You’ve walked across the stage at graduation looking scholarly in your cap and gown. You’ve hit the pavement in search of your dream job and maybe you even landed it. Congrats! You’re doing this whole adulting thing really well! So, what’s the next step? Figuring out your student loans.
Sure, you might be hoping they’ll go away if you don’t think about them, but with every passing month your six-month grace period is coming closer to an end, and your repayment is looming.
It’s time to figure out how to pay them. Think you can just write the government a check for those federal student loans? Think again! You need to figure out who your loan servicer is and coordinate your repayment with them.
What Are Student Loan Servicers?
They are companies that take care of the disbursement, billing, and customer service aspects of your federal student loans. They can help you figure out things like which repayment plan you should be on and whether to consolidate your student loans.
Need deferment or forbearance? They can also help you set that up. Loan servicers are basically a one-stop shop for everything you need to know or changes you need to make on your federal student loans.
Major Student Loan Servicers
Here are some of the major student loan servicers:
Aspire Resources Inc.
Address: PO Box 65970, West Des Moines, IA 50265-0970
Phone: 1 (855) 475-3335
Founded in 2001, Aspire Resources is a for-profit subsidiary of Iowa Student Loans. They provide customer service for private and federal student loans. Their revenue is used by Iowa Student Loans to fulfill its non-profit mission to help Iowa students access post-secondary education.
Address: P.O. Box 145122, Salt Lake City, UT 84114-5122
Phone: 1 (800) 663-1662
CornerStone has been providing customer service for over 35 years to student loan borrowers across the country. They are a not-for-profit servicer that works with the Department of Education to service federal student loans.
Address: P.O. Box 36008, Knoxville, TN 37930-6008
Phone: 1 (855) 337-6884
Located in Knoxville, Tennessee, Edfinancial Services has been providing loan servicing for over 25 years. They work with both federal and private student loans, as well as schools that need help with things like financial aid processing.
FedLoan Servicing (PHEAA)
Address: P.O. Box 69184, Harrisburg, PA 17106-9184
Phone: 1 (800) 699-2908
FedLoan Servicing is a not-for-profit organization that was created in 2009 to service federal student loans through a partnership with the U.S. Department of Education. It is run by the Pennsylvania Higher Education Assistance Agency (PHEAA) and is headquartered in Harrisburg, Pennsylvania.
Granite State Management and Resources (GSMR)
Address: PO Box 2097, Concord, NH 03302-2097
Phone: 1 (888) 556-0022
Granite State Management and Resources is based in New Hampshire and run by the New Hampshire Higher Education Assistance Foundation. They’ve been servicing federal and private student loans since 1986.
Great Lakes Educational Loan Services Inc.
Address: PO Box 7860, Madison, WI 53707-7860
Phone: 1 (800) 236-4300
For over 50 years, Great Lakes Higher Education Corporation and Affiliates worked as a non-profit organization dedicated to helping students access college by acting as a guarantor, servicer, and philanthropist. They service both federal and private loans and were purchased by NelNet in 2017.
Address: 633 Spirit Drive, Chesterfield, MO 63005-1243
Phone: 1 (888) 866-4352
MOHELA is a student loan servicer headquartered in St. Louis, Missouri with offices in Columbia, Missouri and Washington, DC. They have been around for over 30 years and focus primarily on federal student loans.
Address: P.O. Box 9500, Wilkes-Barre, PA 18773-9500
Phone: 1 (888) 272-5543
Navient is a for-profit student loan servicer that’s been in business since 1973. They provide asset management and business processing solutions for government, education, and healthcare at state, federal and local levels. They are headquartered in Wilmington, Delaware and are one of the biggest student loan servicers and were previously a part of Sallie Mae.
Address: P.O. Box 82561, Lincoln, NE 68501-2561
Phone: 1 (888) 486-4722
Nelnet is one of the biggest student loan servicers in the country. Headquartered in Lincoln, Nebraska they service federal and private student loans. They also own Great Lakes Educational Loan Services and are a for-profit company listed on the New York Stock Exchange.
Address: 525 Central Park Drive, Suite 600, Oklahoma City, OK 73105
Phone: 1 (405) 556-9224
OSLA has been servicing student loans since 1972, and focuses on servicing federal student loans. The organization was created as a public trust by the state of Oklahoma and is a non-profit.
VSAC Federal Loans
Address: Po Box 777, Winooski, VT 05404
Phone: 1 (888) 932-5626
VSAC stands for the Vermont Student Assistance Corp. It was created in 1965 by the Vermont Legislature and is a non-profit public agency. They award loans and also service student loan payments.
How to Find out Who Your Student Loan Servicer Is
You don’t get to pick your student loan servicer, since they’re assigned to you when your loan is disbursed. Can’t remember who your servicer is? It’s not uncommon!
College is a busy time and who your loan servicer is probably isn’t something you paid much attention to—you just needed the student loan cash, stat, to buy books. Also, sometimes student loans can be transferred between servicers, although you’re supposed to be notified if that happens.
If you don’t know your servicer, that’s no big deal because you can easily find out who your loan servicer is by visiting the Department of Education’s student aid website , which has all the information about your federal student loans and contact information for the loan servicers.
Can You Change Your Student Loan Servicer?
While sometimes your student loans can be transferred from one servicer to another, this usually doesn’t happen simply because a borrower requests it. The only way you usually change servicers is if you refinance your student loans from federal loans to private student loans.
By refinancing, you can potentially save money on interest or change the term length on your loans. The latter can be a great strategy to help you repay your loans faster.
But there are also some downsides. If you refinance your federal student loans with a private lender, you’ll no longer be eligible for income-based repayment plans, and you might lose other federal loan protections like the option for deferment or forbearance. This may be important if you are uncertain about your future income or you are struggling with your repayment.
If you’re interested in paying back your loans quickly, refinancing your loans may help you save money on interest and fast-track your repayment with a shorter term.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
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SoFi Private Student Loans
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