There is so much that has happened with federal student loans in the last few of years. We want to make sure that you have the best information to manage your loan repayment and to take advantage of your loan repayment options. Keep in mind that the guidance that we provide here is for federal student loans. MEFA Loans are state-based student loans, and therefore have different repayment terms and options.
Be in Touch with Your Loan Servicer
Your loan servicer is the company who collects your loan payment. You may be paying back your loans and still not sure who exactly your loan servicer is. To find out your loan servicer, log in to studentaid.gov and view your loan information. You’ll want to make sure that your contact information within studentaid.gov is correct so that your loan servicer can reach you by mail, e-mail, and phone if necessary. You can contact your loan servicer if you want to discuss your repayment options or if you’re having trouble making your payments.
Be Patient
Be patient when you’re trying to get in touch with your loan servicer or waiting to hear back on an issue with your account. There are millions of federal loan borrowers out there, so the servicers have a lot of people to assist.
Use Free Resources
MEFA works closely with TISLA, the Institute of Student Loan Advisors, a non-profit that offers free guidance and assistance with dispute resolution to student loan borrowers. Their website has a wealth of information for federal student loan borrowers. Sections include:
- Am I Eligible for Loan Forgiveness?
- Help Me Choose a Repayment Plan
- My Loan is Past Due or In Default
- Should I Consolidate My Loans?
- I Have a Dispute
They also have a Student Loan Calculator that can help you determine which repayment plan will work best for your budget and financial goals.
If you have specific questions about your own student loans, it’s best to reach out to your loan servicer, as mentioned above. But if you have general questions about loan repayment, we are happy to help. You can reach us at (800) 449-MEFA (6332) and [email protected].
