February 2, 2007, Newsletter Issue #2: When Should You Contact Your Loan Servicing Agency?

Tip of the Week

As a college student, if things change regarding your status in school or contact information, itís a good idea to notify your loan servicing agency. Your college or university will notify them if you leave school, drop below a part-time status or graduate. However, if you transfer to another school and fail to contact them, they may start the grace period and subsequent repayment process on your student loans. Even if they canít find you to send you a billing statement, once the repayment process begins you are obligated to make the payments. By notifying them that you have transferred to another school and providing proof, you can extend your deferment period and avoid any problems.

Your loan servicing agency also needs to know how to contact you after you have begun the repayment period on your student loans. If you move or change your phone number, contact them immediately with correct information. Failure to do this could result in mail being lost or misdirected.

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