There are many payment options and relief plans for student loans out there that can save you a lot of money. To access these programs, you will need to know if you student loans are federal or private. Federal loans offer the best options for repayment but there is still hope even if your loans are private.
How to determine what type of loan you have.
The short answer: Click here to be directed to the U.S. Department of Education’s Student Loan Portal. Login or create a profile. If you entered all of your information correctly, all of your federal student loans will be listed. If a loan is not listed, it is most likely not a federal loan.
The long answer: The majority of student borrowers take out federal student loans. Most of the time these loans are referred to as financial aid. It is easy to misinterpret what are loans and what are grants. Stafford, PLUS, Perkins, and Direct Loans are all federal loans. Private companies are hired by the federal government to manage these loans. Contractors include; Navient, CornerStone, MOHELA, Nelnet, OSLA Servicing, VSAC Federal Loans, Granite State – GSMR, and Great Lakes Educational Loan Services, Inc..
The easiest was you can determine if your loans are federal or private is by using the portal above. If there is a mistake in the federal database or if the website is not working you will need to contact your debt collector or contractor to ask.
Depending on the type of loan you have, you may be eligible for a variety of forgiveness or special repayments plans. Learn more at www.StudentLoans.gov.
If you are in default or find yourself struggling with debt, contact our HomeOwnership Center for assistance today!