Your Loans
Your loan servicer
Your original promissory note will identify your lender and/or guaranty agency. If you don't know who services your loan, use the National Student Loan Data System or call 1-800-4-FED-AID.
Here are some tips for dealing with your loan servicer.
Account balance
If you believe your account balance is wrong, ask your loan servicer for a statement that shows all payments made on your student loan account. If you believe payments that you made were not credited to your account, you will need to provide proof that those payments were really made. Typically, the servicer needs a copy of the front and back of the cancelled (cashed) check. The back of the check contains the cancellation information necessary for the servicer to locate a missing check. If you don't have copies of your checks, contact the bank or credit union where you have your checking account.
The status of your loan
Your loan servicer will provide information on the status of your loan.
Types of student loans
The Ombudsman's office deals with several types of student loans:
Stafford Loans are the Department's major form of self-help aid. They may be subsidized or unsubsidized . Both of these programs offer PLUS Loans for parents of dependent students as well as consolidation loans.
- Direct Stafford Loans are available through the William
D. Ford Federal Direct Loan Program
Under the Direct Loan Program, the funds for your loan
are lent to you directly by the U.S. government. - FFEL Stafford Loans are available through the Federal Family Education Loan (FFEL) Program. If your school does not participate in Direct Loans, the funds for your loan are lent to you from a bank, credit union, or other lender that participates in the FFEL Program.
The terms and conditions of Direct Stafford and FFEL
Stafford loans are similar. The major differences between the two
are the source of the loan funds, some aspects of the application
process, and the available repayment plans. For more information
see the Student
Loan Information page on the Student's Portal .
Federal Perkins Loans are low-interest (5 percent) loans for both undergraduate and graduate students with exceptional financial need. Your school is your lender. The loan is disbursed using government funds with a share contributed by your school. You must repay this loan to your school.
A Perkins Loan borrower is not charged any servicing fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may incur a late charge plus any collection costs. Late charges will continue until your payments are current. For more information see the Student Loan Information page.
Guaranteed Student Loans and SLS Loans are no longer available to prospective student borrowers, but the Office of Student Financial Aid continues to help resolve problems with existing loans of these types.
