Skip to content
Phidiastavern

Phidiastavern

Marketing Needs Experts

Primary Menu Phidiastavern

Phidiastavern

  • Business startup
  • Mortgage
  • Insurance
  • Finance & Oportunity News
  • Loan Balance
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Loan Balance

How to Find Your Student Loan Servicer

1 month ago James I. Hoomana

Table of Contents

    • Key Takeaways
  • Student Loan Servicing: What Does This Mean?
  • How to Find Your Student Loan Servicer
  • You Found Your Loan Servicer: Now What?
  • How Do I Find Out Who My Student Loan Servicer Is?
  • Is Navient a Federal Student Loan Servicer?
  • Are Nelnet and FedLoan the Same?
  • The Bottom Line

Considering payments have been paused on federal student loans since March of 2020, not knowing who services your loans is not as crazy as it sounds. This is even more the case given that the U.S. Department of Education announced they were changing up loan servicers at some point in the future.

Plus, it’s not like you picked your loan servicer based on their user reviews or their standing with the Better Business Bureau (BBB). Your federal student loan servicer is automatically assigned to you, so you really have no say in the matter. 

Either way, you are likely here because you need to know who is servicing your loans now. There are nine possible answers to that question. At the moment, companies servicing federal student loans include FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services Inc., HESC/Edfinancial, MOHELA, Aidvantage, Nelnet, OSLA Servicing, ECSI, or Default Resolution Group.

Related Posts:

  • How To Contact Your Student Loan Servicer Before Student Loan Payments Are Due

If you need to find out which of these companies is servicing your federal loans and what this actually means, read on to learn more.

Key Takeaways

  • Payments on federal student loans have been paused since March of 2020 and interest rates have been fixed at 0%. While this deferment period could be extended again, it’s currently set to expire on Aug. 31, 2022.
  • At that point, borrowers with federal student loans will need to begin making payments once again.
  • While the federal government backs federal student loans, they hire out the servicing aspects to third-party companies.
  • If you want to prepare for having to make payments later this year, it’s smart to figure out your loan servicer, how much you owe, and what your monthly payment will be come Sept 1, 2022.

Student Loan Servicing: What Does This Mean?

You may be wondering why a third-party company is servicing your student loans at all. Plus, what does “servicing” really mean in this context anyway?

According to the U.S. Department of Education, a loan servicer is “a company that we assign to handle the billing and other services on your federal student loan on our behalf, at no cost to you.”

In other words, government offices have made the decision to outsource the grunt work of loan processing to other companies. 

Not only is this company charged with sending out your monthly bill and tabulating any payments you make on your federal student loans, but they can also help you get situated with your chosen repayment plan, whether you want to stick with standard 10-year repayment or switch to an income-driven repayment plan.

How to Find Your Student Loan Servicer

There are two primary means of figuring out which company is currently servicing your federal student loans. These include:

  • Visiting your account dashboard at studentaid.gov and scrolling down to the “My Loan Servicers” section.
  • Calling the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

Either of these steps will reveal which company is currently assigned as the servicer of your federal student loans. Once you have this information, you can also contact your respective student loan servicer using the information in the chart below.

Federal Student Loan Servicing Companies
FedLoan Servicing (PHEAA) 1-800-699-2908 myfedloan.org
Great Lakes Educational Loan Services Inc. 1-800-236-4300 mygreatlakes.org
HESC/Edfinancial 1-855-337-6884 edfinancial.com
MOHELA 1-888-866-4352 mohela.com
Aidvantage 1-800-722-1300 aidvantage.com
Nelnet 1-888-486-4722 nelnet.com
OSLA Servicing 1-866-264-9762 public.osla.org
ECSI 1-866-313-3797 efpls.ed.gov
Default Resolution Group 1-800-621-3115

1-877-825-9923 (For the deaf or hard of hearing)

myeddebt.ed.gov

If you have federal student loans, such as direct subsidized loans, direct unsubsidized loans, direct PLUS loans, or a direct consolidation loan, then one of the servicers we list above is in charge of sending you bills and tracking your payments.

However, what if you have private student loans? In this case, the company you are borrowing from is likely your loan servicer, although you can verify this fact by looking at your monthly loan statements. You can also log into the online portal you use to oversee your private student loans to confirm which company is sending you bills and keeping an ongoing tally of how much you owe.

You Found Your Loan Servicer: Now What?

If you were trying to nail down your federal student loan servicer before payments resume later this year, and you’ve found the information you needed, then there’s nothing else you have to do right now.

However, there are steps you can take if you want to. For example, you can:

  • Check your details: Confirm your contact information is correct, including your current address, your phone number, and your email address. After all, this information is how your loan servicer can contact you should anything happen to your loans in the future.
  • Research payment plans: Look at your current payment plan to see if it aligns with your goals and provides a monthly payment you can afford. If you’re worried you won’t be able to keep up with your monthly payment, you can consider switching payment plans.
  • Check for discounts: Sign up for auto-pay, which can help you secure an interest rate discount (usually 0.25%). You’ll need to submit your banking information to set this up.
  • Consider refinancing: Student loan refinance companies frequently offer lower rates than federal student loans. Just know that refinancing with a private lender will make you ineligible for federal loan benefits, including income-driven repayment plans, deferment, and forbearance.

