a monthly affordable payment, depending on your income and family size
• your monthly affordable payment, if any, will go first toward paying down your loan principal
• if your payment is large enough, the remainder will go toward paying monthly interest

Visit the National Student Loans Service Centre website to get more information.

Manage Your Student Loan Balance

Sign in to your student loan repayment account to:

• check your balance
• see how much youve repaid towards your loan
• see how much interest has been applied to your loan so far
• make a one-off repayment
• set up and amend Direct Debits
• check which repayment plan youre on
• print proof of your repayment plan if you need to show it to your employer
• tell the Student Loans Company if youve changed your contact details
• view letters and emails SLC has sent you

Create A Student Loan Spreadsheet

Now that you know you have all of your student loans, you may be starting to feel overwhelmed again. Between paper statements, emails, online accounts, NSLDS financial aid reviews, credit reports, and paperwork from your schools financial aid office, theres just too much to keep straight. Thats why you need to create a student loan spreadsheet that will keep all of this information in one spot.

If you dont want to go through the trouble of creating and formatting a spreadsheet on your own, you can download our free Student Loan Spreadsheet Template below. It includes pre-formatted columns and everything, so all youve got to do is plug in your own student loan information and be done.

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Update Your Student Loan Spreadsheet Regularly

Creating your student loan spreadsheet is probably the most time-consuming part of this whole process, at least up front. But you cant just create the spreadsheet and be done. Youve got to be committed to updating the spreadsheet regularly. Otherwise, the information that youve gathered together will be outdated in just a months time.

I recommend that you update your student loan spreadsheet monthly so that you always have a clear picture of how you are doing in paying down your student loans. Updating your account balances monthly will give you a psychological boost every month, because youll be able to see your student loans shrinking right before your eyesyay!

Additionally, updating your spreadsheet every month will keep you engaged in your battle against your student loans. If youre seeing good results in paying down your student loans, getting a reminder every month is a great way to stay motivated if youre not seeing the results that you want, then each monthly disappointment can help spur you to make larger payments or find new ways to pay down your student loans. The hardest part of paying off any debt is staying engaged throughout the fight. Regularly tracking your payments will help keep you engaged.

I recommend you update your spreadsheet on the same day each month, preferably the day after your payment is applied. This will be when your student loan account balance is at its lowest, which will give you the greatest psychological boost.

Start Your Loan Repayment

Six months after you leave school, youll start repaying your loans. Your monthly payment is automatically calculated. Your repayment schedule depends on:

Learn more about adjusting repayment details.

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Graduate Or Leave Full

You have six months after you graduate or leave full-time studies before you need to start repaying your OSAP loan. This is your six-month grace period.

You will be charged interest on the Ontario portion of your loan during your six-month grace period. This interest will be added to your loan principal .

National Student Loans Service Centre

You can find tools on the NSLSC website to help simplify and improve your repayment process. These include:

Pre-authorized debit: activate this option online to automatically make student loan payments every month.

Repayment notice: important information about your repayment terms, such as amount owing, repayment start date and repayment amount can be found by accessing the repayment notice feature online.

Virtual repayment counsellor: a virtual repayment counsellor can help you identify the best repayment path and ensure regular, timely loan repayments.

One-time payment: make lump-sum payments through the NSLSC website to accelerate repaying your loan.

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How To Find Who Owns Your Student Loans

Student loan servicers are assigned to both federal and private loans. The process for finding your loan servicer will be different depending on whether you have federal or private student loans. If you have both, weve got you covered in terms of the steps you need to take to find your student loan servicer. Below, we have the exact steps you can take to locate your student loan servicer online.

What Should I Do After Finding My Loan Servicer

Once you know who your loan servicer is, you can create an account on their site. Youll usually create a username and password and then share relevant information like your full name, address and Social Security number. Youll also likely be asked to create several security questions and answers for your account as well.

Once you are registered, you can connect your bank information and make payments directly from your bank account. You can send checks as well.

Typically, youll get a 0.25% interest rate deduction if you sign up for automatic payments. If youre not interested in autopay, find out if you can sign up for online alerts to be reminded when a payment is due.

Knowing your student loan servicer is more than just knowing who to pay each month its knowing who to turn to if you need to change your repayment terms or apply for deferment or forbearance.

But since student loan servicers dont always give the best guidance, its important to do your own research so you can make the best student loan decisions for you.

Rebecca Safier and Dillon Thompson contributed to this report.

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Student Lines Of Credit

If you have a student line of credit through your financial institution, you’ll have to pay the interest on the amount of money you borrow while youre still in school.

After you graduate, many financial institutions give you a 4 to 12-month grace period. During this time, you only have to pay the interest on your line of credit. After this period, youll pay back your debt through a repayment schedule agreed upon with your financial institution.

Contact your financial institution to get information about paying back your student line of credit.

Keep Your Monthly Account Statements Organized

Okay, once youve finished creating your student loan spreadsheet you may think that you never have to think aboutor even openmail from your lender or servicer ever again. But dont be silly: Of course you do!

