Who is lending you the money, and who are you paying back?
For some private loans, you pay the school directly. For most loans, though, your loan servicer is a third-party company that pays the loan to your school, and you repay your loan to this company directly. Before payments are due, you should be aware of who your loan servicer is by checking your promissory note, contacting the financial aid department at your school, or checking with the National Student Loan Data System.
Ask for Specifics
Your servicer can answer important questions. When are payments due? How much are my payments? How much interest am I being charged? Ask them any other questions you have on loan specifics, as the more you understand with your loan, the less intimidating the process will be.
Keep Your Contact Info Up-to-date
It’s also mega important that your servicer has your current contact info on file to avoid delays in contacting you with relevant updates and changes. A simple phone number update can avoid miscommunication that turns into a missed payment that results in a negative mark on your credit report. Your servicer can also assist with setting up your online account to help you self-manage your profile and become familiar with your loan cycle.
