- Who is my lender under the Federal Direct Loan Program?
- Can I select my lender or am I able to remain with my previous FFELP lender?
- Who is my servicer?
- What is a servicer?
- When will I know who is servicing my loan?
- Can you provide me with contact information on the servicers?
- What is Exit Counseling?
- Do I need to complete Exit Counseling?
- I have other loans from prior institutions. How can I get more information on the loans?
The Department of Education is your actual lender although they have contracted with several servicers to actually service your loan.
You cannot keep your previous lender for new loans after July 1, 2010. The lender for all new loans is the Department of Education.
You will be notified which company will be servicing your loan. You are also able to view your loan information here.
The servicers listed are contracted by the Department of Education to manage the Direct Loans. They are responsible for the billing, collection and processing of all deferments, forbearances and cancellations.
Within sixty days of the loan disbursement, the servicer should be contacting you.
Exit Counseling will explain your rights and responsibilities as a Direct Loan borrower. Direct Loan Exit Counseling is required when you drop below half-time enrollment status.
Yes, it is required by law. You can complete Exit Counseling here: https://studentloans.gov
To find out who your previous lenders were, go to the National Student Loan Database System (NSLDS) at www.nslds.ed.gov.