What is a student loan servicer?

Answer:

Servicers are companies 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:

  • Disburse money from the loans
  • 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. 

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