What is a student loan servicer?
Servicers are companies and organizations that collect payments on a loan, respond to customer service inquiries, and perform other administrative tasks associated with maintaining a loan.
Your student loan servicer is the company that sends you a billing statement each month. Loan servicers also:
- Track loans while borrowers are in school
- Process payments
- Respond to borrower inquiries and information requests
- Accept applications and process changes in repayment plans, deferments, forbearances, or other activities to prevent default
- Maintain loan records
- Ensure the administration of loans in compliance with federal regulations and other legal requirements
It is important to maintain contact with your loan servicer.
TIP: If you don’t know who your servicer is, don’t worry. For federal student loans, you can find your servicer by visiting the U.S. Department of Education’s Federal Student Aid website. Through this website you can access information about your federal student loans. For private student loans, look at your latest billing statement or check your credit report.