How to find out who owns your student loans
To determine who owns and services your student loans:
Sign into your Federal Student Aid account. Federal Student Aid (FSA) is an office of the Department of Education. It manages the entire federal aid program and has a list of loan servicers for federal loans.
On the FSA website, you can set up an account or log into an existing one with your FSA ID. Once you sign in, you can find the name of your servicer on the right-hand side of your dashboard.
Check your mail or email. Through mail or email, you will be informed if your servicer changes. To ensure that you don’t miss any notifications, make sure your contact information is current in your FSA account.
Before student loan payments resumed in September 2023, a number of borrowers with federal student loans also received emails from the Department of Education containing information about the repayment plan options, servicer name, and other details.
Contact your school. You can find out who owns your loan by contacting the financial aid office at your college or university. Additionally, you might discover that the school holds your loan.
Pull your credit report. There is no central database for private student loans. Alternatively, the most recent information about your loan servicers, including contact details, can be found in your credit reports from TransUnion, Experian, and Equifax.
What to do after finding out who owns your student loans
Following the identification of the loan owner, you can take the following actions to keep your loan terms and repayment schedule current:
- Make sure your contact information is current.
- Discuss repayment options with your loan servicer.
- Ask what additional programs are available to you.
Benefits like income-driven repayment plans and Public Service Loan Forgiveness are available to a large number of federal student loan borrowers. Discuss these options with your loan servicer.
Numerous federal relief programs do not include the Federal Family Education Loan Program (FFELP) or the Federal Perkins Loan. Though these are federal loans, they’re held by private companies.
To be eligible for more federal relief programs, think about combining your Perkins or FFELP loans into a federal direct loan.
You can apply online for direct loan consolidation by visiting studentaid.gov.
FAQ
How do I find out who my student loan servicer is?
Finding Your Loan Servicer Go to your account dashboard, scroll down to the “My Loan Servicers” section, or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
What is a servicer of a student loan?
They manage your federal student loan payments. You make student loan payments to your loan servicer. Their responsibility is to monitor all of your payments and inform you of your monthly balance so that you can maintain good standing.
Who held my student loans?
Your student loans are owned by either the federal government or a private company. Private companies own all private loans. The U. S. Department of Education holds most federal loans. The Department of Education and private colleges collaborate with entities known as student loan servicers.
Is Nelnet a federal loan servicer?
Federal student loan servicer Nelnet represents the United S. The government organization that grants you or your child student loans is called the Department of Education. When it comes to the loans that the Department of Education provides to borrowers, a loan servicer serves as the customer support agent.
Read More :
https://studentaid.gov/manage-loans/repayment/servicers
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