Who Is My Student Loan Servicer? Here's How to Find Out

Who Is My Student Loan Servicer? Here's How to Find Out

On Wednesday, President Joe Biden announced his long-awaited student loan forgiveness plan. Borrowers who make less than $125,000 are eligible for cancellation of $10,000 of their federal direct loans, or $20,000 if they are federal Pell Grant recipients.

More than 45 million Americans carry some amount of student loan debt. Close to 8 million borrowers (less than 20%) may be eligible to have their debts wiped automatically, according to the Department of Education.

If you want more details on your specific loan, however, you'll want to contact your loan servicer -- the third-party company contracted by the Department of Education to handle billing and other services.

You may want to reach out, for example, if you made payments during the loan forbearance period and want to request a refund to maximize your debt forgiveness.

Here's how to find out who your loan servicer is, how to contact them and what you should have handy when you reach out.

For more on student debt forgiveness, find out if you're eligible, learn how to sign up and know how to avoid student loan payment scams.

Who is my student loan servicer?

If you don't know who your servicer is, you can sign into your Federal Student Aid account with your FSA ID. Once you get to the dashboard, you'll see your service provider and other loan details.

You can also call the Federal Student Aid Information Center (FSAIC) at 800-433-3243 or consult the Department of Education's "Who is my loan servicer?" site for more information.

How do I contact my student loan servicer?

There are nine companies that manage most federal student loans. The largest is Nelnet, which acquired Great Lakes Education Loan Services in 2018 and is now responsible for overseeing more than 40% of all student loans.  

If you know your provider, we've included links and telephone numbers, below, for the companies that service federal student loans. 

Student Loan Servicers

Servicer	Website	Phone Number
Aidvantage	https://aidvantage.com/	800-722-1300
EdFinancial Services (HESC)	https://edfinancial.com/home	855-337-6884
Educational Computer Systems Incorporated (ECSI)	https://efpls.ed.gov/	866-313-3797
FedLoan Servicing (PHEAA)	https://myfedloan.org/	800-699-2908
Great Lakes Educational Loan Services	https://mygreatlakes.org/	800-236-4300
Maximus	https://maximus.com/fsa	800-621-3115
Missouri Higher Education Loan Authority (MOHELA)	https://www.mohela.com/	888-866-4352
Nelnet	https://www.nelnet.com/welcome	888-486-4722
Oklahoma Student Loan Authority (OSLA)	https://public.osla.org/	866-264-9762

Be patient. It might take some time

Biden's announcement has unsurprisingly sparked a massive number of inquiries -- servicer sites are experiencing delays, and providers are also reporting unusually high call volumes. 

Redditors on the Student Loans subreddit on Wednesday reported they were on the phone for several hours.

On Thursday morning, Nelnet asked borrowers to "hold off on calling us as we continue to experience heavy phone volume."

Come prepared

When you do reach out, have handy any information you know about your loan before contacting your loan provider, including account numbers and balances. This is especially important if you are going to ask for a refund. 

They might not have the answers you need

"We do not have any more details on who is eligible for loan cancellation than what was announced by President Biden," Nelnet tweeted on Thursday.

On Friday, EdFinancial indicated the most up-to-date info was on the Education Department site, tweeting "We have no updates. Loan eligibility has not been shared with servicers."

Aidvantage also recommends consulting the FSA website.

Get ready for major changes to who services federal student loans 

In 2020, US Secretary of Education Betsy DeVos announced a shakeup to the companies contracted to manage student loan payments.

Alex Wong/Getty Images

In June 2020, then-Education Secretary Betsy DeVos announced sweeping changes to the companies that would be managing active and defaulted student loans for the federal government to streamline the process and improve a system that "can lead to customer confusion and inconsistent operations."

The number of third-party contractors with contracts from the Department of Education was trimmed from nine to five: EdFinancial Services, F.H. Cann & Associates, Maximus (which runs Aidvantage), MOHELA and Trellis Company.

Aidvantage recently began taking over the 6 million borrower accounts previously overseen by Navient, which announced it was getting out of the federal student loan business last September.

