EXIT INTERVIEW: AN INTRODUCTION
Do you know where your student loan is?
It was so long ago when you filled out your master promissory note. Do you remember who your lender is? If you don't, contact the New York State Higher Education Services Corporation at their web site: www.hesc.com and go to the section for students and parents. They keep records of your student loan amounts and lenders (usually for loans made in New York State only).
While you have been in college, your original lender may have contracted with another company to service your loan account, or your lender may have sold your student loan to another financial institution in the secondary market.
A servicer is a company that is hired by your lender to perform account services for its student loans (processing payments, providing customer information, or accounting). There is no additional cost to you. Your loan continues to be held (owned) by the original lender and you continue to have the same rights and responsibilities.
Salliemae and Nelliemae are governmental agencies that purchase student loans from your lender in the secondary market. If your loan is sold in the secondary market, you should receive notices from your lender and the purchaser of your loan. You continue to have the same rights and responsibilities for the loan as with the original lender.
If your loan is being serviced by someone other than the original lender and you are required to send payments to the servicer, you must be notified no later than 45 days from the date the servicer is given the right to receive payments.
If you cannot get a satisfactory solution with your servicer, holder/purchaser of your loan, contact the HESC Servicer Unit:
Albany, NY 12255