Do you know where your federal and private student loans are?
If you don’t, you should.
It’s hard to make payments, defer payments, and check loan balances if you aren’t even sure who owns your student loans. Thankfully, finding this information is easier than you might think.
Continue reading to learn the steps you need to take to figure out, who owns my student loans?
Use the National Student Loan Data System to Find Your Loan Servicer
Step 1 – Find out who owns your loans by visiting the National Student Loan Data System (NSLDS) at nslds.ed.gov.
Step 2 – Click on “Financial Aid Review” and log into the site with your FSA ID. After logging in, you’ll see a chart containing information about your loans and grants. Click on each loan that you want to learn more about.
Step 3 – The NSLDS will show you the balance, interest rate, loan type, loan status, and loan servicer for each of your federal student loans. Your loans might not all have the same servicer, so you need to look at each individual loan. Again, you might have multiple loan servicers.
Learn more about why you should use the National Student Loan Data System here.
Contact Your College about Federal Perks Loans
Need to figure out who owns your Federal Perkins Loan? Contact your college’s financial aid office. They’ll let you know if the college is the loan servicer or if the college works with an outside loan servicer.
If you already know that the Department of Education owns your Federal Perkins Loan, contact the ESCI Federal Perkins Loan Servicer at 1-866-313-3797.
What is a Loan Servicer?
A student loan servicer collects payment and helps you, the borrower, manage repayment. If you need to defer payments, enter forbearance, consolidate loans, apply for student loan forgiveness, or switch to a new repayment plan, you go through your loan servicer—not the federal government.
Nine different loan servicing companies service all federal Direct Loans and FFEL loans:
CornerStone – 1-800-663-1662
FedLoan Servicing (PHEAA) – 1-800-699-2908
Granite State – GSMR – 1-888-556-0022
Great Lakes Educational Loan Services, Inc. – 1-800-236-4300
HESC/Edfinancial – 1-855-337-6884
MOHELA – 1-888-866-4352
Navient – 1-800-722-1300
Nelnet – 1-888-486-4722
OSLA Servicing – 1-866-264-9762
Each of your loans belongs to one of the above loan servicers. But, how do you find out which one?
How to Find Your Collections Agency
Try NSLDS First
To find the name of the collection agency, first, try viewing your student loans on the NSLDS website. If a loan’s status reads “default,” you might see contact information for a collection agency next to the loan. Contact the collection agency to make payments or learn more about your options.
Contact the Default Resolution Group
If you can’t find the information on the NSLDS, you can try contacting the Department of Education’s Default Resolution Group. This group will provide you with the address and phone number of your assigned collection agency.
For a phone call, contact 1-800-621-3115 or 1-877-825-9923 TTY.
To send non-payment mail, use this address: U.S. Department of Education, P.O. Box 5209, Greenville, TX 75403-5609.
The Default Resolution Group can only help you if your loans are held by the U.S. Department of Education (ED). ED owns all defaulted Direct Loans and some defaulted FFEL Program loans (the rest are owned by a guaranty agency).
The ED uses the following collection agencies:
Account Control Technology, Inc.
P.O. Box 11750
Bakersfield, CA 93389-1750
Action Financial Services
P.O. Box 3250
Central Point, OR 97502
P.O. Box 702220
Tulsa, OK 74136
Bass & Associates
P.O. Box 66080
Tucson, AZ 85728-5478
P.O. Box 1460
Lowell, AR 72745-1460
Coast Professional Inc.
P.O. Box 2899
West Monroe, LA 71294
P.O. Box 457
Fairport, NY 14450-0457
Credit Adjustments Inc.
P.O. Box 5640
Manchester, NH 03108|
FH Cann & Associates
P.O. Box 877
North Andover, MA 01845
FMS Investment Corp.
P.O. Box 1423
Elk Grove Village, IL 60009-1423
P.O. Box 27346
Knoxville, TN 37927
Immediate Credit Recovery Inc.
P.O. Box 965156
Marietta, GA 30066
National Credit Services
P.O. Box 766
Bothell, WA 98041-0766
National Recoveries, Inc.
P.O. Box 120666
St. Paul, MN 55112
Pioneer Credit Recovery, Inc.
