Category: Student Loan Refinancing

If you want to get a lower interest rate, a lower monthly student loan payment, or both, then student loan refinancing may be a good option for you. There are many reasons why you should refinance your student loans. You can simplify student loan repayment, save money, and get out of debt faster. Here’s what you need to know about student loan refinancing and how it can help you.

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There are at least 7 reasons to refinance student loans now:

1. Get a lower interest rate
2. Get a lower monthly payment
3. Consolidate student loans into a single payment
4. Choose a flexible student loan repayment term
5. Choose a fixed or variable interest rate
6. Get a better lender
7. Release a cosigner

Get a lower interest rate

Student loan refinancing is the process of getting a new student loan with a lower interest rate from a private lender and using that new student loan to pay off your old student loans. There are many ways to lower your student loan interest rate.

Student loan refinancing is one of the most effective ways to get a lower interest rate for your student loans. A lower interest rate means that you can save money each month on your student loans and pay off your student loans faster. You can compare the latest rates for student loan refinancing, and if you qualify for a lower interest rate, then it may be advantageous for you to refinance your student loans.

Get a lower monthly payment

Student loan refinancing also can help you get a lower monthly payment. With a lower interest rate, you may be able to save money each month depending upon how much time you take to pay off student loans.

This student loan refinancing calculator shows you how much you can save when you refinance student loans.

For example, let’s assume that you have $80,000 of student loans at an 8% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $198 each month and $23,776 overall.

Consolidate student loans into a single payment

Like many student loan borrowers, you may have multiple types of federal and private student loans. This means you also may have different lenders, student loan servicers, loan types and payment dates. Often, this can be a financial headache to manage. Student loan refinancing is a smart strategy to consolidate student loans into a single payment.

(Read The Complete Guide To Refinancing Student Loans).

With student loan refinancing, you can combine your existing federal student loans and private student loans into a new, single student loan. This single student loan will have one lender, one student loan servicer and one monthly payment. Consolidating student loans into a single payment can make it easier to manage student loan repayment.

Compare the top lenders to refinance and consolidate student loans.

Choose a flexible student loan repayment term

If your student loan payments are too high, student loan refinancing can offer a flexible student loan repayment term. The standard repayment plan for federal student loans is 10 years. However, with student loan refinancing, most lenders allow you to choose a student loan repayment term between 5 and 20 years.

A shorter student loan repayment term such as 5 years will have a relatively higher monthly payment, but it will save you more money through lower total interest. In contrast, a longer student loan repayment term such as 20 years will have a relatively lower monthly payment, but it will cost more money overall through higher total interest.

You should choose a student loan repayment term that works best for your unique financial situation.

Learn: how to refinance your student loans

Choose a fixed or variable interest rate

Student loan refinancing gives you flexibility to choose either a fixed interest rate or a variable interest rate.

In contrast, federal student loans only have fixed interest rates. A fixed interest rate means that your interest rate will stay the same until you pay off your student loans. A variable interest rate means that your interest can increase or decrease over time. Typically, variable interest rates are lower than fixed interest rates.

When should you choose a fixed interest rate versus a variable interest rate? If you expect interest rates to increase, then you could choose a fixed interest rate to lock-in a relatively lower interest rate today and save money over time.

Even if interest rates rise, your fixed interest rate will remain the same. In contrast, if you expect interest rates to decrease, then you could choose a variable interest rate to save money over time. As interest rates fall, for example, you would save money by paying lower interest.

Get a better lender

Student loan refinancing also is an opportunity to get a better lender. If you’re unsatisfied with your lender or student loan servicer, student loan refinancing can help you choose a different lender or student loan servicer, or both. This can make student loan repayment easier and with less hassle. It’s important to choose a lender with strong customer service as well as low rates and flexible loan terms.

Learn the Top 30 questions about student loan refinancing.

Release a cosigner

When you refinance your student loans, one advantage is that you can release a cosigner.

What is a co-signer? A co-signer is a parent, spouse or other family member who may have applied with you when you borrowed a student loan. If you now have a high credit score and steady income, you may want to apply to refinance student loans and release your co-signer.

Co-signer release is the process of releasing your cosigner from any financial responsibility for your student loans. Many lenders offer a co-signer release when you refinance student loans, so make sure your lender offers this option if you plan to release a co-signer.

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Student loans are often necessary to get a college degree or graduate degree, so they’re considered a smart investment. When it comes time to buy a house, however, many student loan borrowers may wonder how student loans impact your ability to get a mortgage.

Lenders evaluate several criteria when you apply for a mortgage. This can include, for example, your student loans and other debt compared to your income. That said, it’s still possible to get a mortgage and buy a home, even if you have student loans.

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In this guide, we will explore:

• How to get a mortgage with student loans
• How to increase your chances of getting a mortgage
• How to pay off student loans
• How to use student loan refinancing to get a mortgage

How to get a mortgage with student loans

If you have student loans, the good news is that you can still get approved for a mortgage to buy a home. This is despite concerns from student loan borrowers who say student loan debt is one of the main reasons they have delayed buying a home, getting married or starting a family. To get approved for a mortgage with student loans, you need to demonstrate to your lender that you have sufficient monthly cash flow to pay for your mortgage, student loans, any other debt and your living expenses. One way that lenders evaluate your ability to afford a mortgage is your debt-to-income ratio.

