Key takeaways
- Student loan servicers manage your student loans by collecting payments, sending billing statements, and answering questions about your loans.
- You can find your federal student loan servicer through your online Federal Student Aid account.
- To find a private student loan servicer, you can check your billing statements, review your free credit report, or contact your lender.
- Student loans sometimes get transferred from one loan servicer to another, which may require you to set up a new account.
When the time comes to start paying back your student loans, your loan servicer is your most important point of contact. Loan servicers manage your student loan payments and can answer questions about your repayment options. You’ll also contact your loan servicer if you need to switch repayment plans, apply for deferment, or make another change to your loans.
If you have federal student loans, you can find your loan servicer in your Federal Student Aid account. For private student loans, you can check your loan statements, review your credit report, or contact your lender. Sometimes student loans get transferred from one servicer to another, so the company you have today might not be who you started with.
Here’s more on student loan servicers and how to find yours.
What is a student loan servicer?
A student loan servicer is a company that manages and processes your student loan payments. It sends you loan statements and can answer questions you have about your account or repayment options.
You can also contact your loan servicer to change repayment plans or request deferment or forbearance. If you’re working toward loan forgiveness, servicers can track your qualifying payments (though it’s always wise to keep your own records).
You don’t have to wait until repayment starts to contact your loan servicer. You can reach out while you’re still in school if you have questions about your loan, like how much interest has accrued or when your payments will start.
Your lender typically assigns your loan servicer, so you don’t get to choose which company you work with. However, if you apply for a federal Direct Consolidation Loan, you can select your federal loan servicer as part of the application.
Who are the federal student loan servicers?
If you borrow federal student loans, you’ll likely pay them back with the help of one of the following loan servicers:
Federal student loans that go into default, meaning no payments have been made for 270 days, get transferred to the Default Resolution Group.
Some older federal loan types may have different servicers than the ones on this list. Some FFEL loans, for example, are held by commercial lenders, while some Perkins loans are held by schools.
How to find your federal student loan servicer
You can find your federal student loan servicer through your Federal Student Aid account. Start by logging in with your FSA ID, which is your unique username and password. Once you’ve reached your dashboard, you can navigate to your loans to view your servicers.
If you’re having trouble accessing your StudentAid.gov account, contact the Federal Student Aid Information Center at 1-800-433-3243 for assistance. While you can find this information at StudentAid.gov, you’ll use your account on your loan servicer’s website to make payments or enroll in autopay.
How to find your private student loan servicer
Unlike with federal student loans, there’s no centralized dashboard to find your private student loan servicer. Instead, you can find your servicer by:
- Reviewing your monthly billing statements
- Checking your credit report, which you can obtain for free at AnnualCreditReport.com
- Asking your lender directly
Your original loan agreement may list your loan servicer as well, but sometimes student loans get transferred. Make sure you’re viewing the most up-to-date information.
What to do if your student loan servicer has changed
Student loans can get transferred from one servicer to another, so you may deal with different companies throughout the life of your loan. Update your contact information so you don’t miss any notifications about a change.
With federal student loans, your current servicer should notify you about a transfer at least two weeks before it takes place. You may see your account marked as “paid in full” on your former servicer’s site, but this doesn’t mean your loan has been forgiven.
It just indicates the account has been closed with your old servicer and is being set up with your new servicer. Your new servicer should contact you once your loan has been uploaded to its platform.
If you get notified about a servicer transfer, some steps you can take include:
- Save your records: Download your payment history and statements from your old account in case there are any discrepancies.
- Set up your new account: You’ll have to create an account with your new loan servicer to make payments.
- Enroll in autopay: If you’ve been using autopay, you may have to enroll again. Using autopay can help you avoid missing payments and get you a small discount on your interest rate.
- Check your loan details: Make sure everything looks correct, including your loan balance, interest rates, repayment plan, and monthly payments. Find out when your payments are due, and mark this date on your calendar.
Next steps after finding your student loan servicer
Once you’ve tracked down your student loan servicer, take these steps to stay on top of student loan repayment:
- Set up your online account: This is the portal where you’ll make payments and access your loan statements.
- Update your contact information: Make sure your loan servicer has your most recent email, phone number, and address so you don’t miss any important communications.
- Ask about repayment options: If you want to adjust payments, find out what options are available to you. Being proactive can help you avoid missing payments.
While your loan servicer can provide some guidance, it’s always worth doing your own research with trusted sources like StudentAid.gov or comparing your repayment options with Federal Student Aid’s Repayment Calculator. Knowing what’s available can help you make the best decisions for your student loans.
FAQ
How do I find my student loan servicer?
You can find your federal student loan servicer by signing into your Federal Student Aid account or calling the Federal Student Aid Information Center at 1-800-433-3243. To find your private student loan servicer, review your loan statements, check your credit report, or contact your lender directly.
Can I change my student loan servicer?
You can’t choose a new student loan servicer, but you could change it through federal loan consolidation or student loan refinancing. Make sure you understand the pros and cons of refinancing and consolidating before you apply for either.
Is my student loan servicer the same as my lender?
Your student loan servicer may be a different company than your lender. The lender provides the funds, while the servicer manages billing and payments. However, some private lenders service their own student loans.
Can I have more than one student loan servicer?
Yes, if you borrowed multiple student loans, you may have a different loan servicer for each one. You might also have more than one loan servicer if your loans get transferred from one company to another.
Can I choose my student loan servicer?
You usually can’t choose your student loan servicer; you’ll have one assigned to you. However, borrowers who consolidate their loans can choose a federal student loan servicer for their Direct Consolidation Loan.
