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What is Loan Servicing?

Loan servicing is the act of collecting payments from borrowers of student loans. Each borrower is responsible for repaying their loan in full. Student loan companies have the authority to collect all funds owed on behalf of the government. If borrowers fail to make timely payments, they may pay higher interest rates. There are many reasons why individuals default on their loans including unemployment, illness, divorce, bankruptcy, death in the family, and loss of home ownership.

How Are Borrowers Affected?

When students take out federal loans, lenders guarantee payment of principal and interest. However, if borrowers cannot afford to make required monthly payments, the lender may charge them additional fees and penalties. These added costs increase the amount needed to repay the loan. Once the balance reaches a certain threshold, a default occurs meaning borrowers stop making payments.

How Can Students Avoid Defaulting?

If possible, get started with repayment before taking out loans. Also consider consolidating your loans to make payment easier. Remember to always review your loan terms and conditions prior to borrowing. Make sure not to accept any offers that seem too good to be true.

What Should I Do If I Am In Default?

You should contact your servicer immediately if you are experiencing financial trouble and need help. Your servicer may offer various options to avoid default including deferment, forbearance, rehabilitation, and consolidation. Depending on the type of loan, some of these options might be available while others could be completely unavailable. You may even be able to negotiate lower interest rates if you qualify. 5. Is Consolidation Available?

Consolidation is a way to combine several different types of debt into one manageable amount. This option works best for those who have multiple debts with similar payments but have difficulty managing the numerous accounts. A credit counseling agency can provide guidance in choosing between different consolidation solutions.

What Types Of Debt Can Be Consolidated?

There are two main types of debt that can be consolidated. The first type includes revolving consumer debts known as non-accrual debt. Examples of non-accrual debts include credit cards and payday loans. The second type is accrual debt where payments are due in advance. Accrual debt includes installment loans, car loans, and commercial paper.

Does Consolidation Work?

Yes! Even though a consolidation loan requires significantly less money upfront than paying off each debt individually, it is still less expensive than going into default. In fact, the average interest rate for consumers is 6 percent. And remember, you can reduce your total outstanding debt by as much as 60 percent!

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Log In

Logging in to your account online at www.studentloans.gov gives you access to information about federal student loans and other types of education loans. You’ll find links to compare rates and payment options and loan counselors who can help you with questions about repayment. You may search for a counselor near you using the Find a Counselor link.

My Account

You can view current payments, accounts receivable balances, and outstanding debt amounts. You’ll also enter your payment history. Your account balance is updated once a week, although some debts accrue interest daily. If you have any questions about your account balance, contact your lender directly.

Rates & Payment Options

The government provides different rates and plans to fit your budget and repayment needs. You can select between fixed rate, variable rate, income based repayment plan, and total repayment.

How Do I Make Payments?

To make a payment, use the Pay Online tool. Enter your full name, account number, billing zip code, and the amount due. The system will calculate the amount you owe and how much you need to pay each month. Remember, partial payments are not accepted.

Can I Get Help Repaying my Debt?

Yes, if you’re having trouble making your monthly payments, call 1-800-DOE-SCHU (1-800-538-2873). A counselor can help determine whether bankruptcy is right for you.

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Student loans are pretty much the only type of loan an individual may take out, however they do not always have to be taken out.

A student loan may be taken out if you want to attend college full time to get a degree or certificate that you need to enter into the work force.

If you are going to school just for fun then you may not need a student loan.

To make sure you understand what your options are, check out our website at www.studentloanslogin.com where you can find information about how to pay off student loans.

On the site there is a link called “How Can I Pay Off My Student Loans?” that will give you detailed information on how to pay off your student loans.

Another option for paying off your student loans is to sign up for the Income Contingent Repayment Plan which means that once you graduate, you will have graduated under the income based repayment plan which is considered to be a lower interest rate than many other plans, however, you still owe some money back to the government.

Other students should contact their lender to find out more information regarding their loan payments.

Finally, check out the video at the end of the page to learn more about how to pay off your loans.

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How they work?

Most students start their education with student loans. There are two types of student loan: federal and private. Federal loans require repayment over a period of years, whereas private loans have no specific term. Both types of loans allow students to borrow money from financial institutions. When the borrower graduates and begins repaying his/her loan, interest accumulates until the entire amount is repaid. If the borrower fails to make payments, he/she may lose certain privileges.

What do I need to apply?

You will need the following information:

Full name:

Social Security number:

Date of birth (if applicable):

High school grade point average:

List of colleges attended:

Monthly income:

Source of funds:

Highest level of education completed:

Current employer’s address and phone number:

A copy of the most recent IRS tax return:

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Student Loan Information

The Department of Education’s (ED) website provides information about federal student loans including loan types, repayment options, interest rates and payment terms.

Federal Direct Student Loans

Federal direct student loans provide financial assistance to students who need money to help pay for college. These loans are offered by the government and they offer both subsidized and unsubsidized options. Subsidized loans have lower monthly payments than unsubsidized loans. Unsubsidized loans allow borrowers to make their own decisions regarding how much to borrow, while subsidized loans require the borrower to take out enough money to cover the cost of tuition plus a certain amount to cover other costs related to school attendance. Borrowers may choose between different loan types depending on their specific requirements.

Private Student Loans

Private student loans are generally available only to those enrolled at four-year colleges and above, and are not federally guaranteed. They usually have higher interest rates and longer repayment terms than federal loans.

Financial Aid

Financial aid includes grants, scholarships, work study employment and educational tax credits. Students should complete the Free Application for Federal Student Aid (FAFSA) each year to get financial aid. To find out if you qualify for financial aid, visit the FAFSA website.

Repaying Your Student Loans

To repay your student loans, first figure out what type of loan you have based on the lender’s name. Then determine your monthly payment using the Payment Chart provided by the lenders. Once you know the total amount due, calculate how long it will take to repay the loan using the Financing Calculator. You can also use an online calculator to help you do these calculations. If you are having trouble calculating the payment amounts, contact your lender for further assistance.

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