Before applying for a mortgage, make sure to compare the latest mortgage rates and lenders to find the best home loan for you.

Debt-to-income ratio

Your debt-to-income ratio compares your monthly debt payments with your gross monthly income. Lenders will especially focus on your mortgage payments, but they also may evaluate your other debt obligations such as student loan debt or credit card debt, for example. Your monthly debt payment for a mortgage may include your principal payment, interest payment and any private mortgage insurance (PMI) that you may be required to pay if your down payment is less than 20% of the value of your home.

This mortgage calculator shows you your estimated monthly payment when you get a mortgage.

To get approved for a mortgage, lenders typically prefer to have borrowers with a lower debt-to-income ratio. Typically, 43% if the highest debt-to-income ratio that borrowers can have to get approved for a mortgage. However, lenders prefer a mortgage borrower to have a debt-to-income ratio less than 36%, with no more than 28% being applied toward a mortgage payment or rent payment. That said, each lender may have its own underwriting criteria and consider debt-to-income ratios differently when approving a mortgage.

How to increase your chances of getting a mortgage

There are many steps that you can take to increase your chances of getting a mortgage. Each lender may evaluate separate criteria, but here are some common factors that could help determine if you get approved for a mortgage and what the cost will be:

• Your income
• Your debt
• Your credit score
• Your payment history
• Purchase price
• Amount of down payment
• Mortgage repayment period

To get a mortgage with the lowest rate, you will want a high credit score, history of financial responsibility, and a low debt-to-income ratio. Here are some strategies you can implement to improve your changes of qualifying for a mortgage with student loans:

Increase your income

If you can earn more money, it will improve your debt-to-income ratio. You can ask for a raise, get a bonus, or even start a side hustle. You might even consider getting a cosigner to help you get a approved for a mortgage and get a lower interest rate.

Decrease your debt

If you can lower your debt, this will also help improve your debt-to-income ratio. By paying off more debt, you will have more free cash flow each month that can be applied toward your mortgage. Lenders prefer to have borrowers with more monthly cash flow available to pay off debt because it decreases the risk of default.

Increase your credit score

You can also increase your credit score to show lenders that you are a responsible mortgage borrower. Lenders prefer to have borrowers with a higher credit score with a demonstrated history of financial responsibility. Two ways that you can demonstrate your financial responsibility by making on-time payments and not skipping any payments. You can also make sure you pay off your credit card balance in full each month. In a given month, ideally you will have a low credit card utilization ratio, which is the amount you charge on your credit card as a percentage of your total credit limit.

How to pay off student loans

To qualify for a mortgage, it may be helpful to pay off student loans faster. You don’t have to pay off all your student loans. However, there are several steps you can take to lower your student loan payments. Here are some examples:

Make an extra student loan payment

You can make an extra student loan payment to pay off your principal student loan balance faster. This extra payment student loan calculator shows you how much you can save when you make an extra lump-sum student loan payment. In addition to an extra lump-sum student loan payment, you can also increase your regular student loan payment by any amount. The incremental payment or monthly amount can be applied to reduce your principal student loan balance.

Enroll in an income-driven repayment plan

Another way to pay off student loans is to enroll in an income-driven repayment for your federal student loans. There are four main income-driven repayment plans:

• Icome-Based Repayment (IBR)
• Pay nAs You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)

An income-driven repayment plan sets your monthly student loan payment based on discretionary income, family size and state of residence. With an income-driven repayment plan, you can get a monthly student loan payment as low as $0. Therefore, an income-driven repayment plan can help lower your monthly payment and improve your debt-to-income ratio.

Get student loan forgiveness

Another way to qualify for a mortgage with student loans is through student loan forgiveness. There are multiple options for federal student loan forgiveness that can lower your student loan debt. One popular example is the Public Service Loan Forgiveness program, which Congress created in 2007. This program forgives federal student loans for student loan borrowers who work for a qualified public service or non-profit employer and make 120 monthly student loan payments. You will need to enroll an income-driven repayment plan and make at least a majority of your federal student loan payments for public service loan forgiveness through an income-driven repayment plan.

This public service loan forgiveness calculator can help you determine which income-driven repayment plan can maximize student loan forgiveness for you.

How to use student loan refinancing to get a mortgage

Student loan refinancing is a helpful strategy that can help you get a lower interest rate, a lower monthly payment, or both. Student loan refinancing is the process of getting a new student loan with a lower interest rate from a private lender and using that new student loan to pay off your old student loans. You can choose a fixed or variable interest rate and student loan repayment period from 5 to 20 years. This student loan refinancing calculator shows you how much money you can save when you refinance student loans. Student loan refinancing can help lower your monthly student loan payment, which can improve your debt-to-income ratio and help you qualify for a mortgage. It’s advantageous to complete student loan refinancing before you apply for a mortgage, but you shouldn’t apply for student loan refinancing while a lender is evaluating you for a mortgage. If student loan refinancing lowers your monthly payments, you also may find it easier to pay student loans each month. Over time, this can improve your payment history, which too can increase your credit score.

