Organize Your Loan Portfolio
Borrowers may track all federal student loan records through the National Student Loan Data System (NSLDS). This site provides borrowers with a list of federal student loans, the principal balance, accrued interest, and the contact information for federal loan servicers.
Identify Your Loan Servicer
Once a federal loan is disbursed, the Department of Education will assign a servicer to the loan. Through NSLDS, a student may locate the contact information for each loan servicer. Borrowers may make payments, view detailed loan records, and change repayment plans through loan servicers.
*For students with multiple loans, it is possible to have more than one loan servicer.*
Research Repayment Plans
While all federal loans are automatically assigned a 10-year standard repayment plan, the Department of Education offers borrowers a variety of repayment options, allowing borrowers to extend the repayment term. Once a student graduates or ceases enrollment, a six-month grace period will occur before repayment begins.
Choose a Repayment Plan
Since every borrower's financial situation is unique, a single repayment plan may not fit the needs of all borrowers. Selecting a plan from the numerous federal repayment options is a highly individualized process. Borrowers should review personal finances, job prospects, monthly budgets, and the financial consequences (i.e. more interest over the life of the loan) of extending a repayment term.
To assist students in selecting a repayment plan, the Department of Education created a Repayment Estimator.
The Repayment Estimator links directly to a borrower's NSLDS loan records, allowing students a preview of monthly payments under various repayment options. A student should contact the loan servicer to change repayment plans.