Who Is My Student Loan Servicer
Your student loan servicer is the company that manages your student loans. Essentially, its a third party that acts as a middleman between you and your lender. When you make a payment toward your student loan, it is managed by your loan servicer.
Student loan servicers work with borrowers to help manage their student loan repayment. If borrowers would like to change their repayment plan or apply for deferment or forbearance, they should discuss their options with their loan servicer first.
Borrowers do not choose their loan servicer, but rather, are assigned one. If you have federal student loans, your loan servicer is assigned by the Department of Education.
Below are nine loan servicers that currently manage federal loans, plus an additional loan servicer that deals with default resolution though be aware that this list may soon change.
Originally, the Department of Education had planned to change its roster of servicers in 2020, but while some new contracts have been announced, the only change as of December 2020 has been the departure of former servicer CornerStone.
| Loan servicer | |
|---|---|
| Default Resolution Group | 1-800-621-3115 |
If you have federal student loans, your answer to, Who is my student loan servicer? will be one of the companies on the list above. Note also that your loan servicer can change during the life of your loan, so make sure to check your student loan accounts for the most current information.
Reservist Status In The Canadian Forces
If you are a reservist in the Canadian Forces on a designated operation you can delay repayment and interest on your student loan.
Complete the Confirmation of Posting Assignment for Full-Time Students form and submit it with your loan application to maintain your interest-free status. Make sure you attach a copy of your notification of posting instructions that you received from the Department of National Defence.
If you need help with this, contact your provincial or territorial student aid office.
What Is A Student
Government Student Aid try an office of your You.S. Agencies from Knowledge which is accountable for getting financial assistance so youre able to Western children or/and moms and dads. More over, nevertheless they bring free education loan guidance, an income-motivated fees package, and stuff like that.
Immediately after registering for a national scholar assistance delivery system, the debtor will have a special education loan account count which try an official 10-digit registration count. It could be familiar with access education loan suggestions and for installment.
Please be aware that if you are seeking tuition school funding, the U.S. Company off Educations Place of work regarding Federal College student Help is the place we need to contact. Of the contacting him or her, youre going to have to look at the following techniques:
- Contact the college otherwise college financial aid workplace to own a sessions
- Fill out the latest FAFSA® function and you will complete it into education loan demand.
- And then, new officer commonly be sure your articles and you may give you the offer.
- For those who take on the deal, debt services workplace commonly approve the job.
- Up coming, youll discover a formal letter telling you of total loan amount, the method, or any other relevant guidance.
- half a year once the graduation, youre going to have to start repaying the loan.
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How To Find Student Loan Account Number
The only surefire way to stay current with your student loan information is to know your student loan account number.
When you apply for a student loan, your account number will be issued to you. Finding it out wont be a difficult process.
After you apply for student aid via the federal website Studentaid.gov, youll go through an application process to find qualifying loans.
Youll receive an official letter detailing your imminent student loan and future repayment processes after approval.
Your student account number should be highlighted, boldfaced, or plainly identifiable in such a letter.
There are several ways for you to find your 10-digit student loan account number.
Paying Back Student Loan Debt
With federal student loans, there are multiple payment plans available:
Standard repayment plan: This is a ten-year repayment plan and students who choose this will typically pay less back, over time, than in other plans. This isnt a good choice if the student is interested in obtaining Public Service Loan Forgiveness . Graduated repayment plan: With this plan, payments increase every two years. This can help students who expect their income to increase, but they would pay more interest over time than if on the standard repayment plan. Extended repayment plan: Payments can be made during a period of up to 25 years. This can help with monthly payment amounts, but students will pay back more over the life of the loan than those who use the standard or graduated repayment plans. Income-based repayment plan : There are four different plans where student loan payments factor in the borrowers income this can be a good choice for those who plan to use PSLF, but borrowers will typically pay back more than under the standard plan.
PSLF is a forgiveness program that borrowers employed by a governmental or non-profit organization might qualify for. If a student has been denied for PSLF in the past, there is currently a Temporary Expanded Public Service Loan Forgiveness program to explore.
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Manitoba Student Aid Frequently Asked Questions
Questions about Manitoba Student Aid program
What is Manitoba Student Aid?
Manitoba Student Aid provides financial assistance for post-secondary studies in the form of loans, bursaries and grants for eligible applicants. It administers provincial and federal student loans and other financial assistance to Manitobans who don’t have the resources to pay for their education on their own.
Manitoba Student Aid funding is supplemental and is not intended to replace your own resources or to cover the entire cost of your education. You, and in some cases your immediate family, are expected to contribute. Applying for other sources of funding are highly recommended.
It is also important to note that due to processing delays during peak times, Manitoba Student Aid funding may not be available at the start of classes. Therefore, it is important for students to have a back-up plan of how they will pay for tuition, books/supplies, or living expenses while their application is in process.
How do I qualify?
To qualify for Manitoba Student Aid, you must be:
Am I a Full-time or Part-time student?
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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Bonus: Temporary Respite Alternative Due To Covid
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What Is A Student Loan Account Number
A student loan account number is a unique multi-digit number given to you by your student loan servicer. If you have more than one servicer, you will have more than one account number. Also, if you have federal student loans and private student loans with the same servicer, like Navient, you may have an account number for each loan type.