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Student loan refinancing during medical residency or dental residency is an important decision that should be made carefully. With medical resident student loan refinancing, you can save thousands or tens of thousands on dollars on your medical student loans. You can refinance federal student loans, private student loans or both. When you refinance student loans during residency and fellowship, a private lender will give you a new student loan that will be used to consolidate and pay off your old student loans. Student loan refinancing helps you get a lower interest rate, lower monthly payment or both. The goal of student loan refinance during your medical residency or dental residency is to pay off student loans faster and get out of debt, which can be especially helpful when you have a large student loan balance from medical school or dental school.

Here is a step-by-step guide how to refinance student loans in residency:

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1. Decide student loan refinancing is right for you
2. Compare lenders
3. Compare interest rates
4. Select student loan terms
5. Apply
6. Sign documents
7. Student loan gets disbursed

Decide student loan refinancing is right for you

Determine what your financial goals are when you refinance student loans during residency. Do you want a lower interest rate? Do you want a lower monthly student loan payment? Do you want to save money? Do you want to pay off your student loans faster? Most residents who refinance student loans have at least some, if not all, of these goals. Refinancing private student loans is an obvious choice because you can pay as low as $75 or $100 per month during residency. If you plan to enter public service or plan to use an income-driven repayment plan such as IBR, PAYE, REPAYE or ICR, then you may want to not refinance federal student loans. However, if you don’t plan on seeking public service loan forgiveness or your future income or spouse’s income won’t give you the financial benefit of an income-driven plan, then you may want to refinance federal student loans now to get the maximum financing savings. Like private student loans, you can pay as low as $75 or $100 on your federal student loans too during residency when you refinance.

Compare lenders

Only certain lenders will refinance student loans during residency. To maximize your chances for approval for medical residency refinancing, you should apply to all these student loan companies to find the best student loan refinancing lender and student loan refinancing rates for you. You can evaluate interest rate, student loan repayment options, state of residency requirements, minimum credit score, minimum income and any other loan terms. There are many benefits to refinance student loans during residency, including:

• Lower interest rates
• Lower monthly payment
• Improved cash flow
• Save money
• Pay off student loans faster
• Better customer service
• Ability to choose a fixed interest rate
• Ability to choose a new student loan repayment term

Compare interest rates

Most lenders will allow you to check your interest rate before applying for medical resident refinancing. This process is called a soft credit check, typically takes a few minutes, and does not impact your credit score. Make sure to compare interest rates across lenders, including both fixed and variable interest rates. Fixed interest rates will remain the same over the life of your loan, whereas variable interest rates can increase or decrease over the life of your loan. Typically, variable interest rates are lower than fixed interest rates. This student loan refinancing calculator can show you how much money you can save when you refinance student loans during residency.

Select your student loan terms

Evaluate all loan terms, including interest rates, student loan payoff period, minimum credit score and minimum income, as some examples. You should evaluate how long you want to take to pay off your student loans. You can typically choose a student loan repayment term from 5 to 20 years. A shorter student loan repayment period such as 5 years will have a relatively higher monthly payments, but you will save the most amount of interest. In contrast, a 20-year student loan repayment period will have a relatively lower monthly student loan payment, but will cost you more in total student loan interest. Most lenders require a minimum credit score of 650, but the higher your credit score, the better. Lenders also may evaluate any other debt you have such as credit card debt or a mortgage. They also may evaluate your monthly cash flow to determine whether you can pay your student loans and other living expenses. Since student loan refinancing during residency results in a $75 or $100 monthly student loan payment, many borrowers can meet this requirement. Ideally, you would choose a lender that offers the lowest interest rate and a student loan repayment term that meets your unique financial goals. A shorter repayment period such as 5 years typically has a lower interest rate than a longer repayment period such as 20 years.

Apply

The application for student loan refinancing during residency typically takes 10-15 minutes to complete with lender and can be completed online. A lender may request the following documents:

• Proof of citizenship or residency (government ID or Social Security Number)
• Valid ID (driver’s license or passport)
• Proof of income (pay stubs or job offer letter)
• Transcripts or proof of graduation
• Student loan statements (from your current lender)

When you apply for student loan refinancing during residency, a lender will conduct a hard credit pull. If you apply to multiple lenders in a short time period, your credit report typically should only reflect one credit inquiry. Lenders may evaluate your credit score, debt-to-income and other debt obligations. You can also apply with a cosigner. A cosigner such as a parent, spouse or relative with a strong credit and income profile can help you get approved and get a lower interest rate.

Sign documents

Once you get approved and choose your lender, it’s time to sign your student loan documents and disclosures. This will include your Master Promissory Note, which governs the terms and conditions of your student loans.

If you’re not approved for student loan refinancing during residency, you can ask your lender for feedback. You may not have been approved for several reasons, including your credit score, monthly cash flow, other debt or your debt-to-income ratio. It’s also possible that you need to apply with a cosigner to help you get approved and get a lower interest rate. Earning more income, cutting expenses or paying off debt may help increase your chances for approval.

