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The borrower should be aware of who holds each of his/her student loans. Student loans can be hard to keep track of at times. Understanding who the lenders, servicers, and/or guarantors are is crucial to protect the student's best interest.
Locating a Student Loan
Although being aware and informed about loans is very important, the borrower may not know what lender or agency is the holder of the loan or is handling the account.
If the borrower does not know who guaranteed the loan, he/she can visit the National Student Clearinghouse LoanLocator Web site. As long as the guarantor of the loan participates in the Clearinghouse, this site will tell the borrower who currently holds the loan and provides a history of which lenders previously held the loan.
Another place to access loan information is through the National Student Loan Data System (NSLDS) .With an ID number, password and a student's Social Security Number (SSN), the school can locate the student's loan history.
The student may also call the U.S. Department of Education for loan information inquiries at 1-800-433-3243.
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