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Major July 1, 2026 Federal Student Loan Repayment Changes
What Financial Advisors Need to Know CSLA Board of Standards | July 2, 2026 Yesterday marked a major dividing line in federal student loan repayment p...
If you have taken out a federal student loan, it’s important to know who your loan servicer is and how to contact them.
In addition, if you have any private loans, it is crucial to review your statements or credit reports to find your private loan servicer. In this article, we will guide you through the process of finding both your federal and private loan servicers, understanding your loans, and other important information such as your loan status, loan amount, and disbursement date.
Your loan servicer is the company that handles all aspects of your loan repayment, including billing and payment plans.
You can locate your loan servicer by visiting the Office of Federal Student Aid. Logging into you account will reveal current and former loan servicers with direct links to those companies.
If your loan is enrolled in Public Service Loan Forgiveness (PSLF) and previously managed by FedLoan Servicing, it will now be handled by MOHELA, Edfinancial, Aidvantage or Nelnet starting from 2021 since they were contracted by the United States Department of Education. You should have received notice of this transfer.
You can locate your loan servicer by visiting the Office of Federal Student Aid.
No, you cannot choose your student loan servicer. The Department of Education assigns your loan to a servicer, and changing servicers is not an option unless your loan is transferred to a new servicer. However, you can contact your servicer to address any issues or concerns you have.
Here are the links to the primary Federal Student Loan Servicers:
Visit Mohela on the web. | Phone: 888-866-4352
Visit Aidvantage WebSite | Phone: 800-722-1300
Visit Nelnet Website | Phone: 888.486.4722
Visit Edfinancial Website | Phone: 1-855-337-6884
Visit ECSI Website | Phone:: 888-549-3274
Visit Default Resolution Group Website | Phone: 800-621-3115
Review your contact information for accuracy.
It’s crucial to keep track of your loan payments and promptly inform your servicer if you encounter any financial hardship which can include loss of job, salary cuts, medical issues, or difficulty making payments. Action is essential in these cases to avoid making problems worse.
If you haven’t already, setting up automatic payments can prevent missing payments and impacting your credit. Some will provide you an interest rate discount for automatic payments. Automatic payments will also reduce the chances of late payments which can incur additional fees.
It’s also important to recognize that student loan servicers are not personal financial advisors. Their focus is primarily on collecting student loan payments and answering basic questions about loan repayment programs.
In our experience, it’s possible that you may receive inconsistent or unclear information when speaking with different representatives. In fairness to them, they are often overwhelmed with calls and doing the best they can given the circumstances. Double check the information you receive.
If you have financial issues, it’s very important to communicate with your service as they are responsible for managing customer service inquiries and ensuring your loans are handled in accordance with applicable laws. They can provide guidance on dealing with financial issues such as reduced income, job loss, of deferments.
Ultimately, we would advise you to add a trusted advisor who has your best interest in mind. Also, choose someone with experience in student loan planning AND personal finance such as a CPA, CFP or other licensed financial advisor. Getting multiple opinions is always a good strategy.
Understanding your student loans is as important as knowing the details of your home or auto loan. This loan could be the largest of any debt you are obligated to repay.
It is important to have a thorough understanding of your student loan in order to effectively manage it and plan for repayment. The interest rate plays a direct role in the overall cost of the loan, so it is crucial to be aware of the precise rate.
Be familiar with the loan terms, such as the duration of the repayment period, which can greatly influence both your monthly payments and the total interest paid.
Understand the loan type for all loans. Federal student loans include different types, such as subsidized, unsubsidized, PLUS, Graduated, Income Based, etc…Make sure you understand what you have and the payment requirements.
Knowing the due date is equally crucial as it can help prevent late payments, default, and the associated penalties. As noted earlier, automatic payments are a safe way to avoid costly late payments and impacts to your credit.
Regularly checking your payment record is crucial in managing your student loan payments effectively. Additionally, monitoring your credit report and credit score helps you stay informed and guards against identity theft.
If you come across any errors or inconsistencies, promptly reach out to your loan servicer for resolution. Keeping an eye on your progress in repaying your loans can also serve as motivation and help you remain on track towards becoming debt-free.
Reach out to your federal loan servicer without delay. They can provide repayment options and such as forbearance or deferment. It’s vital to stay informed about any changes affecting your repayment plan and be proactive in seeking help from reputable sources such as those listed in this article.
In conclusion, it is crucial to stay proactive and informed about your federal student loans. CSLA advisors are options when you have questions about how to structure this best repayment plan for your specific finances, family situation, and personal financial goals. Certified Student Loan Professionals (CSLP) are uniquely trained to provide personal financial advice paired with your student loan plans. Remember, knowledge is power when it comes to managing your student loans.
© 2016-2026 CSLA Institute Board of Standards. All Rights Reserved.
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