Loans get disbursed

The final step in the process of medical resident refinancing is for your student loans to get disbursed. Your new student loan lender will pay off your old student loans. You should keep making student loan payments to your old lender until your new lender instructs you to start making student loan payments to your new lender. Make sure to update your autopay at this point. Most lenders will also discount your interest rate by 0.25% when you sign up for autopay.

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Nelnet is a leading student loan servicer for millions of student loan service borrowers. Nelnet is one of the four main student loan servicers of federal student loans. The other three are Navient, Great Lakes and American Education Services (AES).

Here’s what you should know about Nelnet to maximize your customer service experience, if Nelnet is your student loan servicer. In this guide, we will discuss:

• Is Nelnet my student loan servicer?
• Nelnet student loan repayment options
• How to make student loan payments to Nelnet
• How to contact Nelnet customer service
• How to file a complaint against Nelnet

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Is Nelnet my student loan servicer?

A student loan servicer such as Nelnet collects and manages your student loan payments. For federal student loans, the U.S. Department of Education assigns you a student loan servicer. That means that you cannot choose your student loan servicer, unless you choose to refinance your student loans. If you think Nelnt may be your student loan servicer, or if you’re not sure who’s your student loan servicer, then you can verify your student loans with these simple options.

• Log into the National Student Loan Data System (NSLDS): The NSLDS database includes all information about your student loans, including balances, history and student loan servicers. You can login with your Federal Student Aid (FSA) ID.
• Check your credit report: Your credit report will also tell you whether Nelnet is your student loan servicer. You can order a free credit report for all major credit bureaus from AnnualCreditReport.com.
• Contact Nelnet: You can contact Nelnet directly to verify if Nelnet if your student loan servicer. The phone number for Nelnet is 1-800-236-4300.

Nelnet student loan repayment options

Nelnet offers several student loan repayment options:

Standard Repayment Plan: A standard repayment plan lasts up to 10 years and the monthly installment payment remains the same throughout the repayment period.

Graduated Repayment Plan: A graduated repayment plan varies throughout the repayment period. A graduated repayment plan starts with smaller monthly payments and increases over time.For a limited time, the monthly payment is typically interest only and smaller than the standard repayment plan.

Income-Sensitive Repayment Plan: An income-sensitive repayment plan is based on monthly gross income and your amount of student loan debt. The monthly loan payment is based on a fixed percentage of gross monthly income, between 4% and 25%.

Income-Based Repayment (IBR): Income-Based Repayment (IBR) is an example in an income-driven repayment plan, which lowers your monthly payment based on your discretionary income. With an income-driven payment, your monthly payment may be as low as $0.

Income-Based Repayment (IBR): Income-Based Repayment (IBR) is an example in an income-driven repayment plan, which lowers your monthly payment based on your discretionary income. With an income-driven payment, your monthly payment may be as low as $0.

25-Year Extended Repayment Plan: The 25-Year Extended Repayment Planlowers your monthly payment and extends the repayment plan from 10 years to 25 years.To qualify, you must have a current loan balance of at least $30,000 and your student loans were disbursed after October 7, 1998.

Student loan borrowers with federal student loans also have access to income-driven repayment plans, student loan forgiveness, forbearance and deferment.

Nelnet also helps you manage your private student loans, which Nelnet calls “alternative loans.” While federal student loans have more repayment options, Nelnet asks borrowers to contact them to discuss any difficulty with student loan repayment. You can also refinance your private student loans to get a lower interest rate. When you refinance student loans, you can save thousands of dollars and pay off your student loans faster. You’ll need a good to strong credit score, recurring income and low debt-to-income ratio. You can compare the latest student loan refinancing rates and find the best lender for you.

How to make student loan payments to Nelnet

Nelnet offers several ways to pay off student loans. You can sign up for auto pay and have your monthly student loan payments directly debited from your bank account. When you sign up for auto pay, you may receive a reduction in your student loan interest rate. You can also pay online on the Nelnet website.You can use your Nelnet student loans login. When you register on the Nelnet website, you will create user ID and password. To make a payment, you can sign in, click “Payments” and enter your payment information.

Other options to pay student loans include through the Nelnet mobile app and by phone, mail and bill pay.

How to contact Nelnet customer service

There are various ways to contact Nelnet customer service:

Nelnet Phone Number: 1-888-486-4722

Nelnet Hours of Operation: Monday – Friday from 8:00 a.m. to 10 p.m. Eastern

Nelnet Website: Nelnet.com

Nelnet Email: Help@Nelnet.net or send an email with this Nelnet online email form

Nelnet Social Media: Nelnet Facebook and Nelnet Twitter

Nelnet Fax Number: 1-877-402-5816

Nelnet Customer Login: https://www.nelnet.com/account/login

Nelnet Upload Documents: You can upload documents to your Nelnet online account.

