Who is my servicer

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View FAQ. Maintenance Notification. We apologize for any inconvenience this may cause and thank you for your patience. Sign In Now. Create an Account. Having Trouble Signing In? Six months after you leave school your first bill will arrive. But be sure you have enough money in your bank account each month to cover the cost. Your servicer will place you on the year standard student loan repayment plan unless you pick a different one during your exit counseling session around the time you leave school.

The standard plan breaks up your balance into fixed payments. But that may be difficult to afford if you have a lot of debt.

If you decide to switch, your servicer will process your application and annual income recertification , which you must submit to stay eligible. Once you start earning enough money to pay extra toward your loans, you might want to pay off certain loans first — like the ones with the highest interest rates, which will help you save money in the long run.

Contributing more than your scheduled payment will reduce both your overall balance and the interest you pay over time, so kick in a little more than you need to when you can. Call, email or write your servicer a letter instructing it how to apply additional money. Otherwise they may apply extra payments toward your next month's bill. Call your loan servicer to let it know as soon as you can. You can apply for deferment or forbearance , temporary postponements of your payments during periods of financial difficulty.

You may be eligible for student loan forgiveness if you work in certain fields for a period of time. Applying for a student loan forgiveness program could mean changing servicers. The Public Service Loan Forgiveness program , for instance, forgives the remaining balance of your loans after you make payments while working at a nonprofit or for the government.

Learn more about forgiveness options and how to apply. The Department of Education is planning to shift the student loan servicing landscape by signing new servicing contracts with five companies to eventually take over all loan servicing. More From Forbes. Nov 12, , am EST. Nov 11, , pm EST.

Nov 11, , am EST. Nov 10, , pm EST. Edit Story. Personal Finance. Bestselling Author, The Lemonade Life. I write and speak about leadership and greatness. Right now, some borrowers are experiencing changes in the servicer for their loans and possibly how those loans are being processed.

If you are one of those borrowers, you may have been contacted by a new servicer — an organization other than the U. Department of Education the Department and you may have some questions.

Although the Direct Loan program has been in existence for several years, the number of loans in the program increased significantly over the past couple of years when legislation eliminated the Federal Family Education Loan Program FFELP. As a part of the changes with that legislation, the servicing of student loans is being transferred among several different servicers across the country.

Many of these servicers have several years of experience in the student loan industry. In the recent past, Direct Loans were primarily serviced by one company and are now being transferred to the servicers listed below.

The Department has contracts with these companies to service federal student loans, and the Department may change who services your student loans. Unlike other loans such as mortgages, federal student loans are not bought and sold by servicers.

The Department transfers the loans to the servicers with whom they have contracts and the servicers conduct the daily activities required during loan repayment. Once you have graduated or dropped below half-time status, your student loans enter their grace period. The grace period for Stafford and Direct Loans is a six-month timeframe during which you are not required to make payments on your student loans. Once the grace period ends, your student loans will enter repayment and regular loan payments must be made, unless you have been approved for a different repayment option.

The servicer assigned to your loans will contact you to introduce themselves and provide important information about your repayment terms. Make sure your school and servicer have your most current mailing address and contact information. It is your responsibility to notify your school and servicer if your mailing address and contact information changes. If you have a Direct Loan, a federal student loan that you borrowed directly from the Department through your school, the Department will select who services your loans.