How can I tell who owns my loan?

If you answer yes to at least two of the following questions, your loan may have been sold.

Ask yourself…

• Do you have a federal loan (such as a Stafford loan) as opposed to a private loan (such as a Sallie Mae Signature Student Loan or a Sallie Mae Smart Option Student Loan)?
• Did your loan disburse (did you receive your money) on or after May 1, 2008?
• Did you receive a letter from Sallie Mae stating that the Department of Education now owns your loan?
• Does your online account summary page state that your loans have been sold to the Department of Education?

If one or more of your loans have been sold to the U.S. Department of Education and Sallie Mae was selected to service these loans, you may have already received a letter from Sallie Mae listing each of your loans that were sold to the Department of Education.

Additionally, if you already have an online account with Sallie Mae, you can check the account summary page to determine if one or more of your loans have been sold to the Department of Education. If they have been, your account summary page will contain this notification: “One or more of your loans have been sold, please click here for details.”

Why was my loan sold?

Loan sales are a fairly common practice in today’s federal student loan market. The good news is that even though one or more of your loans may have been sold, Sallie Mae will be the servicer of at least one of these loans (and possibly all of them).

As a servicer for the Department of Education, Sallie Mae will answer your calls, send periodic correspondence, and assist you with repayment options and processing your monthly payments.

Why do I have to open a separate account?

We now have separate account management pages to support the unique service requirements of the Department of Education. We would like to make this transition as convenient as possible for you. You can set up your new online account using your existing user ID and password.

If my loans were sold to the Department of Education, why is this account still Sallie Mae?

Fortunately, Sallie Mae was recently selected as a servicer for Department of Education-owned loans and the Department has asked us to service one or more of your loans. So even though we don't technically own one or more of your loans any longer, we will continue to be your servicer under the name Sallie Mae – Department of Education Loan Services. In that role, we'll manage your loan, which includes answering your calls, sending periodic correspondence, assisting you with repayment options and processing your monthly payments.

I have some loans that were sold to the Department of Education and some that weren't. What do I do now?

Simply create a separate online account for your Sallie Mae Department of Education Loan Services loans and maintain your current online account for your Sallie Mae loans.

Can I use my current Sallie Mae online account ID and password to create the required new account for the Department of Education Loan Services?

Yes. You may use your existing user ID and password to simplify the set up of your new account for your loans owned by the Department of Education.

Who can I call if I'm still confused?

• If you have questions about your Sallie Mae loans, please call us at 888-2-SALLIE (888-272-5543). We're here for you from 8 a.m. to 9 p.m. Monday through Thursday and 8 a.m. to 8 p.m. Friday, Eastern Time.
• If you have questions about your Sallie Mae – Department of Education Loan Services loans, please call us at 800-722-1300.
• If you're not sure who owns your loans, please call us at 888-2-SALLIE (888-272-5543).

You may also mail us at:

Sallie Mae
P.O. Box 9500
Wilkes-Barre, PA 18773-9500

or

Sallie Mae – Department of Education Loan Services
P.O. Box 9635
Wilkes-Barre, PA 18773-9635