Where to Send Payments To Nelnet: You should send your payment to Nelnet based on your account number.You can find your account number on your account statement. Account numbers are preceded by “E,”“D,” or “J”:

Payments for accounts beginning with “E” to:

U.S. Department of Education
P.O. Box 2837
Portland, OR 97208-2837

Payments for accounts beginning with “D” to:

Nelnet
P.O. Box 2970
Omaha, NE 68103-2970

Payments for accounts beginning with “J” to:

Nelnet
P.O. Box 2877
Omaha, NE 68103-2877

Documents related to deferment, forbearance, repayment plans, or enrollment status changes:

Nelnet
Attn: Enrollment Processing
P.O. Box 82565
Lincoln, NE 68501-2565

Documents related to loan discharge or forgiveness claims:

Nelnet
Attn: Claims
P.O. Box: 82505
Lincoln, NE 68501-2505

Documents related to bankruptcy claims:

Nelnet
Attn: Claims
P.O. Box: 82505
Lincoln, NE 68501-2505

Nelnet Mailing Address For General Correspondence:

Nelnet
P.O. Box 82561
Lincoln, NE 68501-2561
Fax: 877.402.5816

California Residents:
P.O. Box 82578
Lincoln, NE 68501-2578
WrittenRequest@nelnet.net

How to file acomplaint against Nelnet

If you want to complain about Nelnet customer service or file a complaint against Nelnet as your student loan servicer, you have several options. First, you can file a complaint with Nelnet’sstudent loan ombudsman. You can contact the Nelnet student loan ombudsman by calling 1-888-486-4722 or email nelnetcustomersolutions@nelnet.net.

You can mail a complaint to:

Nelnet Guarantor Solutions
P.O. Box 82561
Lincoln, NE 68501-2561

You can also file a complaint against Nelnet with:

• Consumer Financial Protection Bureau
• Your state consumer protection office
• Federal Student Aid
• Your state attorney genera
• Your congressional representative

You should maintain written communication between you and Nelnet. This may include your monthly statements, records of communication with a Nelnet customer service representative, emails and other correspondence.

You may also contact the U.S. Department of Education Ombudsman:

Phone: 1- 877-557-2575

Mailing Address:

U.S. Department of Education,
Federal Student Aid Ombudsman Group
P.O. Box 1843
Monticello, KY 42633

The Federal Student Aid (FSA) Ombudsman Information Checklist is helpful to complete before contacting the Federal Student Aid Ombudsman.

Great Lakes is a leading student loan servicer for millions of student loan service borrowers. Great Lakes is now part of Nelnet, but operates independently as a student loan servicer.

Great Lakes is one of the four main student loan servicers of federal student loans. The other three are Navient, Nelnet and American Education Services (AES).

Here’s what you should know about Great Lakes to maximize your customer service experience, if Great Lakes is your student loan servicer. In this guide, we will discuss:

• Is Great Lakes my student loan servicer?
• Great Lakes student loan repayment options
• How to make student loan payments to Great Lakes
• How to contact Great Lakes customer service
• How to file a complaint against Great Lakes

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Is Great Lakes my student loan servicer?

A student loan servicer such as Great Lakes collects and manages your student loan payments. For federal student loans, the U.S. Department of Education assigns you a student loan servicer. That means that you cannot choose your student loan servicer, unless you choose to refinance your student loans. If you think AES may be your student loan servicer, or if you’re not sure who’s your student loan servicer, then you can verify your student loans with these simple options.

• Log into the National Student Loan Data System (NSLDS): The NSLDS database includes all information about your student loans, including balances, history and student loan servicers. You can login with your Federal Student Aid (FSA) ID.
• Check your credit report: Your credit report will also tell you whether Great Lakes is your student loan servicer. You can order a free credit report for all major credit bureaus from AnnualCreditReport.com.
• Contact Great Lakes: You can contact Great Lakes directly to verify if Great Lakes if your student loan servicer. The phone number for Great Lakes is 1-800-236-4300.

Great Lakes student loan repayment options

OSLA offers several student loan repayment options:

Standard Repayment Plan: A standard repayment plan lasts up to 10 years and the monthly installment payment remains the same throughout the repayment period.

Graduated Repayment Plan: A graduated repayment plan varies throughout the repayment period. A graduated repayment plan starts with smaller monthly payments and increases over time.

For a limited time, the monthly payment is typically interest only and smaller than the standard repayment plan.

Income-Sensitive Repayment Plan: An income-sensitive repayment plan is based on monthly gross income and your amount of student loan debt. The monthly loan payment is based on a fixed percentage of gross monthly income, between 4% and 25%.

Income-Based Repayment (IBR): Income-Based Repayment (IBR) is an example in an income-driven repayment plan, which lowers your monthly payment based on your discretionary income. With an income-driven payment, your monthly payment may be as low as $0.

25-Year Extended Repayment Plan: The 25-Year Extended Repayment Plan lowers your monthly payment and extends the repayment plan from 10 years to 25 years.

To qualify, you must have a current loan balance of at least $30,000 and your student loans were disbursed after October 7, 1998.

Student loan borrowers with federal student loans also have access to income-driven repayment plans, student loan forgiveness, forbearance and deferment.