P.O. Box 349
Arcade, NY 14009
Professional Bureau of Collections of Maryland
P.O. Box 3725
Englewood, CO 80155
Reliant Capital Solutions
P.O. Box 307290
Gahanna, OH 43230
Windham Professionals, Inc.
P.O. Box 400
East Aurora, NY 14052
What Are My Options if My Student Loans are in Default?
If your trip to nslds.gov reveals that you’ve defaulted on one or more of your federal student loans, you have three main options:
Consolidate Your Federal Student Loans
Consolidate your defaulted federal student loans to bring them out of default. A consolidated loan is simply a new loan that equals the total balance of your individual loans. The interest rate is the weighted average interest rate rounded up to the nearest 1/8th of a percentage.
You can apply for a Federal Direct Consolidation Loan online or via U.S. mail. If you apply online, you’ll see information for your new loan servicer at the end of the online application process. If you apply by mail, you should see the loan servicer’s contact information when you download or print the paper application.
After consolidating, enroll in one of the income-driven student loan repayment plans. These plans base your monthly payment on your income, making payments more manageable. Do this to avoid falling into default again.
If you already have a Direct Consolidated Loan or if you are in active wage garnishment, you’re not eligible for consolidation. Your next best option is loan rehabilitation.
Rehabilitate Your Federal Student Loans
Another way to get your loans out of default is through student loan rehabilitation. The process involves setting up an affordable monthly payment plan with the Department of Education. It might be as small as five dollars per month.
After you make nine on-time voluntary monthly payments with a 10-month period, you can rehabilitate your loan. This means the loan is no longer in default and collection agencies will stop calling.
You can only rehabilitate a loan once, so loan rehabilitation should always be a last resort.
Repay the Loan in Full
You can also get out of default by repaying your defaulted loan in full. Since that might mean coming up with a large sum of money in a short amount of time, consolidation and rehabilitation are much better options.
Who Owns My Private Student Loans?
Your private student loans won’t show up in the National Student Loan Database System. It can take a little more work to track down who owns your private student loans.
If you know the lender…
Contact your private student loan lender to see if they still own your loan. More often than not, the original lender owns the loan and will help you manage the loan. However, there is still a chance that another company now owns the loan. In that case, the original lender can provide you with the new loan servicer’s contact information.
If you’re in default, the original lender can also give you contact information for the assigned collection agency.
If you don’t know the lender…
If you aren’t sure who your lender is, pull up your credit report. A credit report lists all your lenders along with contact information, your loan balance, and your account number. Call the lenders listed to track down who owns your private student loan.
Can I Change Who Owns My Loans?
Yes, you can.
If your student loans are in good standing, you can refinance with a private lender. Refinancing involves obtaining a new loan to pay off any or all of your private and/or federal student loan(s). The bank, credit, or company you refinance with will own the refinanced loan.
Refinancing not only gives you the chance to switch up who owns your loan, but it also helps you better manage your student debt. By refinancing, you can secure a better interest rate, better loan terms, and/or perks like cosigner release or military deferment.
Learn more about student loan refinancing here.
Final Thoughts on Who Owns My Student Loans?
Finding out who owns your student loans is the first step toward taking control of your student debt. If you know who owns your student loans, you can enroll in automatic payments, look up your loan balance, sign up for a repayment plan, apply for student loan forgiveness, and more. Take the time to look up your loan servicer today so that you can explore your options.
Compare the Best Student Loan Refinance Rates
Here are our top student loan refinance picks for 2019
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Student Debt Relief Loan Refinancing Advertiser Disclosure
College Ave: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
College Ave Refi Education loans are not currently available to residents of Maine.
1 – The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
2 – $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 04/26/2019. Variable interest rates may increase after consummation.
3 – This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
ELFI: Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary institution.
LendKey: Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate.
Splash Financial: Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval.com
Earnest: To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest’s fixed-rate loan rates range from 3.89% APR (with autopay) to 7.89% APR (with autopay). Variable rate loan rates range from 2.50% APR (with autopay) to 7.27% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.26% and 5.03% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 23, 2019 and are subject to change based on market conditions and borrower eligibility.
Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/23/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.