Who Is My Student Loan Servicer? A Guide to Identifying

Many first-time borrowers often ask, “Who is my student loan servicer?” This is because your loan servicer is not the same as your lender. 

The US Department of Education assigns servicers for federal loans, while private lenders may use different companies to manage their loans. Knowing your loan servicer is the first step every student loan borrower should take after getting a loan. 

In this article, you’ll find out why knowing your student loan servicer is vital and ways to find the one in charge of your loans. 

Key Takeaways

• Loan servicers handle payments, billing, and assistance, acting separately from lenders.
• Identify your servicer through Federal Student Aid (FSA) accounts, loan statements, or school offices.
• Once identified, set up online accounts, update contact info, and explore repayment options.
• Using automatic payments can provide interest rate discounts and prevent missed payments.

What Is A Student Loan Servicer?

A student loan servicer is a company that manages your student loan on behalf of your lender. 

Managing loan approval and disbursement processes is complex. To properly track and manage loan products, lenders outsource the loan servicing duty to a qualified third party. 

If you have federal student loans, the US Department of Education assigns you a servicer to handle billing, payments, and repayment options. For private loans, lenders may either service the loans themselves or contract with a third-party company to manage them. 

In other words, your loan servicer acts as the middleman between you and your lender, ensuring that your payments are processed correctly. Their responsibilities also include providing assistance to adjust your plan and helping you apply for benefits like deferment, forbearance, and loan forgiveness programs. 

However, it’s necessary to understand that loan servicers do not own your loans. 

How to Find Out Who Your Loan Servicer Is

Students can often lose track of their servicer, especially if their loans have been transferred. If you’re in this situation, there are several ways to find out who manages your loan. 

1. Check the Federal Student Aid Website (for Federal Loans)

For federal student loans, the easiest way to identify your servicer is by logging into your account on the Federal Student Aid (FSA) website. Do this: 

• Visit studentaid.gov
• Sign in using your FSA ID and password
• Click on your loan details to see the name of your loan servicer 

2. Look at Your Loan Statement and Emails

Your loan servicer regularly sends statements, billing reminders, and other important updates. If you receive emails, letters, or text notifications about your student loan, these communications likely come from your servicer.  

3. Call the Federal Student Aid Information Center

If you can’t access your online account, you can contact the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. They can confirm your loan servicer and provide guidance on managing your loans. 

4. Check with Your School’s Financial Aid Office

If you recently graduated or took out loans through your school, your financial aid office may have records of your loan servicer. They can help you figure out where to start if you’re having trouble finding your servicer. 

5. For Private Loans, Contact Your Lender

If you have private student loans, your lender will assign a servicer to you. You can find the information by: 

• Reviewing your loan agreement or original loan documents
• Checking your credit report (which lists your student loan provider)
• Contacting your lender directly to ask about your servicer

Major Student Loan Servicers

Some servicers exited the loan servicing space. For instance, Navient previously managed federal student loans but exited to focus on private loans. 

We did an entire review on Navient and why they exited, you can read it here. 

Other servicers that previously exited include FedLoan Servicing (PHEAA) and Granite State Management & Resources. Borrowers whose loans were previously handled by these servicers have been transferred to other servicers, primarily MOHELA and Aidvantage. 

What To Do Once You Know Your Loan Servicer

After finding your loan servicer, take these important steps to ensure your loans are organized and payments are timely. 

Set Up an Online Account 

Most servicers provide online portals where you can 

• View your loan balance and repayment schedule
• Make one-time or recurring payments
• Access important documents like billing statements and tax forms

Setting up your account early helps you monitor your loan status and avoid unnecessary fees. 

Update Your Contact Information

Ensure your phone number, email, and mailing address are up to date. Missing important updates from your servicer could lead to late fees or missed opportunities for repayment assistance. 

Check Your Repayment Options 

If you’re struggling with payments or looking to lower your monthly bill, your servicer can help you enroll in various repayment plans like 

• Income-Driven Repayment (IDR) Plans for federal loans
• Deferment or Forbearance for temporary financial hardship 
• Loan Consolidation to combine multiple federal loans into one

Private loan servicers may offer different relief programs, so check with them to know what’s available to you. 

Set Automatic Payments

Many servicers offer interest rate discounts (typically 0.25%) if you enroll in automatic payments. This ensures you never miss a payment and can save you money over time. 

Access Updated Resources on Student Loans and Refinancing

We’ve covered several ways to find your loan servicer and a few steps you can follow after that. For more information, explore other resources we have in the blog section, especially if you’re a new student loan borrower. 

If you face any issues regarding your loans and how to manage repayment, consult with professionals who can help assess your situation. You can book a one-time consultation here with us.