Loan Issues

What if my loan servicer makes a mistake on my loan?

Loan servicers do occasionally make mistakes on processing loan payments. Some mistakes, such as miscalculated interest, can only be caught by careful tracking of your payments and interest charges. Other mistakes are more obvious, such as misapplied loan payments. Usually you can contact your loan servicer and work through a mistake with a customer service representative or manager. In the event that you cannot resolve your issue with your loan servicer, then you have the option of contacting the U.S. Department of Education’s Office of the Ombudsman. The Office of the Ombudsman can help you with those situations that you cannot get resolved by working with your loan servicer. For more information about how the Office of the Ombudsman can assist you, go to their web site at http://www.ombudsman.ed.gov.

Are there any steps I should take when contacting my loan servicer with an issue?

Yes. First of all, always keep a record of the call. Note the date and the time when you made the call. Also, be sure to obtain the Customer Service representative’s first name. Write down the particulars of the discussion. Be sure to note any agreements you make and be sure to follow up appropriately.

Where can I go for additional assistance?

If you need additional help, the Graduate Financial Aid Office can discuss your situation with you to help you to understand what might be happening. You are welcome to meet with a Graduate Financial Aid Counselor to discuss your circumstances. Counselors can direct you to other resources or suggest people within the loan servicing organization itself who might be available to help you.