Student loans: how do I know if my student loans are federal?
FFirst, we need to set the record straight on student loans. Most of them are federal, but people often have doubts about this specific topic amid the new Student Loan Forgiveness Plan announced by President Biden last month. In case you’re wondering if they are, there are easy ways to find out and we’ll tell you all about them.
First, you can check the Federal Student Aid site is the website that the Federal government set up for all students to manage their student loan information. Just go to studentaid.gov so you can easily determine if your loans are federal or not. You can also get additional information here on ways to repay and manage these loans.
The Biden administration has limited its pledge to forgive up to $20,000 in federal student loans, narrowing the types of loans eligible for relief. https://t.co/6smYcPoq0R
? Los Angeles Times (@latimes) September 30, 2022
How can I access this student loan site?
It’s that simple, your student loan is not federal if you don’t see your loan information on studentaid.gov. To access the site, you must use your FSA ID to see your loan amount, status, service, outstanding balance and disbursement details. This site will also offer the possibility of requesting loan consolidation or registering for a income-based repayment plan.
Federal loans are also handled by one of nine student loan managers. Do not hesitate to contact 1-800-4-FED-AID, which is the federal student aid hotline that will help you determine if your loan is handled by one of these services. If so, this helpline will connect you to your servicer to get more information about your loan.
Biden’s administrator is cutting the federal student loan forgiveness program to protect against legal challenges, including two lawsuits filed this week – with new guidelines now excluding at least hundreds of thousands of borrowers originally declared qualified. https://t.co/KD0BdQqrGE
? ABC News (@ABC) September 30, 2022
The majority of borrowers with private loans cannot reach a servicer by calling the Student Helpline. However, some federal loan officers also issue private loans, so be sure to check what type of loan you have when you make the call. If your loan is private, there is no centralized database with these types of loans.
Administrator Biden. changed the terms of student loan relief – disqualifying millions of people.
Borrowers with federal loans held by private banks through FFEL are no longer eligible, unless they apply to consolidate them into direct loans held by the Department of Education by September 29. pic.twitter.com/3vTdLOWbLQ
? AJ+ (@ajplus) September 29, 2022