Who Owns My Student Loans? What is a Student Loan Servicer?

You must have been asking “Who Owns My Student Loans?” or “What is a Student Loan Servicer?” Many students have been asking that same question repeatedly. You don’t need to worry anymore because we have all the information you need about that query. See the details!

Who Owns My Student Loans

Who Owns My Student Loans?

The first thing you need to figure out is “Who owns my student loans?” It’s a common question, and luckily, finding an answer isn’t as hard as you might think. Here’s your guide on how to find out who owns your student loans.

How Can you Find Out who Owns your Student Loans?

There are two types of student loans: federal and private. The more common kind is federal loans distributed by the U.S. Department of Education. Private loans come from private financial institutions.

If you’re wondering, “How do I find my student loans? here are the steps to take to locate both your federal and private loans.

1. Who Owns Your Federal Student Loans?

Although the Department of Education technically owns your student loans, it doesn’t manage them. That would be far too big of a task.

Instead, the Department of Education has loan servicers who help manage payments for its borrowers.

Loan servicers act as a middleman between the borrower and the Department of Education by accepting student loan payments. But if you’re wondering, “Who is my student loan servicer?

The best place to start is the National Student Loan Data System (NSLDS). First, go to the NSLDS’ homepage, which looks like this:

Who Owns My Student Loans

At the bottom of the page, you would see buttons and options to choose from. You’ll want to click on “Financial Aid Review” to get your current loan info. The page looks this way:

Who Owns My Student Loans

When you’ve clicked on “Financial Aid Review” and accept the terms of privacy, you’ll be asked to log in with your Federal Student Aid (FSA) ID.

If perhaps you don’t have one, you’ll have the option to create a log in. Here’s an image of how the page looks like to help you understand more.

Who Owns My Student Loans

After putting in your login information, you’ll accept another privacy notice and then go to the page with your loan information.

Who Owns My Student Loans

Click on the numbers in the first column to get detailed information on which your loan servicer is. From there, you’ll see the amounts, dates, disbursement, and statuses of your loans. And at the bottom of the page, you’ll find your loan servicer information.

Who Owns My Student Loans

Here it illustrates that the loan servicer is Nelnet and includes Nelnet’s contact information and website. This is important when making payments because you typically need to create an account with your loan servicer first.

Once you have an account, you can make payments and manage your student loans — like signing up for autopay for a 0.25% interest rate reduction.

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2. Who Owns Your Private Student Loans?

If you have private student loans, you might wonder “How do I find my student loans?”, since they’re not under the hub of the Department of Education.

This type of loan is from a private financial institution or lender. For example, common private loan lenders are Discover, Wells Fargo, and Sallie Mae.

To find out who your private loan lender is, check your credit report. Your credit report is a lengthy document that contains your credit information, including how much you’ve borrowed and who owns the student loans.

Start by going to AnnualCreditReport.com, where you’ll be able to access all three of your credit reports from each of the credit bureaus. At the bottom of the homepage, click on “Request your free credit reports”:

You’ll take these three steps:

  • Fill out the request form,
  • select which reports you’d like to receive and
  • answer a few questions to verify your identity

Once you’ve confirmed your info, you’ll be able to get your credit report. Look under the accounts section and then check “Account Name.” You should be able to see your various lenders and ascertain who owns your private loans.

When you have your private loan lender information, contact the lender to create an account so you can start making payments.

What is a Student Loan Servicer?

A student loan servicer acts as an intermediary between the lender and the borrower.

Also, student loan servicers collect payments from borrowers and help manage student loan repayment in the event of deferment, forbearance, and other repayment options.

Despite whether you find work after you leave school, you need to identify your Federal loan servicer so that you can inform them of your situation and either make payment arrangements.

Alternatively, you can make other plans to ensure that your account remains in good standing.

Why Knowing who your Loan Servicer is Important

“Who owns my student loans?” is a common question after graduation.

It’s important to find out who is servicing your loans so you can make your payments on time and to the appropriate place if you don’t know who is servicing your loan, you could miss a student loan payment, which could lead to delinquency.

If not dealt with for a longer period of time, you could end up in default. Once you know who your loan servicers or lenders are, as you might have several, and can create online accounts at each site to manage your repayment.

Hence, doing so can keep you on track with your student loan payments and keep you in good standing. Below, we have listed some of the most common student loan servicers and their phone numbers for your convenience:

  • CornerStone: 1-800-663-1662
  • FedLoan Servicing (PHEAA): 1-800-699-2908
  • Granite State – GSMR: 1-888-556-0022
  • Great Lakes Educational Loan Services: 1-800-236-4300
  • HESC/Edfinancial: 1-855-337-6884
  • MOHELA: 1-888-866-4352
  • Navient: 1-800-722-1300
  • Nelnet: 1-888-486-4722
  • OSLA Servicing: 1-866-264-9762
Who Owns My Student Loans

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