Loan Servicers: Who They Are and What They Do
By Rachel Seitz
When you take out a student loan, whether it be a private loan (such as one through Climb), a federal loan, or an institutional loan, you’ll eventually find yourself dealing with a loan servicer. And sure, you could just accept your loan servicer as a vague entity you only barely think about when a bill comes, but as always, it’s in your best interest to understand every part of your loan process. So, we’ve brought you this quick explainer of just who your loan servicer is!
What is a loan servicer?
A servicer handles the loan from origination to full repayment. They’re the ones who will send you monthly statements and collect and keep track of your payments. They will also be the point of contact if you want to switch your repayment method, alter account information, or apply for deferment or forbearance. In order to ensure your repayment stays on track, you’ll definitely want to get to know your loan servicer.
What are some examples of student loan servicers?
If you have a federal student loan, your servicer will be one of these entities: CornerStone, FedLoan Servicing (PHEAA), Granite State – GSMR, Great Lakes Educational Loan Services, HESC/Edfinancial, MOHELA, Navient, Nelnet, or OSLA Servicing. Upon taking out a federal loan you are assigned (or, in some cases, reassigned) to a servicer. Of course, if you’ve taken out a private loan, your servicer might still be someone else entirely, such as Student Assistance Foundation (SAF) or Sallie Mae, depending on the company from whom you’ve taken out a loan.
Who is Climb’s loan servicer?
For Climb loans, the servicer used is University Accounting Service (UAS). Once the funds for our loans are disbursed, UAS takes over the administration until the account is paid off and will be the ones contacting students regarding their payments and billing. Students are also able to view their payment history, due dates, and account information through an online UAS account. Students can access their account or contact UAS with any questions, but, of course, we are always available even after we send the funds. We still love hearing from Borrowers and will be here for whatever questions or feedback you may have, so don’t hesitate to reach out to us!
When repaying your loan, you want to make sure you know who your servicer is and what options they can provide for you. Information on your servicer for federal loans can be found by logging into the Financial Aid Review of the National Student Loan Data System. For private loans, students can see their loan servicer by looking at their student loan statements or their credit reports. Then, if you’d like to know more, take a look at the information on their website and at what’s been written about them. This way, you’ll stay informed on an important aspect of your finances and will be able to make the best decisions for you!