If you take out federal student loans to fund your education, the servicer who manages your loans and repayments is automatically assigned to you. You won't have any choice of which company you must work with. But you should always know who your servicing company is and how to contact it. You can easily find this information online at studentaid.gov or by calling the Federal Student Aid Information Center (FSAIC).

There are seven possible servicers that could be working with you. In 2024, the companies servicing federal student loans are Edfinancial, MOHELA, Aidvantage, Nelnet, CRI, ECSI, or Default Resolution Group.

Student Loan Servicing: What Does This Mean?

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

According to the United States 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 other𓆏 words, government offices have made the decision to outsource the grunt work of loan pro൲cessing to other companies. 

These companies aren't just charged with sending out your monthly bill and tabulating any payments you make on your federal student loans, but they also can help you get situated with your chosen 澳洲幸运5开奖号码历史查询:repayment plan, whether you want to stick with the sꦛtandard 1🎀0-year repayment or switch to an income-driven repayment (IDR) plan.

How to Find Your Student Loan Servicer

There are two primary ways to find out which com𝓀pany 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 your federal student loan servicer. Once you have this information, you can also contact 澳洲幸运5开奖号码历史查询:your respectiꦚve🅺 student loan servicer using the information in the chart below.

If you have 澳洲幸运5开奖号码历史查询:federal student loans, such as direct subsidized loans, direct unsubsidiz🍷ed loans, 澳洲幸运5开奖号码历史查询:direct PLUS loans, or a 澳洲幸运5开奖号码历史查询:direct consolidation loan, then one of the servicers we list above is in charge of sending you bills andဣ tracking your payments.

However, what if you have 澳洲幸运5开奖号码历史查询:private student loans? In that case, the company from which you are borrowing is likely your loan servicer, although you can verify this fact by looking at your monthly loan statements. You can also log into the onli🥂ne portal that you use to oversee your private student loans to confirm which company is sending you bills and keeping an ongoing record of how much you owe.

You Found Your Loan Servicer: Now What?

If you were trying to nail down your federal student loan servicer, and you’ve since found the information that 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 that your contact information is correct, including your current address, phone number, and email address. After all, this information is what your loan servicer will use to 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 that you can afford. If you’re worried that you won’t be able to keep up with your monthly payment, you can consider switching payment plans.
• Check for discounts: Sign up for autopay, if you haven't already, which may help you secure an 澳洲幸运5开奖号码历史查询:interest rate discount (usually 0.25%). You’ll likely need to submit your banking information to set this up.
• Consider refinancing: 澳洲幸运5开奖号码历史查询: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 IDR plans, 澳洲幸运5开奖号码历史查询:deferment, and 澳洲幸运5开奖号码历史查询:forbearance.

The Bottom Line

Knowing your loan servicer is the first step required in order to꧟ get on track with monthly payments. Plus, taking stock of your balance and loan payment can let you know if you need to make any changes or if you’re perfectly fine with your current arrangement.