You have a lot on your plate as you start your career, move, and make major life plans. As you leave school, here’s what to expect from your student loan servicers.
One last bit of instruction
Attend an exit counseling session conducted by your financial aid office. (Schools participating in federally sponsored loan programs are required to conduct exit counseling before graduation for students who have borrowed through the programs.) You'll be able to discuss your student loan obligations and to ask any questions you have about repayment.
Shortly before your repayment term begins, you’ll receive a notice — called a repayment obligation or disclosure statement — that tells you when you must start making student loan payments and how much you can expect to pay each month. You’ll also receive a bill approximately one month before your first payment is due.
If your student loan is serviced by Sallie Mae, you’ll have a choice of electronic payment options.
- With automatic debit, you authorize the withdrawal of funds from a bank account to cover your monthly payment. Funds are deducted automatically each month.
- With online billing, you get an electronic bill every month, allowing you to make your payment online. You choose when to transfer funds manually to Sallie Mae prior to your due date.
Other loan servicers may have similar plans. Please contact your lender or servicer for more information.
For Sallie Mae customers, enrolling in online account management gives you detailed account access, including up-to-date account information and the ability to make payments, change payment plans, and update your address and other personal information at any time.
Do you know about Upromise Loan Link®? You can link your Sallie Mae loan account to your Upromise® by Sallie Mae account and use Upromise cash back to help pay down your eligible Sallie Mae-serviced student loans. You can invite family and friends to join Upromise and contribute their cash back to your Upromise account and increase your earnings.
Is there a new name on the bills?
Your lender might have sold your student loans to a company that buys and services the loans through repayment.
Although you’ll make payments and direct calls and correspondence to the new loan servicer, your loan terms and conditions as outlined in your Promissory Note will remain the same.