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Contacting a Student Loan Servicer

Your student loan servicer is there to help you successfully repay your loans. Your servicer doesn't charge extra for this assistance, but it's up to you to stay in touch with your servicer. Reach out for any of the following reasons.

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Your contact information has changed.

If you have a new mailing address, phone number or email, or if your name or other demographic information has changed, you need to advise your loan servicer. Remember that you are responsible for repaying your student loan debt, even if you don't receive bills because your servicer does not have your current contact information.

You want to make extra or reduced payments.

Your ability to pay may change according to your circumstances. Work with your servicer to make sure extra payments are achieving your goal or that you don't face unnecessary penalties for reduced payments.

You want to apply your payments in a specific way.

If you have several loans with the same servicer, you may want payments to apply more heavily to certain loans within your account, such as those with higher interest rates. Find out your servicer's policy for payment application across loans and how to direct payments differently.

You don't understand your billing statement or the way previous payments were applied.

If you don't understand how your payments are being applied to your account, any fees you are charged or have other billing questions, ask your servicer for an explanation as soon as possible. This will help you better understand the most beneficial way to make future payments.

You have fallen behind on your payments.

Student loan servicers may report late payments to the national consumer reporting agencies, and nonpayment will eventually lead to default. If you are not able to make your full monthly payment, work with your servicer to determine your options and see if you can avoid negative credit reporting or default.

You want to understand borrower benefits.

You may be eligible for benefits, such as a reduced interest rate for making automatic electronic payments. Talk to your servicer about potential benefits as soon as possible to learn how to maintain eligibility.

You want to consolidate or refinance your student loans.

Your ability to consolidate or refinance your loans depends on your servicer and the types of loans you have. You cannot include private student loans in a federal student loan consolidation under federal loan programs, although private lenders may allow you to combine both types of loans in one consolidation or refinance them into a new loan. Some private servicers offer consolidation or refinancing while others don't. If you're considering consolidation or refinancing, work with your servicers to determine your best options. If you are considering consolidating federal loans with a private lender, be sure you understand what important federal loan benefits you may lose before applying.

You want to align your payment dates.

If you have several different loans or more than one servicer, your payment due dates may be different as well. If it's easier for you to manage a single due date, call your servicers for information.

You are close to paying your loans in full.

Because student loans accrue interest every day, your principal balance does not equal a payoff amount. If you want to pay your loans in full, contact your servicer for an accurate payoff amount and date to avoid any surprises.

You have any additional questions.

Each borrower's circumstances are unique, and you may not be able to find accurate, updated information from your specific servicer online. If you have any questions, call your servicer directly. Your servicer is invested in your ability to successfully repay your loan and wants to help you.

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