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Finding Servicer Information for PUT Loans
Submitted by: Gene Logan, USA Funds Services If you are seeing fewer loans on the student loan delinquency reports you get from your guarantor, it could be to the result of your hard work. But more than likely some loans are being put to the U.S. Department of Education and are being reported in different formats by their new servicers. The Ensuring Continued Access to Student Loans Act of 2008 permits holders of Federal Family Education Loan Program loans to sell or put loans to the Department of Education to provide financing for new student loans. To determine the servicer for individual put loans, go to the National Student Loan Data System (www.nslds.ed.gov). NSLDS will be updated to include servicer information within approximately seven to 10 business days after the loan is assigned to a servicer. The chart below shows how NSLDS will display the servicer, as well as the borrower contact phone number and Web site.
Helping borrowers become more familiar with NSLDS is an excellent way to minimize confusion when repayment starts. NSLDS will be the system of record to show where FFELP and direct loans are held.
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