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Who Owns Your Student Loan?

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When you graduate or start to pay your student loan, your lender may change. Most of the students need loan before they start to college or after they start to college. Due to this hurry most of them do not read the terms and conditions carefully. Or some lenders can transfer loans to other lenders in exchange of their debt or other reasons.

Sometimes payment terms can be changed by the lenders if they have a term like that on the paper (most of them have). These things shouldn’t scare you because these are legal paper and your right are under control by the law.

What If I do not follow the owner?

If you do not follow the owner of your student loan and if you do not pay it, you will be charged with higher debt. That’s why you need to follow the owner even if the lender does not warn you. This thing can be followed with Student Loan Servicer.

What is Student Loan Servicer?

Student Loan Servicer is the institution which makes the agreement lender and borrower. This service is the service helping you to find a student loan and protects the rights of the lender and borrower. After you graduate the college, you need to connect with this service whether you find a job or not to refinance your student loan.

Student loan servicers are signed before getting student loan whether it is a private loan or federal loan. The process can be different for each of them. If you have both federal loan private loan. We will try to explain some steps below to help you.

What are the steps for Federal Student Loan?

First, go to Federal Student Aid (FSA) page and create your ID. This website will allow you to create your own ID by asking some personal info like e-mail, home address etc. But your FSA ID must match with your FAFSA Information. If it does not probably you will not sign up and you can have problem to find your student loans’ owner.

Be careful! Try to keep your ID confidential. 3rd person who can access to your profile can change some payment options and you will be the one who will be harmed.

Some most common student loan servicers and their phone numbers.

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

How can I reach to my Private Student Loan lender?

It is easier than the federal student loan. There are lots of web sites which can give your credit report. When you have your credit report, you can check to find out who is the lender and then with some research on the Internet you can find it easily. Some of the reports can let the report owners to have some extra information about the lender. Whether it is federal or private one you need to track your loan down not to pay more than you need to.

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