Loan servicers act as an middleman between you and the federal student loan program that helped you pay for college. Loan servicers may help you discover new reimbursement plans, change your present plan, or consolidate your loans. They may enable you to with student loan forgiveness packages or deferment. No matter what your state of affairs after you permit faculty is, it’s vital to know who your federal loan servicer is and to contact them as quickly as doable to be taught your choices.
Who Is My Student Loan Servicer?
Current federal student loan packages embrace the Federal Perkins Loan, Direct Subsidized Loan, Direct Unsubsidized Loan, and Direct PLUS Loan. Typically, federal student loans come due when a student graduates, drops beneath half-time enrollment, or leaves faculty (or after a grace interval of as much as six months, for some packages). When it’s time, you’ll make your funds on to your loan servicer.
With the exception of Perkins Loans, that are generally serviced by the varsity you attended, most federal loan servicing goes by way of certainly one of these organizations:
- CornerStone: 1-800-663-1662
- FedLoan Servicing (PHEAA): 1-800-699-2908
- Granite State – GSMR: 1-888-556-0022
- Great Lakes Educational Loan Services: 1-800-236-4300
- HESC/Edfinancial: 1-855-337-6884
- MOHELA: 1-888-866-4352
- Navient: 1-800-722-1300
- Nelnet: 1-888-486-4722
- OSLA Servicing: 1-866-264-9762
To discover out which loan servicer is yours, you’ll must create an FSA ID and entry the National Student Loan Data System (NSLDS), which is the U.S. Department of Education’s student support database.
Using the NSLDS to Find Your Loan Servicer
The FSA ID replaces the FSA PIN, which served because the login code for Federal Student Aid websites till May 10, 2015. If you logged into the system previous to that point (for example, to fill out your FAFSA), you’ll must create a brand new FSA ID with the intention to use the system.
- Go to the Federal Student Aid FSA ID web page.
- Create a brand new FSA ID. The website will immediate you to fill out your e mail tackle and select a username and password. You’ll even have to verify that you’re 13 years of age or older. Click proceed to fill out the remainder of your data.
- Note that the knowledge you enter in your FSA ID should precisely match what you included in your FAFSA. According to the Federal Student Aid website’s FAQs, login points are sometimes as a consequence of students and oldsters complicated their FSA IDs. They remind students to not share their FSA ID with anybody, to keep away from confusion.
- Once you’ve created your FSA ID, go to the National Student Loan Data System (NSLDS), and click on on “Financial Aid Review.” You’ll be requested to verify that you simply’re keen to share personal data, together with your Social Security quantity. Click “Accept,” and use your FSA ID to log in.
- Next, you’ll see a web page itemizing your federal student loans. Click on the blue numbers simply earlier than the “Type of Loan” column. Scroll to the underside of the web page, and search for a line studying “Servicer/Lender/Guaranty Agency/ED Servicer Information.” The contact listed beside “Current ED Servicer” is your federal loan servicer.
You will then have to enroll immediately together with your federal loan servicer to make funds. Once you’re signed up, you may choose to obtain your billing statements electronically, and pay them the identical approach, or schedule automated debits out of your bank account. You may pay your invoice by test, mailing your fee on to your loan servicer — nonetheless, you could be eligible for a small rate of interest discount (for instance, 0.25%) should you choose to pay through automated debit.