Your student loan lender or servicer is going to continue to send you mail and email on a regular basis. This will include everything from monthly account statements to information about taxes to the status of your student loan. It is extremely critical that you always make sure you open and read any mail or email that comes from your servicer, and you should hold onto it in an organized way so that you always have a piece of hard evidence to point to in case something ever goes wrong. Your student loan spreadsheet is there to make life easier for you, but it doesnt replace the need for keeping organized financial records.

To organize the communications from your lender or servicer:

• Split mail or emails into separate files/folders based on the lender or servicer.
• Save it by date, so that you can always find it easily.

Its as easy as that! In addition to being hard evidence in case you ever have a dispute with your lender or servicer, the physical records will also act as a backup in case something were to happen to your student loan spreadsheet.

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Who You Need To Repay

You may have loans or lines of credit that you need to repay to the government and/or your financial institution.

In some provinces and territories, Canada Student Loans are issued separately by the federal and provincial or territorial governments. This means that you could have more than one loan to pay back.

Verify your contracts to determine where your debt comes from and where you need to repay it.

Stafford Loan Aggregate Limits

Students who borrow money for education through Stafford loans cannot exceed certain aggregate limits for subsidized and unsubsidized loans. For undergraduate dependent students, the maximum aggregate limit of subsidized and unsubsidized loans combined is $57,500, with subsidized loans limited to a maximum of $23,000 of the total loans. Students who have borrowed the maximum amount in subsidized loans may take out a loan of less than or equal to the amount they would have been eligible for in subsidized loans. Once both the subsidized and unsubsidized aggregate limits have been met for both subsidized and unsubsidized loans, the student is unable to borrow additional Stafford loans until they pay back a portion of the borrowed funds. A student who has paid back some of these amounts regains eligibility up to the aggregate limits as before.

Graduate students have a lifetime aggregate loan limit of $138,500.

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Need A Student Loan Talk To Charter Oak

Here at Charter Oak Federal Credit Union, we encourage current and prospective students to learn about scholarships, including Charter Oaks annual Scholarship Program, as well as available grants before considering loans to pay for college. Talk with family members about how savings may help pay for school, as well. Before considering private student loans, use federal student loans to pay for college.

Charter Oak provides student loans in partnership with Sallie Mae®. These student loans can help both undergraduate and graduate students get the money they need to pay for school.

We offer:

• No prepayment penalties
• No origination fees

Its crucial to understand future loan payments, including how long youll make monthly payments and how much of your future income youll devote to student loan payments before considering taking out a private loan. Students should also research the earning potential of their field of study so they are prepared for the reality of how much money theyll make after completing their education.

We all know that tuition and other education expenses can be high, so thats why weve partnered with Sallie Mae to offer our members their Smart Option Student Loan program. So find out today which student loan may be right for you!

If Youre Having Trouble Repaying

If you need help with repaying your Canada Student Loan, you may qualify for the Repayment Assistance Plan .

If youre having trouble repaying a provincial student loan, contact your student aid office. For repayment assistance with a loan or line of credit provided by your financial institution, contact your branch to determine what your options are.

Understand that by making your payments smaller, it will take you longer to pay back your loan. Youll end up paying more interest on your loan.

If you consider refinancing or consolidating your student loan, note that there are important disadvantages.

If you transfer your federal or provincial student loan to a private lender, you will lose any tax deductions on your student loan interest. You wont qualify for the interest free period while you’re in school and will end up paying more interest over time.

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Conduct A Student Loan Audit

Many student loan borrowers graduate without knowing how many student loans they have, who their lenders or servicers are, or even what their total account balance is. Between the stress of moving back home, applying for jobs, and starting a career, its easy to understand why sometimes people dont even know about a student loan until they get a late bill once their grace period ends.

Its understandable, but it isnt necessary. By conducting a student loan audit, you can make sure that you know about all of your student loans so that they dont sneak up on you. Just think of it as taking inventory of your student loans.

Student Loan Fast Fact: Federal student loans can be transferred between different servicers depending on the needs of the federal government, and private student loans can be bought, sold, and transferred between lenders. So even though you may have agreed to a loan from one lender, by the time you start making payments your loan may actually be in the hands of a different bank. Talk about confusing.

First, start with the loans that you know about. Gather together any information that you have . Youll need these for Step 2 below. Once youve gathered together the student loans that you know about, you need to double check to make sure that you havent forgotten about any other student loans.

To do this, you have a couple of options. You can:

How Do I Find My Student Loans

The process for finding your loan servicer will be different depending on whether you have federal or private student loans.

If you have federal student loans, you can find your loan servicer by signing into your Federal Student Aid account. Youll log in with your FSA ID. Once youve accessed your dashboard, youll see your student loan servicer and other details about your loans.

Alternatively, you can find your federal student loan servicer by calling 1-800-4-FED-AID .

Along with identifying your loan servicer, you will also find other information on your student loans, including the type of student loans you have, the loan amounts, interest accrued and outstanding balances.

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