After December 2022, FedLoan Servicing will no longer continue its contract with the government, and accounts are already moving to MOHELA. Some non-Public Service Loan Forgiveness (PSLF) accounts have been moved from FedLoan to Nelnet.

But DeVos also announced that Nelnet and its subsidiary, Great Lakes, would no longer manage student loans for the federal government. The company's contract was initially set to expire in December 2022, but the Department of Education under Biden extended it through Dec. 14, 2023, the Lincoln Journal-Star reported.

Borrowers should receive a letter or email if their assigned servicer has been changed. Your account information should transfer automatically, with no change to the terms of your loan.

If you are told of a change, however, it might be worth checking in with your new provider. 

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8 Ways to Protect Your Money During a Recession

8 Ways to Protect Your Money During a Recession

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

With the latest GDP report showing another consecutive quarterly decline in economic activity, the country is likely in a technical recession.

Why it matters

Previous recessions have all seen pervasive layoffs, higher costs of borrowing and a tumultuous stock market.

What it means for you

Worry less about the macroeconomic news of the day and focus on what you can control. Take inventory of your financial life, gather facts and make moves to protect your savings.

While many economists still refuse to use the R-word, the warning signs indicate the US economy is now likely in a technical recession. In addition to another quarterly drop in GDP, or gross domestic product, consumer confidence has gone down, the stock market is in bear territory and inflation is still soaring, despite four interest rates hikes from the Federal Reserve.

An increase in layoffs -- another key indicator of a recession -- is also being felt across the country as many companies, particularly in the tech sector, have announced layoffs in recent months. And if you ask most people, they'll say it's become undoubtedly harder to make ends meet. At least one poll conducted in June finds a majority of Americans, or 58%, believe we are in a recession.

But then others point to some key factors that point in the opposite direction -- for example, low unemployment levels, rising spending and a healthy banking sector.

While the National Bureau of Economic Research makes the official call on a recession -- and so far it's remained tight-lipped -- whether we call this challenging financial period a recession or not seems like a pretty subjective matter of interpretation. 

At CNET Money, we're dedicated to supporting your financial health with accurate, timely and honest advice that takes into consideration the pressing financial questions of our time. That's why we're launching the Recession Help Desk, a destination where you will get the latest, best advice and action steps for navigating this uncertain period. 

First, a quick look back at the US economy

Since the Great Depression, the US has had about a dozen economic setback periods lasting anywhere from a few months to over a year. In some ways, there's always a recession on the horizon: Economies are cyclical, with upswings and downturns. We can't predict what will happen in advance, and sometimes we can't even tell what's happening while we're in the middle of it. Morgan Housel, author of The Psychology of Money, may have said it best when he tweeted back in April: "We're definitely heading toward a recession. The only thing that's uncertain is the timing, location, duration, magnitude and policy response." 

Attempting to figure out recession specifics is a guessing game. Anyone who tells you different is likely trying to sell you something. The best we can do right now is draw on history to build context, get more proactive about the money moves we can control and resist the urge to panic. This includes reviewing what happened in previous recessions and taking a closer look at our financial goals to see what levers to pull to stay on track. 

Here are eight specific steps you can take to create more financial stability and resilience in a turbulent economy. 

Read more:  Bear Markets: Expert Stock Market Advice for Investors

1. Plan more, panic less   

The silver lining to current recession predictions is that they're still only forecasts. There is time to assemble a plan without the real pressures and challenges that come with being in the thick of an economic slowdown. Over the next couple of months, review your financial plan and map out some worst-case scenarios when your adrenaline isn't running high. 

Some questions to consider: If you did lose your job later this year or in early 2023, what would be your plan? How can you fortify your finances now to weather a layoff? (Keep reading for related advice.)

2. Bulk up your cash reserves 

A key to navigating a recession relatively unscathed is having cash in the bank. The steep 10% unemployment rate during the Great Recession in 2009 taught us this. On average, it took eight to nine months for those affected to land on their feet. Those fortunate to have robust emergency accounts were able to continue paying their housing costs and buy time to figure out next steps with less stress. 

