Federal student loan repayment info

Know your loan servicer

If you’ve recently left school, you may be thinking about student loan repayment. One of the first steps is to locate your loan servicer.

Assigned by the Department of Education, a servicer is a company that manages student loan repayments on behalf of the lender. Your servicer is your primary contact for any information about paying your loan.

To find your servicer, visit the Office of Federal Student Aid.

You won’t find Sallie Mae on any federal student loan servicer list because we only service private student loans. Contact us if you have questions about your Sallie Mae private student loan.

Deferring a federal student loan

When you defer your federal student loan, you’re temporarily suspending or postponing payments. You may want to request a deferment if you return to school, go to graduate school, or enter an internship or residency.

During deferment, you won’t need to make any loan payments, but Federal Direct Loans will continue to accrue (grow) interest, which will increase your Total Loan Cost.

To request a federal student loan deferment, contact your student loan servicer. If you don’t know your servicer, you can find out who it is through the Office of Federal Student Aid.

Federal student loan repayment options

One of the best resources for determining your federal loan repayment options is the Office of Federal Student Aid.

The site also offers a Loan Simulator to help you calculate student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans.

The Public Service Loan Forgiveness (PSLF) Program

Another program offered by the federal government is PSLF, which forgives any remaining balance if you meet the following criteria:

• Employed full-time by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service).
• Have Direct Loans (or consolidate other federal student loans into a Direct Loan).
• Repay your loans under an income-driven repayment plan.
• Make 120 qualifying payments.

Learn more about the PSLF Program