Who Owns my Student Loans

A student loan is a type of financial aid designated to help the students to pay for the fees other financial expenses related to getting your degree. For more information about student loan servicer, national student loan data system (NSLDS), collection agency etc. Read the full article.

Updated by Priya Shah on 4th January 2020

Loan servicer often changes after you graduate and start paying off your loans. It is very much possible that the task of finding the proper company rests on the borrower. The confusion of how and whom to pay the monthly payment arises but you need to figure it out in a way that is affordable for us. If you miss the payments there are very many chances of falling into the category of default, which can hamper your credit score. The borro wer should act smart and track a way to make sure the payments are applied correctly( towards principal and interest). 

When you get a loan from the federal government you are assigned a student loan servicer, to whom you will have to make scheduled payments. So who really does own your student loans? Let’s find out

Table of contents

What is a student loan servicer?

Basically, the loan servicer acts as an intermediary between the lender and the borrower who helps you borrow and manage the payments. So a student loan servicer is a body that helps you get or provide a loan if you are in need of a loan. They collect the payments from the borrower and help manage student loan repayments in accordance with deferment, forbearance or other repayment options. 

Loan servicer can be an important tool or a bridge, the most important thing that must be remembered is despite you find work or didn’t after you leave school, you must inform the loan servicer about the situation that you tackling. 

Either the making arrangement of your payments or finding an alternative of making other plans to ensure your account to be standing in good positions. 

We have basically 9 different loan servicing companies with all federal direct loans and FFEL loans: 

  1. Cornerstone 

  2. Fed loan servicing(PHEAA)

  3. Granite State(GSMR)

  4. Great lakes educational loan services, inc 

  5. HESC/ Edfinancial 


  7. Navient

  8. Nelnet 

  9. Osla servicing 

Use the national student loan data system to find your loan servicer 

We have various steps to find out the best national student loan 

Step1: firstly find out the owner of the loan by visiting the website of the national student loan (NSLDS) at nslds.ed.gov

Step2: Secondly we have a “financial aid review” click and log into the site with your FSA ID. 

Step3: and finally we last step will show you the balance, rate of interest, loan type, the status of your loan and mostly important loan servicer. So you must go through each individual loan. 

Contact your college about federal perks of loans

In order to figure out the loan servicer, you must contact your school or college in order to figure out who owns your federal Perkins loan. They will immediately let you know if the servicer is of college or if the college works with an outsider loan servicer. In case if you’re already with the federal Perkins loans owned by a department of education.

How to find your collection agency?

If you, unfortunately, fall under default on payments on your federal loans that may end up in collections.

  • Try NSLDS first:   NSLDS can be the best website for viewing your student loan in order to find the name of the collection agencies. For the borrower whose credit status os default they can get alternate contact information for the collection agency next to the loan. To make further payments they can contact the given collection agency to make the payments and learn more about your payment options.

  • Contact the default resolution group: after you didn’t find any information regarding the payment option on the NSLDS, you can go for the second option of contacting the department of educations default resolution group. This group will basically provide you the proper address and the related phone number of your assigned collection agency. You can also mail, using the address: US Department of education, p.o. Box 5209, Greenville, TX 75403-5609. Department of Education owns all the defaulted direct loans and some defaulted FFEL program loans( and remaining are owned by a guaranty agency).

 Some of the agencies that are used by the education department are: 

  • Account Control Technology, Inc.

         P.O. Box 11750

         Bakersfield, CA 93389-1750


  • Action Financial Services

        P.O. Box 3250

        Central Point, OR 97502


  • Alltran Education

         P.O. Box 702220

         Tulsa, OK 74136


  • Bass & Associates

        P.O. Box 66080

        Tucson, AZ 85728-5478


  • Central Research

        P.O. Box 1460

        Lowell, AR 72745-1460


  • Coast Professional Inc.

        P.O. Box 2899

        West Monroe, LA 71294


  • Coast Professional Inc.

        P.O. Box 2899

       West Monroe, LA 71294


  • Credit Adjustments Inc.

        P.O. Box 5640

        Manchester, NH 03108|


  • FH Cann & Associates

       P.O. Box 877

       North Andover, MA 01845


  • FMS Investment Corp.

         P.O. Box 1423

          Elk Grove Village, IL 60009-1423


  • GC Services

        P.O. Box 27346

        Knoxville, TN 37927


  • Immediate Credit Recovery Inc.

         P.O. Box 965156

         Marietta, GA 30066


  • National Credit Services

        P.O. Box 766

        Bothell, WA 98041-0766


  • National Recoveries, Inc.

         P.O. Box 120666

          St. Paul, MN 55112


  • Professional Bureau of Collections of Maryland

         P.O. Box 3725

         Englewood, CO 80155


Some options if my student loan is in default?

Nothing can be done once you fall into the default category but some alternative options can definitely take you out of default, and further can help you out: 

Consolidation of federal loan

if you have so many loans and you are getting difficulty in the monthly payments of your loans in order to bypass default consolidation of your loan can give you best to come out of this. The consolidation of loans is simply a new loan that equals the combined total of the individual loans. It basically helps you to track all the loans resizing to pay at once. You can apply for the consolidation of loans online or via U.S. mail. If you apply online you get various options of the loan servicer that is at the end of the online application process. If you are applying the consolidation process by mail you will get the loan servicer information when you download or print the paper application. These plans are comparatively based on your monthly payments and your incomes that make you more manageable.

Rehabilitation of your federal loan

Another best option is the rehabilitation of your federal loan. rehabilitation of federal loan is a process of setting an affordable monthly payment plan with the department of education to avoid default. Rehabilitation of loan considered after the 9th on-time monthly payment made. Where after the nine on-time monthly payments within 10 month period you can process for the rehabilitation of your loan, which will delay default and collection agencies will stop calling you.

Repayment of the loan

if others didn’t work you can go with the option of repayment of the loan that will help you get out of default by repaying your defaulted loan in full. Since this may lead you to pay a large amount of money at a very duration of time so comparatively rehabilitation and consolidation can be the best option of getting out of the loan. 

Who owns my private student loans?

If you know the lender

 if you know the lender you can contact your private student loan lender to see if they still own your loan. The lender will also help you manage the loan and still have a chance of owning the loan by another company. The current lender can also provide you with the new loan servicer’s details info regarding the servicer’s information.

If you don’t know the lender

If you don’t know about your lender or you are not sure, you can check your credit report, which lists all the possible lenders along with contact information and the relevant queries. You can also go ahead and call the lenders listed to track down the owner of the private student loan.

Can we change the owner of the loans?

If you are in the dilemma of changing the loan or you want to change the loan, you can go ahead and change your loan.  If your loans are in a good position and do not default you can refinance with a private lender. Refinancing of the loan changes the shape and era of the loan with new terms and conditions including a new rate of interest that is affordable for the borrower. Refinancing not only gives you the chance to switch but also gives you a proper outcome that helps you manage your debt better than before. It secures a better interest rate than before and an affordable loan term.