Great Lakes also helps you manage your private student loans, which AES calls “alternative loans.” While federal student loans have more repayment options, AES asks borrowers to contact them to discuss any difficulty with student loan repayment. You can also refinance your private student loans to get a lower interest rate. When you refinance student loans, you can save thousands of dollars and pay off your student loans faster. You’ll need a good to strong credit score, recurring income and low debt-to-income ratio. You can compare the latest student loan refinancing rates and find the best lender for you.

How to make student loan payments to Great Lakes

Great Lakes offers several ways to pay off student loans. You can sign up for auto pay and have your monthly student loan payments directly debited from your bank account. When you sign up for auto pay, you may receive a reduction in your student loan interest rate. You can also pay online on the Great Lakes website.

You can use your Great Lakes student loans login. When you register on the Great Lakes website, you will create user ID and password. To make a payment, you can sign in, click “Payments” and enter your payment information.

Other options to pay student loans include through the Great Lakes mobile app and by phone, mail and bill pay.

How to contact Great Lakes customer service

There are various ways to contact Great Lakes customer service:

Great Lakes Phone Number: 1-800-236-4300

Great Lakes Hours of Operation: Monday – Friday from 7:00 a.m. to 9 p.m. Central

Great Lakes Website: mygreatlakes.org

Great Lakes Email: Email Great Lakes at borrowerservices@glhec.org

Send an email through the Great Lakes website.

Great Lakes Social Media: Great Lakes Facebook and Great Lakes Twitter

Great Lakes Fax Number: 1-800-375-5288

Great Lakes Customer Login: https://mygreatlakes.org/educate/login.html

Great Lakes Mailing Address For Student Loans From U.S. Department of Education:Great Lakes
P.O. Box 530229
Atlanta, GA 30353-0229

Great Lakes Mailing Address ForFFELP Student Loans:Great Lakes
P.O. Box 3059
Milwaukee, WI 53201-3059

Great Lakes Mailing Address For General Correspondence:Great Lakes
P.O. Box 7860
Madison, WI 53707-7860

How to file a complaint against Great Lakes

If you want to complain about Great Lakes customer service or file a complaint against Great Lakes as your student loan servicer, you have several options. First, you can file a complaint with Great Lakes’sstudent loan ombudsman. You can contact the Great Lakes student loan ombudsman by calling 1-866-348-0708or email greatlakesservicingombudsman@glhec.org. You can also file a complaint on the Great Lakes website by completing a contact form.

You can also file a complaint against Great Lakes with:

• Consumer Financial Protection Bureau
• Your state consumer protection office
• Federal Student Aid
• Your state attorney general
• Your congressional representative

You should maintain written communication between you and Great Lakes. This may include your monthly statements, records of communication with a Great Lakes customer service representative, emails and other correspondence.

You may also contact the U.S. Department of Education Ombudsman:

Phone: 1- 877-557-2575

Mailing Address:

U.S. Department of Education,
Federal Student Aid Ombudsman Group
P.O. Box 1843
Monticello, KY 42633

The Federal Student Aid (FSA) Ombudsman Information Checklistis helpful to complete before contacting the Federal Student Aid Ombudsman.

OSLA, or the Oklahoma Student Loan Authority, services federal student loans for the U.S. Department of Education. OSLA services both Direct Loans and FFELP Loans. Here’s what you should know about OSLA to maximize your customer service experience, if OSLA is your student loan servicer. In this guide, we will discuss:

• What is a student loan servicer?
• OSLA student loan repayment options
• How to make student loan payments to OSLA
• How to contact OSLA customer service
• How to file a complaint against OSLA

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What is a student loan servicer?

A student loan servicer collects and manages your student loan payments. If you have federal student loans, the U.S. Department of Education assigns you a student loan servicer when your student loan is disbursed to your college or graduate school. A student loan servicer may be different than your lender. You borrow a student loan from your lender, but you make payments to your student loan servicer.Student loan servicers can help you with student loan payments, but they are not necessarily acting as your financial advisor. Therefore, it’s important to understand all your repayment options because your student loan servicer may be acting in its own best interest rather than in yours.

OSLA student loan repayment options

OSLA offers several student loan repayment options:

Standard Repayment Plan: A standard repayment plan lasts up to 10 years. If you consolidate your federal student loans, you can repay for up to 30 years. The payments are fixed amounts with a minimum of $50 per month.

Extended Repayment Plan: An extended repayment plan gives you up to 25 years to repay your student loans.

Graduated Repayment Plan: A graduated repayment plan starts with a low monthly payment and increases usually every two years. The repayment term is 10 years (and may be up to 30 years for a Direct Consolidation Loan).

Income-Driven Repayment Plans: You can also enroll in an Income-Driven Repayment plan, which lowers your monthly payment based on your discretionary income. With an income-driven payment, your monthly payment may be as low as $0.OSLA offers several types of income-driven repayment plans:

• Income-Based Repayment (IBR)
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)

How to make student loan payments to OSLA

The best way to make student loan payment is on the OSLA website. You can use your OSLA student loans login. When you register on the OSLA website, you will create an ID and password. Make sure to sign up for OSLA’s autopay programso that your student loan payments are automatically withdrawn from your bank account each month. This will help ensure that you don’t receive any late fees or negative impact to your credit score. When yousignup for autopay, you’ll also receive a 0.25% discount on your student loan interest rate.

How to contact OSLA customer service

There are various ways to contact OSLA customer service:

OSLA Phone Number: 1-866-264-9762

OSLA Hours of Operation: Monday – Friday 8 am – 5 pm CT

OSLA Email: DLcustserv@osla.org

OSLA Social Media: OSLA Facebook

OSLA Fax Number: 1-855-813-2224

OSLA Website: Osla.org

OSLA Customer Login: Osla.org

OSLA Mailing Address For Loan Payments:U.S. Department of Education — OSLA
P.O. Box 4278
Portland, OR 97208-4278

OSLA Mailing Address For General Correspondence:Oklahoma Student Loan Authority
P.O. Box 18475
Oklahoma City, OK 73154-0475

How to file a complaint against OSLA

If you want to complain about OSLA customer service or file a complaint against OSLA as your student loan servicer, you have several options. First, you can file a complaint with the OSLA directly by contacting 405-556-9232 and speaking with the customer service supervisor.You can also file a complaint against OSLA with:

• Consumer Financial Protection Bureau
• Your state consumer protection office
• Federal Student Aid
• Your state attorney general
• Your congressional representative

You should maintain written communication between you and OSLA. This may include your monthly statements, records of communication with a OSLA customer service representative, emails and other correspondence.You may also contact the U.S. Department of Education Ombudsman:

Phone: 1- 877-557-2575

Mailing Address:

U.S. Department of Education
Federal Student Aid Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
Make sure to complete the Federal Student Aid (FSA) Ombudsman Information Checklist as well.

If you have private student loans with Navient, you may be wondering how to get a Navient co-signer release. A co-signer may be a parent, spouse or grandparent who helped you get approved, and assumed financial responsibility, for your student loans. If you have a co-signer for your Navient loans, you may be wondering about a Navient co-signer release.

How do you remove a co-signer from your Navient student loans? When you remove a co-signer, you can assume full financial responsibility for your student loans. You can seek to remove the co-signer from your Navient student loans directly with Navient. Alternatively, you can also refinance your student loans with a different lender. Student loan refinancing can help you to get a lower interest rate, save money and pay off your student loans faster.

In this guide, you’ll learn everything you need to know about how to get a Navient co-signer release:

1. Meet the student loan payment requirements
2. Use the Navient co-signer release form
3. Show income and expenses
4. Demonstrate proof of citizenship and graduation
5. Provide names of your co-signers
6. Submit the Navient co-signer release form

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1. Meet the student loan payment requirements

To release a cosigner from Navient student loans, you first must certain requirements. For example, you must graduate or complete your course of study. You also must make 12 consecutive, on-time private student loan payments. Remember, a co-signer release is for your private student loans, so your on-time payments must be for your Navient private student loans. Make sure that your payments include both principal and interest payments.

2. Use the Navient cosigner release form

Access the Navient co-signer release form. You can find the Navient co-signer release form on the Navient website.

• Visit the Navient homepage.
• Go to the “In Repayment” section of the main menu
• Select “Private Student Loans”
• Scroll to “Releasing A Co-signer”
• Download the application to release a co-signer

3. Show income and expenses

On the application to release a co-signer, you will be asked to provide basic information such as your name, date of birth, contact information, citizenship and employment information. Be prepared to share your income and expenses. To show proof of income, you can provide a W-2, 1099, pay stub or even a recent income tax return. In terms of expenses, you may be asked to provide other debt obligations such as other payments for student loans, credit cards or mortgages.

4. Demonstrate proof of graduation

To get a release of Navient student loans, you will need to provide a college diploma or official transcript to show proof of graduation or course of study completion. Remember, you must graduate or complete your studies before you can get a cosigner release.

5. Provide names of your co-signers

Most student loan borrowers have one co-signer. However, it’s possible that you have more than one student loan cosigner. List the name of your cosigner or cosigners on your cosigner release application. This will indicate to Navient which cosigner or cosigners will be released from financial responsibility for your student loans.

6. Submit the Navient co-signer release form

Congratulations! You have finished your Navient co-signer release form. Don’t forget to sign the application. Now, it’s time to submit the form. You can mail your complete co-signer release form to:

Navient

P.O. Box 9640

Wilkes-Barre, PA 18773

Phone: 1-800-722-1300

Fax: 1-800-443-9723

Here is more information on how to contact Navient customer service.

Should I refinance my student loans?

It’s a popular question on Google that many student loan borrowers ask.

Student loan refinancing is a smart strategy to get a lower interest rate, lower your monthly payment and save money. Many borrowers consider student loan refinancing to be the best student loan repayment strategy.

Before you decide to refinance your student loans, it’s important to ask these 10 questions:

1. Why should I refinance student loans?
2. What interest rate can I get?
3. What credit score do I need to refinance student loans?
4. What income do I need to refinance student loans?
5. Can I lower my student loan payment?
6. Should I refinance federal student loans?
7. Do I need a cosigner?
8. Is there a cosigner release option?
9. How many lenders should I apply to?
10. Can I refinance my student loans more than once?

