Who is my Student Loan Servicer?

By Mentor Staff | Edited By Mentor Staff

Updated On September 8, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

How do we make money? The products featured on this website are from our partners who compensate us. This may impact which companies we review, the products we evaluate, and where and how a product appears on a page. We receive compensation from a partner when you apply for and receive a product through Mentor. This helps us to support our website, offer free content, tools and calculators, and continue to be one of the leading sources on personal finance.

Since student loans have been paused since March 2020, you may be wondering: “Who is my student loan servicer?” Whether you recently graduated or have been paying student loans for years, knowing your student loan servicer is critical for student loan repayment. During the Covid-19 pandemic, the U.S. Department of Education assigned a new student loan servicer to millions of student loan borrowers. Who is servicing your student loans now? Where do I send student loan payments? How do I know if Navient is my servicer? Here is everything you need to know about your student loan servicer.

In this guide, we will discuss:

Top Picks For Student Loan Refinancing

October 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.40% - 8.40%
3.99% - 8.24%
3.40% - 8.40%

View Details

on SoFi's website

Overview

Variable APR:
3.40% - 8.40%
Fixed APR:
3.99% - 8.24%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on Earnest's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on NaviRefi's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.48% - 7.24%
4.29% - 7.29%
2.48% - 7.29%

View Details

on ELFI's website

Overview

Variable APR:
2.48% - 7.24%
Fixed APR:
4.29% - 7.29%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 11.72%
2.59% - 8.74%
2.49% - 11.72%

View Details

on Splash's website

Overview

Variable APR:
2.49% - 11.72%
Fixed APR:
2.59% - 8.74%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 25 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
3.84% - 10.07%
4.49% - 10.11%
3.84% - 10.11%

View Details

on Citizens' website

Overview

Variable APR:
3.84% - 10.07%
Fixed APR:
4.49% - 10.11%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.50% - 6.30%
3.99% - 6.40%
2.50% - 6.40%

View Details

on Laurel Road's website

Overview

Variable APR:
2.50% - 6.30%
Fixed APR:
3.99% - 6.40%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
4.13% - 7.39%
2.99% - 9.93%
2.99% - 9.93%

View Details

on LendKey's website

Overview

Variable APR:
4.13% - 7.39%
Fixed APR:
2.99% - 9.93%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
3.94% - 9.08%
3.94% - 9.08%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
3.94% - 9.08%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

What is a student loan servicer?

According to the U.S. Department of Education, a student loan servicer is a company that collects and manages your student loan payments. Student loan servicers also answer questions about student loans, explain options for student loan repayment, and provide information on student loan forgiveness. Effectively, the federal government has outsourced student loan customer service to third-party companies that work directly with student loan borrowers.

Your student loan servicer will send you a monthly student loan bill, calculate your student loan payments, and can help you enroll in an income-driven repayment plan, for example.

Who’s my student loan servicer?

To find out who’s your student loan servicer, it depends whether you have federal student loans or private student loans.

Federal Student Loans

There are two main options for federal student loans:

  1. Option 1: Log in to Federal Student Aid (FSA) with your FSA ID. Scroll to the “My Loan Servicers” section.
  2. Option 2: Call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

For federal student loans, the U.S. Department of Education will assign you a student loan servicer after your student loan is first disbursed. During the Covid-19 pandemic, your federal student loan servicer could have changed. Therefore, you should login to Federal Student Aid to learn if you have a new federal student loan servicer.

Private Student Loans

If you have a private student loan, your student loan servicer is most likely your lender. Many student loan lenders service their own student loans. For example, Navient and NaviRefi service their own private student loans.

However, some lenders use third-party lenders to service their private student loans. For example, MOHELA services private student loans for SoFi. If you’re unsure who your student loan servicer is, contact your lender. Alternatively, check your student loan bill. Your student loan servicer’s name will be on your monthly student loan bill.

Perkins Loans

If you have Perkins Loans that are not owned by the U.S. Department of Education, contact the college or university where you received your Perkins Loan. Your school may be your student loan servicer and can provide details about student loan repayment.

Federal student loans: student loan servicers

Here is how to contact each federal student loan servicer:

Aidvantage: 1-800-722-1300

Default Resolution Group: 1-800-621-3115

ECSI: 1-866-313-3797

Edfinancial: 1-855-337-6884

FedLoan Servicing: 1-800-699-2908

Great Lakes: 1-800-236-4300

MOHELA: 1-888-866-4352

Nelnet: 1-888-486-4722

OSLA: 1-866-264-9762

These student loan servicers will manage your student loan payments if you have federal student loans, Direct Loans, subsidized student loans, unsubsidized student loans, Parent PLUS Loans and Grad PLUS Loans, for example.

Private student loans: student loan servicers

To determine your student loan servicer for private student loans, first contact your lender. There’s a good chance that your lender is also your student loan servicer. If your lender isn’t your student loan servicer, your lender can inform you which company manages your private student loans.

Login to your lender’s online portal to learn who’s your student loan servicer for your private student loans. You can also check your monthly student loan bill to learn which company services your private student loans.

Alternatively, you can request a free credit report from all three credit bureaus on AnnualCreditReport.com to determine who are your lenders for your private student loans.

What happens when you get a new student loan servicer

Your student loan servicer is assigned after your student loan disburses. Typically, you can’t change your student loan servicer unless you refinance student loans.

However, sometimes your student loan servicer can change during the course of your student loan repayment. For example, the U.S. Department of Education could reassign your federal student loans to a new student loan servicer. Alternatively, your private student loan could be sold and you could get a new student loan servicer. If either scenario happens to you, don’t panic. Student loans are transferred to new student loan servicers, and it could happen with your student loans.

If you get a new student loan servicer, it’s important to know these key facts:

  • Your interest rate won’t change
  • Your student loan terms won’t change
  • You will be notified in writing if your student loan servicer changes
  • You should update your contact information with your new student loan servicer
  • You will make monthly student loan payments to your new servicer

Practically, having a new student loan servicer means you will send student loan payments to a different company. However, there won’t be any impact to your student loans rates or terms. If you don’t like your current student loan servicer, a new student loan servicer may be an opportunity to get better customer service for your student loans.

What should I do after finding my student loan servicer?

After you find your student loan servicer, there are several things to do. For example:

  • Create an account. If you don’t have one, create an online account through their website. Choose a user name and password. You also may be asked to share information such as your Social Security Number, phone number and address. If you have an existing account, make sure to update your contact information. Updated contact information will ensure that you receive monthly student loan statements.
  • Enroll in autopay. If you’re not enrolled in autopay, you can sign-up directly online with your student loan servicer. Link your bank account to your student loan account, and your student loan servicer will deduct automatic payments each month. With autopay, most lenders will give you a 0.25% discount on your student loan interest rate.
  • Explore student loan options. While student loan servicers don’t always provide the best advice, you can contact student loan servicers with questions regarding your student loans. Your student loan servicer can update your contact information, answer questions about your student loan bill, and help with student loan payments.

Let's mentor your money

Get the latest personal finance advice delivered directly to your inbox.