the Ease of Using the Student Loan Servicing Center
past, students with outstanding Stafford or PLUS federal loans had to rely on
paper statements each month to learn the status of the loan, the current amount
due, and other details like the total payoff information. Now, the Direct Loan
Servicing website has made it easier for borrowers to get up to date information
regarding their federal student loans.
There are several sections to the
website that make things easier for borrowers, including the "Your Account"
segment. Users of this part of the site can make view the current account balance
and payment history, so they can make sure that their recent payments have been
received. Also, this is a great tool for borrowers who are ready to pay off the
balance of their loan, as they can just log on and see how much they currently
owe. Online payments can be made in this section as well, either through a checking
account draft or a credit/debit card. The user just enters the account number
and the routing number in the case of a bank account draft, and the amount of
the payment that he/she wishes to make. Making an online payment is free, and
users can even schedule monthly payments up to six months in advance. In addition,
billing options can be changed, as the user can change his/her date of payment
to the 7th, 14th, 21st, or 28th. All it takes is the click of a mouse button to
enact that change.
The loan consolidation section of the site allows the
borrower to apply for a combination loan, which rolls all of his/her federal education
loans into a new one which would only require one monthly payment. There are many
advantages to doing this, including simplicity, reduced monthly payments, and
others. And now, with the online student loan servicing center, it's easy to apply
for this benefit.
Tax information is often important to student loan borrowers,
especially if they fall in the income range of people who can deduct all or a
portion of the interest they have paid toward their education loans from their
federal income taxes. This information is supplied in a yearly form that is mailed
out to all borrowers, but in the Direct Loan Servicing Online website, 1098-E
Tax information is available for download in case this form is lost, or it never
reached its intended recipient through the mail.
Finally, a frequently
asked questions section is available for users who may need help navigating through
the site, or who might want to take advantage of one of the services available
on the online student loan servicing center, but don't know quite how to go about
it. By clicking on "FAQ", the borrower can access a list of questions
and answers that encompass a wide variety of problems that users have had in the
past, and offer hints as to how to accomplish certain things.
Loan Servicing Online website is a great tool that helps federal student loan
borrowers manage their loans better, and provides flexible payment options, ensuring
a great educational loan experience.