How Do I Find Out Who My Student Loan Servicer Is?

The two main ways of finding out your federal student loan servicer’s identity are by either scrolling down to the “My Loan Servicers” section in your studentaid.gov account dashboard or by calling the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. If you have a private student loan, then the lender is likely also your servicer, but you can look at your monthly loan statements or check the relevant online portal to confirm this.

Is Navient a Federal Student Loan Servicer?

In 2014, private student lender Sallie Mae split into two entities, with its student loan servicing offshoot becoming Navient. Navient used to service federal student loans as well as private ones; however, as of 2021, all federal Navient borrowers have been successfully transferred to Aidvantage.

Are Nelnet and FedLoan the Same?

Although Nelnet and FedLoan are both student loan servicers, they are two distinct entities. One of the main differences between the two is the FedLoan is the official servicer of the U.S. Department of Education’s Federal Student Aid office.

The Bottom Line

Knowing your loan servicer is the first step required to get back on track with monthly payments. Plus, taking stock of your balance and new loan payment can let you know if you need to make any changes or if you’re perfectly fine picking up with your loans where you left off.

At the end of the day, federal student loan payments will resume eventually, even if the current deferment period were to be extended again into 2023. Knowing where you stand is always going to leave you better off, and the earlier you find out, the better.

Tags: Amazon Business Credit Card, American Airlines Business Class, Att Business Login, Austin Business Journal, Best Bank For Small Business, Best Business Bank Accounts, Best Business Schools In Us, Best Business To Start, British Airways Business Class, Business Attire Men, Business Card Ideas, Business Casual Shoes For Women, Business Continuity Planning, Business Entity Search, Business Letter Template, Business Management Degree, Business Manager Facebook, Business Plan Outline, Business School Rankings, Colorado Business Search, Delaware Business Entity Search, Drop Shipping Business, Family Business Bet, Fox Business Live, Georgia Sos Business Search, Google Business Account, Harvest Small Business Finance, How To Build Business Credit, Is Saturday A Business Day, Is Sears Still In Business, Microsoft 365 Business, My Business Google, Name Generator Business, None Of Your Business, Ny Sos Business Search, Open A Business Bank Account, Pa Business Search, Plus Size Business Casual, Pnc Business Banking, Sos Business Search Ca, Sunbiz Business Search, Taking Care Of Business, The Business Of Being Born, Turbotax Home And Business 2020, Tx Sos Business Search, Venmo For Business, Verizon Business Plans, Virtual Address For Business, What Are Business Days, Women Business Casual

Continue Reading

Previous Public opinion mixed on Biden student loan forgiveness plan, poll suggests
Next Borrowers on edge as Biden weighs action on student loan forgiveness

More Stories

  • Loan Balance

Louisiana has 2nd-highest auto loan balance per capita in America

21 hours ago James I. Hoomana
  • Loan Balance

See the average auto loan balance per capita in Tennessee

2 days ago James I. Hoomana
  • Loan Balance

Do You Get Your Home Equity Back When You Pay Off Your Loan?

4 days ago James I. Hoomana

Recent Posts

  • 3 Strategies to Market Your Business Without Any Money
  • Aveng shares advance on R282m claim settlement and debt repayment plan
  • Refinancing your mortgage? These are the costs you’ll incur
  • Bank of England warns that economic outlook has ‘deteriorated materially’
  • Louisiana has 2nd-highest auto loan balance per capita in America

Archives

  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • November 2018
  • October 2018
  • January 2017

Categories

  • Advertise
  • Business startup
  • Business Way
  • Finance & Oportunity News
  • Insurance
  • Loan Balance
  • Mortgage

Sosiago


visit now

how to clean computer screen
Intellifluence Trusted Blogger

backlinks

textlinks

citratextile.com/keserasian-warna-antara-kebaya-dan-hijab.html 

buildinglink.buybacklinks.online 

Related Article

  • Business Way

3 Strategies to Market Your Business Without Any Money

25 mins ago James I. Hoomana
Aveng shares advance on R282m claim settlement and debt repayment plan
  • Business startup

Aveng shares advance on R282m claim settlement and debt repayment plan

1 hour ago James I. Hoomana
  • Mortgage

Refinancing your mortgage? These are the costs you’ll incur

20 hours ago James I. Hoomana
  • Mortgage

Bank of England warns that economic outlook has ‘deteriorated materially’

20 hours ago James I. Hoomana
  • Loan Balance

Louisiana has 2nd-highest auto loan balance per capita in America

21 hours ago James I. Hoomana
phidiastavern.com © All rights reserved. | CoverNews by AF themes.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT