Are you leaving school soon?
You have a lot on your plate. You might be starting a career, moving, making major life plans. Here's what to expect from your loan servicers.
One last bit of instruction
Attend an exit counseling conducted by your financial aid office. (Schools participating in federally sponsored loan programs are required to conduct exit counseling before graduation for students who have borrowed through the programs.) You'll be able to discuss your student loan obligations and to ask any questions you have about repayment.
Shortly before your repayment term begins, you will receive a notice — called a repayment obligation or disclosure statement — that tells you when you must start making loan payments and how much you can expect to pay each month. You will also receive a coupon book or bill approximately one month before your first payment is due.
If your loan is serviced by Sallie Mae, you will have a choice of electronic payment options.
- With automatic debit, you authorize the withdrawal of funds from your bank account to cover your monthly payment.
- With online billing, you get an electronic bill every month, and you can then make your payment online.
Other loan servicers may have similar plans. Please contact your lender or servicer for more information.
For Sallie Mae customers, enrolling in Manage Your Loans gives you up-to-date account information and allows you to make payments, change payment plans, and update your address and other personal information — all online.
Do you know about Upromise Loan Link? You can link your Sallie Mae loan account to your Upromise account and use Upromise rewards to help pay down your eligible Sallie Mae-serviced student loans. You can invite family and friends to join Upromise and contribute their rewards to your Upromise account and increase your savings.
Is there a new name on the bills?
Your lender might have sold your student loans to a company that buys and services the loans through repayment. The new servicer might give you new repayment options that were not available before.
Although you will make payments and direct calls and correspondence to the new company, your loan terms and conditions (e.g., interest rate, repayment term) will remain the same.