Electronic Funds Transfer (EFT):

Student loan monthly payments can be automatically deducted from your checking or savings account. You must be in good standing and not in default to take advantage of this option. Click here to find out more.

Other Payment Methods

Phone payments may be made by calling Loan Servicing at 1.800.693.8220

A monthly statement is mailed to you with a return envelope or can be e-mailed to you at your request.

Federal Teacher Loan Forgiveness

For more information on Teacher Loan Forgiveness, please refer to the Department of Education Web site.

Deferments - Relief When You Need It

If you're having problems making payments on a student loan being serviced by The Student Loan People, you may be eligible for certain deferments. Deferments allow you to temporarily stop making payments on subsidized loans. Deferments are available to borrowers in school, in the military or for other reasons. If you are eligible, and qualify for a deferment, you may download the necessary forms. The types of deferments are:

• In School
• Education Related-Graduate Fellowship, Rehabilitation Training
• Temporary Total Disability
• Working Mother/Parental Leave
• Economic Hardship
• Public Service
• Military
• Unemployment
• PLUS Borrower with Dependent Student (Loans made before July 1, 1993)

Forbearances - When a Deferment Isn't an Option

If you're experiencing difficulty repaying your student loan and aren't eligible to receive a deferment, you may request that your loans be placed in a forbearance period. This allows a temporary reduction or suspension of your monthly payments.

Unlike a subsidized deferment, interest continues to accrue during the forbearance period.

At the end of a discretionary forbearance period, any interest that has accrued on your student loan will be added to your principal balance.

• Teacher Loan Forgiveness Forbearance (federal loans only)
  Teachers who qualify for the loan forgiveness program may have forbearance on their loans during the five qualifying years they teach in a designated low-income school.
  

Do You Have a Defaulted Loan?

If you have a student loan and payment has not been made and is 270 days or more past due then it is considered in default.

A defaulted loan means:

• A collection cost of 24.34% of your balance will be added to your loan.
• The worst possible credit rating is reported to all the credit bureaus.
• You may be denied credit for a home, a car, etc.
• All student financial aid is stopped.
• Your account may be assigned to a collection agency.
• Your state and federal tax refund may be seized each year and applied to your loan.
• Your wages may be garnished.
• The loan is usually not dischargeable through bankruptcy.

Several options are available to resolve a defaulted loan:

• Reinstatement - A defaulted borrower may apply for reinstatement of their eligibility for Title IV assistance after making six consecutive, voluntary, full, on-time, monthly payments under a satisfactory repayment arrangement. Eligibility for Title IV assistance may only be reinstated once.
• Rehabilitation - A defaulted borrower may apply for rehabilitation after making 9 consecutive, voluntary, full, on-time, monthly payments under a satisfactory repayment arrangement. Monthly payments must continue until written notification that a lender has repurchased the defaulted loan. Rehabilitation of defaulted loans may result in the possibility of increased monthly payments

How do you repay?

• Phone - You may make your payments over the phone by calling our Debt Recovery Representatives [800.928.4241].
• E-Pay
• Western Union
• Mail a check to
  P.O. Box 9001780
  Louisville, KY 40290-1780.

How do you contact us?

• Call us toll free at 1.800.928.4241
• Office hours are 8 a.m. to 5:30 p.m., Eastern time