A student loan servicer is a company or organization that manages your repayment, collecting and processing student loan payments or helping you enroll in the right plan. As a federal student loan borrower, you don’t get to choose your loan servicer. Instead, the U.S. Department of Education (ED) assigns one to you.
If you’ve just graduated and have yet to make loan payments, you may not know what company manages them. Or, while your loans were in deferment or forbearance, you may have forgotten.
You can find your federal student loan servicer by logging into StudentAid.gov. For private loans, you’ll have to review your statements or credit reports.
How do I find my federal student loan servicer?
You can find your federal student loan servicer by logging into your dashboard on StudentAid.gov. Once you log in, scroll down to the “My Loan Servicers” section.
After logging in, you’ll see other important information, like your loan status, loan amount, and disbursement date.
Another way to find your federal loan servicer is to contact the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243
Depending on your servicer, you may be able to manage your repayment via the Federal Student Aid website or via your service’s separate site. Either way, it’s critical to gain access so you can take steps like changing your repayment plan, make payments, or request forbearance or deferment. Plus, some servicers will give you a discount of 0.25 percentage points for enrolling in autopay.
What does a federal student loan servicer do?
A federal student loan servicer helps you with many student loan-related tasks. Here’s what they can do:
- Keep track of payments: Once you start paying on your federal student loan, your servicer will keep track of each payment. If you deferred in-school repayment, expect to make your first loan payment six months after you graduate (or when your “grace period” expires).
- Change repayment plans: All federal loan borrowers start off on the standard 10-year repayment plan, which separates your debt into 120 payments. However, if you find the monthly payment is too high, your servicer can help you apply for an income-driven repayment plan.
- Request forbearance or deferment: If you experience any financial hardship, you can request a forbearance or deferment on your loans, which postpones your monthly payments temporarily.
- Loan consolidation: For most borrowers, it’s better to consolidate your federal loans rather than refinancing them, as you can lose federal benefits by transitioning your education debt to a private lender. Your federal loan servicer can help you consolidate your federal loans into a Direct Consolidation Loan. Keep in mind that you can’t consolidate private student loans with the federal government.
- Loan forgiveness: Depending on your situation, you might qualify for student loan forgiveness programs, such as Public Service Loan Forgiveness or Teacher Loan Forgiveness.
Private student loan lenders also keep track of your payments and some offer forbearance or deferment as well as refinancing. However, they do not offer the same repayment plans as a federal servicer. Speak with your lender on what services they offer as it can vary.
How do I contact my federal student loan servicer?
After you’ve found your servicer, you can contact them by phone. Below is a table of the seven companies that currently service federal student loans — including their phone numbers:
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What happened to my servicer?
Some servicers ended their contracts with the Department of Education and there are more to come. Here’s what you need to know:
Servicers no longer contracted:
- FedLoan Servicing’s contract ended with Federal Student Aid on Dec. 14, 2022. The Department of Education transferred the loans it managed to MOHELA.
- Granite State’s (GSMR) contract ended after December 2021 with their loans transferring to Edfinancial.
- Navient ended their contract after December 2021 and their loans transferred to Aidvantage, a servicing arm of Maximus.
Servicers in the process of transferring:
- Great Lakes Educational Loan Services Inc began transferring their loans to Nelnet in March 2022.
Servicers with expiring contracts:
- Nelnet, Edfinancial, MOHELA, and Aidvantage contracts expire in December 2023.
What if my student loan servicer changes?
If your student loan servicer changes, you should receive an email or letter from your new loan servicer that includes its name and contact information.
Once the Department of Education completes your student loan servicer transfer, you should receive instructions from your new servicer on accessing your new online account and making payments. Your student loan terms will remain the same.
Tip:
Before your servicer transfers your loans, it’s best to save your payment history from your account in case there are discrepancies down the road. Also, update your information so your new servicer can reach you.
What if I have private student loans?
If you also have private student loans, you can find your servicer by reviewing your monthly statements or credit reports.
Good to know:
You can see your Equifax, Experian, and TransUnion credit reports for free weekly through Dec. 30, 2023 at AnnualCreditReport.com.
Like with federal loan servicing transfers, sometimes, private student loans can change hands. It’s important to maintain communication with your lender and loan servicer in case your education debt is sold to another company or migrates to a new servicer.
If you need another private student loan, the companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Student loan servicer FAQs
Below are some answers to some commonly asked questions about student loan servicers.
What if my federal loans aren’t owned by the Department of Education?
If your loans are a part of the Federal Family Education Loan (FFEL) Program, you can find out who your loan servicer is by logging into your StudentAid.gov account. After you log in, you can view your loan servicer’s information in the “My Loan Servicers” section.
For Federal Perkins Loans, you should contact your school where you took out the loan for details.
Can I change my student loan servicer?
You can change your federal student loan servicer by consolidating your loans through the Direct Consolidation Loan program. Otherwise, you can only change federal student loan servicers if you file a complaint with the U.S. Department of Education and provide proof of your claim.
Another way to change your student loan servicer is to refinance your student loans. But note that refinancing your federal student loans means you’ll lose access to federal protections, like government-specific forbearance and income-driven repayment plans.
Meet the expert:
Jerry Brown
Jerry Brown is a personal finance writer, owner of the Peerless Money Mentor blog, and a contributor to Credible. He has written for major publications such as Forbes Advisor, Business Insider, and Rocket Mortgage.