The main benefits of having a unique student loan account number are preventing identity theft and making it easier to claim the student interest deduction on your federal tax return.
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What Does A Student Loan Account Number Look Like
Your student loan account number might look different, depending on which student loan servicer youâre with.
Itâs hard to show examples without sharing private data or me holding a loan with one of these servicers. But here are 3 examples:
- Edfinancial offers a helpful screenshot on this webpage of what your account number will look like: 1 letter, followed by 9 numerals.
- On this Navient page under âGet monthly statements and correspondence,â you can see a video thumbnail example of an account number, which is 10 numerals.
- For OSLA, your account number is 1 letter, then 9 numerals, like the Edfinancial number.
Select A Repayment Plan For Your Federal Student Loans
Within the grace period you may receive information about repayment from your lender. Youll have a choice of several repayment plans. Find the right one for you.
Most federal student loans are eligible for at least one income-driven or income-based repayment plan . These repayment plans are based on a percentage of your discretionary income. Theyre designed to make your student loan debt more manageable by reducing your monthly payment amount.
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Paying Your Tuition With Your Student Loan
If you’ve applied online through Student Aid Alberta and are approved for a student loan before the tuition payment deadline, SAIT will electronically confirm your full-time enrolment and request that payment is sent directly from Student Aid Alberta. This means that your tuition payment deadline will be deferred until your loan disbursement date.
If your loan does not cover the entire amount owing for tuition and fees, then you’re responsible for paying the difference on or before the tuition payment deadline. You can find how much well receive from Student Aid under the Student Awards and Financial Aid information in the myStudent tab.
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Finding Your Federal Student Loan Balances
You can always access student loan information through your My Federal Student Aid account, where you can find your federal student loan balances under the National Student Loan Data System . This is the U.S. Department of Education’s central database for student aid, and it keeps track of all your federal student loans.
You’ll need a Federal Student Aid ID username and password to log in to the site. The ID serves as your legal signature, and you can’t have someonewhether an employer, family member, or third partycreate an account for you, nor can you create an account for someone else. The NSLDS stores information so you can quickly check it whenever you need to, and it will tell you which loans are subsidized or unsubsidized, which is important because it can determine how much you end up paying after graduation.
If your loans are subsidized, the U.S. Department of Education pays the interest while you’re enrolled in school interest accrues during that time with unsubsidized loans. To qualify for a subsidized loan, you must be an undergraduate student who has demonstrated financial need. Unsubsidized loans are available to undergraduate, graduate, and professional degree students, and there are no financial qualifications in place.
Where Else Can I Get Help
Besides your servicer, groups like The Institute of Student Loan Advisors, known as TISLA, can provide free guidance on what options may best work for you. For New York state residents, EDCAP, a nonprofit focused on student loans, also offers help.And some employers and other organizations have hired companies like Summer, which helps borrowers sort through the options.
Borrowers need to be on high alert because scam artists offering debt relief and other services for a fee are already on the prowl. If youre unsure whether the help youre being offered is legitimate, hang up, dont respond to the email and reach out to your servicer using the number printed on your bill or the government website. You can file complaints through the Federal Trade Commission and your states attorney general.
Consumers need to be very careful, said Mr. Pierce of the Student Borrower Protection Center. These people are very predatory and this is the kind of moment they leverage.
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What Type Of Loan Do I Have
You must know what type of student loan you have in order to understand your options. You can use the National Student Loan Data System to find out what federal loans you have. As of February 2020, the NSLDS site is found on the Departments StudentAid.gov site. There is a large Log In button on the right side of the screen that you must use to see your account information . Once you enter your FSA ID, you will have access to a lot of information, including your student aid summary.
You must have a FSA ID to access your loan information. If you do not already have an FSA ID, you can create one by clicking on the Create Account button on the StudentAid.gov site. The Department has posted answers to frequently asked questions about the FSA ID system.
Once you access your loan dashboard, you will see an aid summary as well as more detailed information about each individual grant, loan, and aid overpayment. The Department says that the new dashboard will allow you to keep track of your remaining eligibility for Direct Subsidized Loans and Federal Pell Grants and Iraq and Afghanistan Service Grants . You should also be able to track your progress toward repaying loans and track the number of qualifying payments made toward Public Service Loan Forgiveness if applicable. In addition, the aid summary will include information about your loan servicer and a link to the loan servicers website.
Examples:
Federal Student Aid Pin
A number that serves as your identifier to allow access to personal information in various Department of Education systems, such as the National Student Loan Data System . You will use your PIN to electronically sign your online FAFSA ®, consolidation loan application, promissory note, and deferment or forbearance forms.
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Finding Your Private Student Loan Balances
Finding information about your private student loans can be a bit more difficult than getting your federal loan balances since private lenders sometimes sell their loans to other companies. If you’re not sure who your lender is for private student loans, call your school’s financial aid office for help or call your original lender if you know it.
If neither of those options works for you, you can figure out your private student loan lenders by reviewing your . The report should show all of your current debts and accounts, including all student loans.
You can safely get a free annual credit report from all three reporting agenciesEquifax, TransUnion, and Experianat AnnualCreditReport.com.
