Many people take out student loans to finance the expenses they face in student life. Students usually start paying their student credits after graduation. However, it is not clear where or to whom they will pay. Because original lenders may transfer these student loans over time to other interested companies. Therefore, student loan servicers may vary. It is the responsibility of the borrower to find and make payments for student loan servicers.
Borrowers are required to find stundet loans servicers and pay for student loans, so you should find student loan servicers even if you don’t know them. The methods for finding student loan providers vary by type of student loans.
Borrowers finding student loan servicers will also allow borrowers to track student loan balances and be sure that they are paying correctly. For example; If you want to terminate student loan payments early and have applied the method of reducing student loan debt by paying extra to the principal, you can track the remaining student loan payments and the remaining principal and interest payments. This will make payments more consciously.
What is a student loans servicer?
The student loans servicer is a third party that acts as a bridge between the lender and the borrower. The first task of the student loans servicer is to collect student loan payments from the borrower, but this is not the only duty of the student loans servicer. Many transactions related to student loans contacts belong to the student loans servicer, but many assume that they belong to the federal government. Once you know the student loans servicer, you can do the following;
- defer payments,
- consolidate loans,
- enter forbearance,
- switch to a new repayment plan,
- apply for student loan forgiveness.
If you find a job when you graduate, you will need to find the student loans servicer. This way, you can track and control your payments and you will not miss your payments. Many people cannot make their first payments because the student loans do not realize or know that the servicer has changed. And their credit scores are considerably reduced.
How to find your federal student loans servicer?
There are multiple methods for finding a federal student loans servicer. However, before learning these methods, you need to know the 9 major credit service companies that serve all direct federal student loans and FFEL loans. These companies and phone numbers are as follows;
- OSLA Servicing – 1-866-264-9762,
- Nelnet – 1-888-486-4722,
- Navient – 1-800-722-1300,
- MOHELA – 1-888-866-4352,
- HESC/Edfinancial – 1-855-337-6884,
- Great Lakes Educational Loan Services, Inc. – 1-800-236-4300,
- Granite State – GSMR – 1-888-556-0022,
- FedLoan Servicing (PHEAA) – 1-800-699-2908,
- CornerStone – 1-800-663-1662.
Your federal student loans belong to one of these companies. The methods of finding out which company belongs are;
- Department of Education’s Default Resolution Group.
With the FAFSA method, the first thing you need to do to learn about the servicers of federal student loans is to create a new FSA ID. Your FSA ID and FAFSA information must match exactly. Do not share your FSA credentials with anyone after you have completed these steps. You can now get information about all of your federal student loans and access the contact details of the federal student loans servicers.
NSLDS is the second method you can use to access the servicers of federal student loans. You must also use your FSA credentials in this method.
After logging into NSLDS, you must select which federal student loans you would like to take out information through the ‘Type on Loan’ option. You have access to all the information of the federal student loans you have selected and the contact details of the federal student loans servicers. After completing these steps, you must register directly with the servicers of your federal student loans to be able to pay for your federal student loans. Once you have done this, you will be able to pay your federal student loans debt using several payment methods. In fact, if you use the direct debit option, you will take out an interest rate reduction of 0.25% on the interest rate of your federal student loans.
Department of Education’s Default Resolution Group;
The Default Resolution Group is the third method you can use to access the servicers of federal student loans. If you cannot access the information you want to reach by other methods, try the Department of Education’s Default Resolution Group method. This group will give you the phone number and address of that company where you need to pay.
If you want to contact this group by phone to learn about the servicers of your federal student loans, you can use phone numbers 1-800-621-3115 or 1-877-825-9923 TTY. If you wish to contact this group by sending non-paying mail, you can use the US Department of Education, PO Box 5209, Greenville, TX 75403-5609.
The Department of Education’s Default Resolution Group can only assist you with loans received by the US Department of Education. So you can use it to learn about the servicers of your federal student loans. The collection agencies used by the US Department of Education are;
- Account Control Technology, Inc. 1-866-887-2800,
- Alltran Education 1-888-377-5000,
- Action Financial Services 1-888-253-4239,
- Bass & Associates 1-855-533-1107,
- Coast Professional Inc. 1-800-964-0881,
- Central Research 1-844-804-8467,
- ConServe 1-866-633-7945,
- FH Cann & Associates 1-877-677-9126,
- Credit Adjustments Inc. 1-800-347-9623,
- FMS Investment Corp. 1-877-291-8405,
- Immediate Credit Recovery Inc. 1-866-401-7190,
- GC Services 1-877-244-7901,
- National Recoveries, Inc. 1-877-221-9729,
- National Credit Services 1-800-445-9346,
- Professional Bureau of Collections of Maryland 1-844-225-5501,
- Pioneer Credit Recovery, Inc. 1-888-287-0317,
- Windham Professionals, Inc. 1-877-719-4440,
- Reliant Capital Solutions 1-877-404-8853.
How to find your private student loans servicer?
The methods for finding the servicers of your private student loans vary depending on whether you know who the original lender is. You will not find the servicers of your private student loans in the National Student Credit Database System. It therefore takes more time to find the servicers of private student loans than to find the servicers of federal student loans.
If you know the original lender, you can get the contact details of your private lender servicers from your original lender to reach your private lender servicers.
If you don’t know the original lender, check your credit reports to find out the servicers of your private student loans. Credit reports include contact details of all lenders. You can call the listed lenders here to find out which is the servicer for your private student loans. However, you should note that; Get your credit reports from all three credit reporting agencies. Because lenders can provide information about your payments to one, two or all of these three credit reporting agencies. Therefore, a lender not included in a credit report may be included in other credit reports.