student loan advice | Student Loan FAQ’s – Frequently Asked Questions About Student Loans

Student Loan FAQ’s – Frequently Asked Questions About Student Loans

Student Loan FAQ’s (frequently asked questions)

Who do I contact if my lender or lender servicer has closed? You can contact the guaranty agency that is listed for additional information about your loan.

Who do I contact if the guaranty agency is closed? Staff at the U.S. Department of Education’s Federal Student Aid Information Center will take your information and forward it to the appropriate parties for research and a response. You can contact them at 1-800-4-FED-AID or TDD 1-800-730-8913.

Who do I contact if the school is closed? Staff at the U.S. Department of Education’s Federal Student Aid Information Center will take your information and forward it to the appropriate parties for research and a response. You can contact them at 1-800-4-FED-AID or TDD 1-800-730-8913.

Who do I contact if the wrong school is listed? If the loan is a Federal Direct Stafford loan, you can contact the Direct Loan Servicing Center. For all other Stafford loans you can contact the guaranty agency that is listed for your loan. If the student loan is a Perkins student loan, staff at the U.S. Department of Education’s Federal Student Aid Information Center will take your information and forward it to the appropriate parties for research and a response. You can contact them at 1-800-4-FED-AID or TDD 1-800-730-8913.

Who do I contact if my Pell Grant information is incorrect? You will need to contact the financial aid office of the school that awarded you the Pell grant.

It indicates that I should contact the Debt Collection Service. What is that? The Debt Collection Service (DCS) is an office of the U.S. Department of Education. Loans can be serviced there for borrowers who enter into default if a school closes or if a guaranty agency closes. You can contact DCS at: 1-800-621-3115, 8 a.m. to 8 p.m. eastern time, or at: Debt Collection Service, U.S. Department of Education, 7th and D Streets SW, Room 5118, Washington DC 20202.

When do I have to start repaying my student loans? You are entitled to one 6-month grace period after you stop attending a school at least half time. During this grace period, the lender or loan servicer will contact you and tell you how much your payments will be and how to make them. If you go back to school, you can obtain a deferment so you do not have to continue payments.

Who should I mail my loan payments to? Your lender or a loan servicer is responsible for billing and receipt of payments. Many times a lender will hire a company to perform the billing functions for its loans, and this company is referred to as a loan servicer. You can contact your lender or loan servicer for information.

What interest rate will I be paying? The interest on your educational loans was set by Federal Law and is recorded on your signed promissory note. You can find the interest rate for each of your loans on this web site by clicking on a loan and reviewing the details.

Does the amount of principal and interest shown equal the payoff amount? No. Due to reporting timeframes, the payoff amount can include other charges, fees, and/or costs on your account. You must contact the loan holder/servicer to obtain the payoff amount.

What happens if I don’t pay my student loan back? Borrowers who default on their student loans are reported to credit bureaus, so your credit rating and future borrowing ability will be negatively impacted. In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.

We hope you found these student loan faq’s helpful!

Student Loan FAQ’s

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