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