Consider retooling your budget to allocate more into savings now to hit closer to the recommended six- to nine-month rainy day reserve. It may make sense to unplug from recurring subscriptions, but a better strategy that won't feel as depriving may be to call billers (from utility companies to cable to car insurance) and ask for discounts and promotions. Speak specifically with customer retention departments to see what offers they can extend to keep you from canceling your plans.

3. Seek a second income stream

Web searches for "side hustles" are always popular, but especially now, as many look to diversify income streams in the run up to a potential recession. Just like it helps to diversify investments, diversifying income streams can reduce the income volatility that arrives with job loss. For inspiration on easy, low-lift side hustles that you might be able to do from home, check out my story.

4. Resist impulsive investing moves

It's hard not to be worried about your portfolio after all the red arrows in the stock market this year. If you have more than 10 or 15 years until retirement, history proves it's better to stick with the market ups and downs. According to Fidelity, those who stayed invested in target-date funds, which include mutual funds and ETFs commonly tied to a retirement date, during the 2008 to 2009 financial crisis had higher account balances by 2011 than those who reduced or halted their contributions. "Those who panic and sell 'at the bottom' often regret it because trying to time the market can result in losses that are very difficult to regain because stock prices can change quickly," said Linda Davis Taylor, seasoned investment professional and author of The Business of Family. 

If you have yet to sign up for automatic rebalancing, definitely look into this with your portfolio manager or online broker. This feature can ensure that your instruments remain properly weighted and aligned with your risk tolerance and investment goals, even as the market swings. 

5. Lock interest rates now

As the policy makers raise interest rates to bring down inflation levels, interest rates will increase. This potentially spells bad news for anyone with an adjustable-rate loan. It's also a challenge for those carrying a balance on a credit card.

While federal student loan borrowers don't have to worry about their rates going up, those with private variable rate loans may want to look into consolidating or refinancing options through an existing lender or other banks, such as SoFi, that could consolidate the debt into one fixed-rate loan. This will prevent your monthly payments from increasing unpredictably when the Federal Reserve raises interest rates again this year, as expected.

6. Protect your credit score  

Borrowers may have a tougher time accessing credit in recessions, as interest rates jump and banks enforce stricter lending rules. To qualify for the best loan terms and rates, aim for a strong credit score in the 700s or higher. You can typically check your credit score for free through your existing bank or lender, and you can also receive free weekly credit reports from each of the three main credit bureaus through the end of the year from AnnualCreditReport.com. 

To improve your credit score, work towards paying down high balances, review and dispute any errors that may be on your credit report or consider consolidating high-interest credit card debt into a lower interest debt consolidation loan or 0% introductory APR balance transfer card.

7. Rethink buying a home

While home prices have cooled in some areas, it remains a competitive housing market with few homes to go around. If rising mortgage rates are adding more pressure to your ability to buy a home within budget, consider renting for a little longer. If you're also worried about your job security in a potential recession, then that's even more reason to take pause. Leasing isn't cheap at the moment, but it can afford you more flexibility and mobility. Without the need to park cash for a down payment and closing costs, renting can also keep you more liquid during a potentially challenging economy.

8. Take care of your valuables

The advice that was born out of the sky-high inflation period in the late 1970s still applies now: "If it ain't broke, don't fix it." 

With ongoing supply chain issues, many of us face high prices and delays in acquiring new cars, tech products, furniture, home materials and even contact lenses. This includes replacement parts, too. If a product comes with a free warranty, be sure to sign up. And if it's a nominal fee to extend the insurance, it may be worth it during a time when prices are on the rise.

For example, my car has been in the repair shop for over three months, waiting for parts to arrive from overseas. So, in addition to paying my monthly car payment, I have a rental car fee that's adding up. If nothing else, I'll be heading into a possible recession a more cautious driver.

Read more: Smaller Packages, Same Prices: Shrinkflation Is Sneaky

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