Student Loan FAQs

How do I apply for an income-driven repayment plan?

Use your Federal Student Aid (FSA) ID to log on to https://studentaid.gov/idr (Trusted Partner Link). If you don't know your FSA username or password, you can reset it by selecting “forgot username" or “forgot password" at https://studentaid.gov/fsa-id/sign-in/landing (Trusted Partner Link).

How do I know who my servicer is?

You should receive an email or letter from your servicer by mid-September 2023. To ensure that you receive one, visit studentaid.gov (Trusted Partner Link) to verify that your contact information is up to date. Your servicer's information is also available on your Federal Student Aid profile.

How do I know if my employer counts as a qualified employer for the Public Service Loan Forgiveness Program?

All you need is the employer identification number (EIN), which can be found on your W-2 form or paystub. Enter the EIN in the Public Service Loan Forgiveness (PSLF) Employer Search tool (Trusted Partner Link)to get either an “eligible" or “ineligible" result. Eligibility for PSLF is based on your employer and your full-time status, not your position.

What if I was behind on student loans before March 2020?

The Department of Education is offering a program called Fresh Start, which pulls your student loans back into current status and allows you to continue paying them. Fresh Start also restores eligibility to apply for new student loans and removes the default from your credit report. The process is relatively simple, and can be completed by calling 800-621-3115. You will need to know last year's income, so check your W-2 or tax return before calling. For more information, visit Get Out of Default With Fresh Start. (Trusted Partner Link)

My employer is qualified and I have made 120 on-time payments. How do I apply for Public Service Loan Forgiveness?

Log in to the Public Service Loan Forgiveness (PSLF) Help Tool (Trusted Partner Link) with your Federal Student Aid ID, and the tool will walk you through the process.

What is my loan balance? What is my monthly payment?

To find out your total loan balance and what your expected monthly payments will be starting in October 2023, log in to studentaid.gov (Trusted Partner Link) or to your loan servicer's portal. If you do not have internet access, or do not know who your loan servicer is, call the Federal Student Aid Center at 800-433-3243 for more information about your loan status.

What type of loan do I have? How do I know?

Federal student loans and private student loans can look very similar. Sometimes they are even serviced by the same company. The best way to find out if your loans are federal is by logging in to studentaid.gov (Trusted Partner Link). If your loan does not show up there, or if you do not have a Federal Student Aid ID, then your loan is private. Private student loans do not qualify for repayment and discharge programs such as income-driven repayment or Public Service Loan Forgiveness.

What repayment options are available?

Several income-driven repayment (IDR) plans are available to borrowers with Direct Federal loans, Grad Plus loans, and consolidated Direct loans that did not repay any Parent Plus loans. FFEL, Parent Plus, and Direct consolidation loans that did repay a Parent Plus loan are not eligible for most of the IDR plans. The most affordable payment plan currently available is the SAVE plan. Extended repayment is another plan that is available to most borrowers. The standard repayment plan is usually the fastest way to repay student debt.

When should I consolidate?

Many federal student loan types offer the ability to consolidate them into a new federal loan. Refinancing federal loans with a private company is a separate process, and is rarely a good deal as it forfeits many of the benefits of a federal loan​. To learn more about consolidation, visit https://studentaid.gov/manage-loans/consolidation (Trusted Partner Link).

What forgiveness or cancellation options are available?

There are forgiveness options available based on characteristics, including the school the borrower attended, whether the borrower has a disability and is unable to work, and what type of work the borrower does. Most of the available options for forgiveness require an application, which can be completed only by signing in to studentaid.gov (Trusted Partner Link). There is no charge to apply for loan forgiveness or any repayment plan.

Will my student loans affect my credit?

While, in most cases, no credit is required to take out student loans; payments toward student debt, both on time and late, are reported to all three credit bureaus monthly. If loans are rehabilitated from a previous default, the default – but not the late payment history – should be removed from your credit report. If you believe your servicer misreported something, please contact them for help. If you are not able to contact them, please file a complaint with the student loan ombuds.

How do I know if a call or email is a scam?

Neither your servicer nor the U.S. Department of Education will reach out through text or phone call. All contact from the department as well as your servicer will arrive in writing – either email or post. If someone contacts you and requests personal information, hang up and log in to studentaid.gov (Trusted Partner Link) or call 800-433-3243.

I can't afford my student loan payments. What resources are available?

Income-driven repayment plans – including $0 monthly payment options as well as forbearance – are generally available for all federal loans. Log in to studentaid.gov (Trusted Partner Link) to learn more and apply. Private loans have few to none of these options available. Call your servicer if you think you might miss a payment.

What types of help are available to me?

In addition to studentaid.gov, the Consumer Financial Protection Bureau (CFPB) has trustworthy and thorough information on student loan repayment. Find advice for your student loans at consumerfinance.gov (Trusted Partner Link). Complaints against servicers can be submitted through the CFPB's complaint page (Trusted Partner Link), Federal Student Aid (Trusted Partner Link), or directly through the Bureau of Consumer Credit Protection.

How can I get out of default?

There are two options for getting back on track with federal student loans – rehabilitation or consolidation. Consolidation gets rid of the old loan and creates a completely new loan with the same terms as the previous one. This is the best path if you are in a rush to get back on track. Neither the default nor late-payment history is removed from your credit history when you consolidate into a new loan. Rehabilitation is a process where the collection agency or servicer collects auto-debited payments (usually $5 per month) for 10 months. After those 10 months, your loan returns to current status (the late payment history remains), and you can resume payments as though you had never defaulted. This is the better option if you are trying to retain the loans and/or servicer you already had or to get the default removed from your credit report. To learn more about these options and apply for one, log on to https://studentaid.gov/manage-loans/default/get-out (Trusted Partner Link).

How do I know if a student loan forgiveness program is actually a scam?

You should never have to pay for the benefits that already come with federal student loans. Anyone who is trying to charge you to consolidate, rehabilitate, get on an income-driven repayment plan, or apply for forgiveness, is likely taking advantage of you. The U.S. Department of Education will not call you about your loans, so a call claiming to be from them is a scam. Anything that directs you to a site other than studentaid.gov (Trusted Partner Link) could be a scam.