Manage your Student Loan
As a student loan borrower, it is important for you to
be sure that you understand the terms and conditions of
your loan. Your loan terms and rights and responsibilities
are defined in your Master Promissory Note. If you
do not have a copy of your MPN, contact your lender to
obtain a copy. If you have not already done so, you
might want to create a file to keep all of your loan documents
together in a safe location.
Your Loan Partners
There are multiple agencies that you may deal with in the course of repaying your student loan – your lender, your guarantor, and your servicer. Your lender provides the funding for your loan, your guarantor insures your loan against death, disability, and default, and your servicer provides customer service and account management services, such as collecting your monthly payments. In some instances there may be overlap among these agencies. Knowing the agencies involved in the administration of your loans and their roles is beneficial.
Online Account Access
Most agencies have online services to help you check the status of your student loan. If you have not already signed up for online access, you may want to do so. If your loans are guaranteed by CSLF or if Susie Mae is your lender, you can view your account information via EnRoute, CSLF’s internet-based loan processing and management system.
Click
here if you are a new user and would like to establish
a user profile.
Click
here if you have already established a profile and
would like to sign in.
Repayment
For Stafford loans, repayment typically begins 6 months after you graduate or drop below half-time status. For PLUS loans, repayment typically begins 60 days after the loan has been fully disbursed. No matter what loan type you have, it is extremely important for you to know when your first payment is due and make that payment on time – getting you off to a good start. There are a variety of payment options available. You will automatically be setup with a Standard Repayment, unless you choose otherwise.
Click here for a listing of payment options.
Making your payments on time each and every month is very important to establishing and maintaining a good credit history. Your student loan payment history is reported to the three major credit bureaus. It is extremely important for you to contact your lender or servicer if you have difficulty making your student loan payments. Your lender will work with you to temporarily postpone your payments (if eligible) through a deferment or forbearance or adjust your repayment schedule to an income-sensitive or extended repayment plan. The important thing to remember is to communicate your situation with your loan holder – DO NOT IGNORE your notices or bills. You have options and your lender can help.
If you ignore your loan payments, your loan will eventually default. A defaulted student loan is a loan that has been delinquent for at least 270 days due to broken payment arrangements or other terms of the promissory note that were not adhered to. When the lender or servicer notifies the guarantor that payment arrangements have not been kept by the borrower, the guarantor takes over the defaulted loan. Remember, failing to repay your educational loans is NOT an option. By not repaying your educational loan(s) you can permanently damage your financial future.
Click here to learn how to prepare for repayment
Click here for loan delinquency information
Click here for defaulted loan information