Loan Corporations

What a Student Loan Corporation Does

Student loan corporations are governmental, private and educational lenders that manage back-end functions directly and indirectly related to student loans. These are the organizations that manage your loan applications and your client accounts and provide support for the direct lender. Sometimes they are part of the lender, as is the case with Sallei Mae, and sometimes they are a separate company, as is the case with ACS. Student loan corporations can be private, such as Sallie Mae, or public, such as the Kentucky Higher Education Student Loan Corporation.

Your Student Loan Corporation and You

When you begin repaying your student loans, you will be dealing with a student loan corporation. Your student loan corporation will facilitate the process by providing these services:

  • Track monthly loan payments,
  • Online payment option,
  • Consolidating multiple student loans,
  • Changing repayment options, and
  • Providing information on and processing requests for deferments or forbearance.

A student loan corporations can also provide other information on college financing, such as questions relating to 529 savings accounts, advice on choosing different types of student loans, and information about student tax loan credits.

It is extremely important to maintain communication with your student loan corporation when you have any questions at all about the terms of your, but especially if you are having trouble making your payments. If you are going to be late with a payment or miss a payment, it is critical that you let the student loan corporation know. It is likely that they can offer you repayment options and suggestions for managing your loans.