Who is Servicing My Student Loan
There are millions of college and university students from coast to coast who have had to borrow funds in order to pay their higher education tab. Some students are able to borrow from one or more of the numerous lending programs that have been set up by the government. In other cases, students have turned to private lenders such as banks and credit unions to help them cover the shortfall. But in any case, once a student has graduated and the repayment process begins, it is important to track where the loan (or loans) is being serviced.
Where to Begin Your Loan Servicer Search
For those who have borrowed via government student loan programs, a good place to start when searching for your loan servicer is with the National Student Loan Data System, or NSLDS. This organization keeps a database of information on student aid for the U.S. Department of Education.
Borrowers can obtain a plethora of information regarding their Stafford and/or Perkins student loans such as the amount of their outstanding balance, any disbursements, and the overall status of their loan. The NSLDS website’s database also includes information on the PELL Grant Program, the Direct Loan Program, and other programs that are handled via the U.S. Department of Education.
Another place to turn when inquiring about the lender(s) on Stafford and/or Perkins loans is the Federal Student Aid Information Center. This entity can help you in accessing your student loan lender history.
The National Student Clearinghouse, or NSC, is yet another option for obtaining the information that you need primarily in terms of finding out information regarding your Stafford Loan lender(s).
When all else fails, it may be possible to obtain your student loan servicer’s information by going directly to the big credit bureaus Experian, Equifax, and TransUnion. By requesting a copy of your credit report, your student loan information will be listed in your credit history. This is an especially advantageous way to discover loan information if you have borrowed both from federal and private loan sources.
Shuffling Loan Servicers
Recently, the U.S. Department of Education has been in the process of transferring large numbers of federal student loans to new loan servicing companies and in so doing, they may have confused many borrowers who have suddenly encountered issues with their loans such as payments that are adjusted up or down for no apparent reason.
What many borrowers don’t realize is that the change in federal student loan servicers was a part of the 2010 healthcare plan. This provision essentially will force the Department of Education to use non-profit student loan servicers.
Over time, this new mandate is expected to affect millions of student loans and many borrowers are not made aware until their loan has actually changed hands and without any prior warning. With this in mind, it is even more important to keep track of your student loan payments, amounts that are due, current interest rates, and loan servicer.