Student Loan Service Center – Contact Information and Application Tips
The Student Loan Service Center acts as a central point for student loan consolidation. The Student Loan Service Center coordinates and provides information to all student loan borrowers concerning the status of their loans, current interest rates and terms, and other options available. The Student Loan Service Center acts as an information source for borrowers and lenders. The purpose of this service is to make the process of student loan consolidation as easy and convenient as possible. The main goal of the Student Loan Service Center is to serve as a clearing house for student loan borrowers who need information relating to student loan consolidation.
To be eligible for deferment, borrowers must first be enrolled at least part time in a college or university. Borrowers who wish to defer their student loans can do so through the student loan service center. The student loan service center will implement specific procedures and policies to make sure compliance with state and federal regulations.
It is the primary goal of the student loan service center to consolidate student loans into one simple payment. Paying off all of your loans can take years. It is important that borrowers pay their bills on time to benefit from the tax benefit. In addition, paying off loans can also help improve the credit rating of borrowers. Borrowers who are interested in improving their credit rating should contact the student loan service center to discuss various options.
Borrowers who wish to consolidate their student loans can consolidate during the grace period or prior to the start of the grace period. Both parties must agree to the terms. The student loan service center will provide students with the option of rolling payments over to another account during the grace period. The borrower must apply for a new loan during the grace period or prior to the start of the grace period.
A student loan service center will provide students with the student loan account statement at the end of each month. This statement will contain detailed information about the borrower’s outstanding balances. Students can view this statement at any time during the grace period. The borrower can obtain a free online loan billing statement. Students can cancel their account at any time without penalty.
Payment collections must be reported to the primary care authority and must meet certain criteria. The guidelines require that payments be made on time and in full for at least five business days following the borrower’s payment agreement. Payment collections must be reported even if the student borrowers fail to attend an entire semester or quarter at a school. Failure to report primary care payments can result in suspension of privileges. Suspended privileges at schools could affect a student’s ability to earn financial aid.
Students who are enrolled full-time in college and need assistance with their loan accounts should not consolidate their loans until they have at least completed two years of college. Consolidation does not relieve the borrower of responsibilities or penalties. Consolidation does not reduce the overall debt balance, only deferments and minimum payments must continue. For students who wish to repay their loans early, it is recommended that they contact the lender and submit an application for an extended deferment. Eligibility requirements vary by lender.
Loan repayments can be late for several reasons, including illness, changing jobs, changing priorities, and extended unemployment. With the economy and housing markets fluctuating, more borrowers than ever before are finding it difficult to meet their loan and credit repayment deadlines. Borrowers are encouraged to check their lenders regularly to see when their deferments or forbearance periods are set. To make repayment on time and to avoid late payments, borrowers should work to develop a plan with their lenders to reduce their expenses and increase their incomes.