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1. Why should I refinance student loans?

Why should you refinance student loans? There are many advantages of refinancing student loans. First, you can get a lower interest rate. Second, you can lower your monthly payment. Third, you can pay off student loan debt faster. Make sure you understand your goals before you decide to refinance student loans.

2. What interest rate can I get?

When you refinance student loans, your first question may be: What interest rate can I get? You can compare the latest rates for student loan refinancing on Mentor Money.

There are many factors that determine your interest rate. Lenders will evaluate your credit score, income, monthly cash flow and debt-to-income ratio, among other criteria. Your interest rate also depends whether you choose a fixed or variable interest rate. A fixed interest rate means your interest rate will not change during the term of your student loan. A variable interest rate can increase or decrease during your loan term. Typically, a variable interest rate is lower than a fixed interest rate. If you choose a shorter loan term such as a 5-year loan term, you can get a lower interest rate. In contrast, a 20-year loan term, for example, typically has a relatively higher interest rate. Finally, your credit and income profile may affect your interest rate.

Most lenders will let you check your interest rate for free within about two minutes. This process is known as a soft credit check, which doesn’t impact your credit score.

3. What credit score do I need to refinance student loans?

You may be wondering what credit score you need to refinance student loans. Each lender has its own criteria for student loan refinancing. Some lenders have no minimum credit score. Other lenders have a minimum credit score of at least 650. Most borrowers who are approved have a credit score above 700. Lenders want to ensure that you have a history of financial responsibility, including on-time payments. This helps lenders ensure that you can pay off your student loans responsibly. The lowest interest rate often is available to the borrower with the best credit score, which is typically 750 or higher.

4. What income do I need to refinance student loans?

You also may be wondering how much income you need to refinance student loans. The good news is that most lenders don’t require a minimum income level. Rather, lenders want to ensure that you have enough monthly cash flow to pay your living expenses and monthly debt obligations. Other lenders may specify a minimum required income. A debt-to-income ratio may be a better metric on which to focus. This ratio evaluates the relationship between your monthly debt payments and your income. Your goal is to have as low a debt-to-income ratio as possible.

5. Can I lower my student loan payment?

Student loan refinancing is a smart way to lower your student loan payment. There are several ways to lower your student loan payments. The best way to lower your monthly student loan payment is to get a lower interest rate. The most popular reason to refinance student loans is to get a lower interest rate. With a lower interest rate, your monthly payment can decline, which helps you save money. Alternatively, you could choose a longer student loan repayment term. For example, if you choose a 20-year repayment term, you could get a lower monthly payment. However, a longer student loan repayment period also could cost more money since more interest can accrue.

6. Should I refinance federal student loans?

Student loan refinancing is available for both federal student loans and private student loans. You can refinance federal student loans, private student loans or both. If you have federal student loans, there are several considerations. First, if you’re struggling to pay off student loans, determine if you think you’ll need an income-driven repayment plan. To qualify for an income-driven repayment plan, you will need a federal student loan. Similarly, the Public Service Loan Forgiveness program requires federal student loans. If you plan to participate in either of these options, you may choose to keep your federal student loans outstanding and only refinance private student loans. However, if you don’t need these options or other federal student loan benefits such as forbearance or deferment through the federal government, then you could refinance both your federal student loans and private student loans.

7. Do I need a cosigner?

Many borrowers ask whether they need a cosigner when they refinance student loans. A cosigner is someone such as a parent or spouse that takes equal financial responsibility for your student loans. A qualified cosigner can help you get a lower interest rate and help you get approved for student loan refinancing. Student loan refinancing lenders prefer cosigners with a good to excellent credit profile, stable monthly income, a low debt-to-income ratio and strong monthly cash flow. There is no requirement to have a cosigner when you apply to refinance student loans. However, it’s possible that you can strengthen your chances to get approved for student loan refinancing.

8. Is there a cosigner release option?

If you decide to use a cosigner when you apply to refinance your student loans, some lenders also may offer a cosigner release option. A cosigner release option helps you release your cosigner from financial responsibility for your student loans. After you refinance, you can ask your lender for a cosigner release. Importantly, not every lender offers a cosigner release option. Each lender may have certain requirements for a cosigner release so make sure you understand the requirements. It’s also possible that you don’t need a cosigner release and can continue to pay off your student loans even if you still have a cosigner.

9. How many lenders should I apply to?

After you compare the student loan refinancing lenders on Mentor Money, you can apply to as many lenders as you prefer. To increase your chances of approval, you should apply to multiple lenders. The good news is that multiple applications typically only count as a single credit inquiry. For example, if you submit five student loan refinancing applications within one week, a credit bureau would count only one inquiry on your credit report or credit score. Plus, the more lenders you apply to, the more you can compare interest rates and loan terms.

10. Can I refinance my student loans more than once?

Yes, you can refinance your student loans as many times as you would like. If you can find a lower interest rate, it may make sense to refinance your student loans again. Student loan refinancing has no fees, so it won’t cost you money each time you refinance.