Managing Your Student Loan Debt

Managing your student loan debt doesn’t just mean staying out of default; it also means staying out of delinquency and keeping your account current. This may not always be easy, so here are a few smart practices that may help:

 

  • Keep all records regarding your student loan(s). Make copies of all letters, canceled checks, receipts and any forms you sign.

  • Use the National Student Loan Data System to access your student loan account and determine your total debt and the servicer(s) of your loans. You may also retrieve this information by calling 800-4FED-AID (1-800-433-3243). You will need your FSA ID to access your NSLDS records.

  • Read and understand your student loan borrower Rights and Responsibilities. Your rights and responsibilities are listed in the Master Promissory Note you signed which provides information about the terms and conditions of the loans you received. You may contact your lender or servicers anytime to receive a copy.

  • There are a variety of repayment plans available so you can choose the one that fits your budget. When considering repayment plans, use the loan repayment estimator to help you choose the one that is best for you.  

  • Notify your lender or servicer if you have:

    • changed your address, telephone number, or email address,

    • changed your name (for example, maiden to married name),

    • withdrew from school or began attending less than half time,

    • transferred to another school,

    • changes in your employment,

    • any other change in status that would affect your loan (for example, losing eligibility for an unemployment deferment by obtaining a job).

  • Be sure to contact your lender or servicer for help if you are having trouble repaying your student loan. Help is available to you in managing your student loan debt.

As a reminder, when you received your student loan, you agreed to repay the loan even if you did not complete your program, were unsatisfied with the level of educational services received, or were unable to obtain employment in your field.