Who Do You Contact if You Have Questions About Repayment Plans?

Navigating repayment plans is not an easy thing as it can be full of challenges. It is a must for you to learn every repayment option regardless if you are a beginner or who has known this thing for a long time. When learning about it, you may have several questions that you want to ask. However, you have no idea who you have to contact. So, who do you contact if you have questions about repayment plans?

About Repayment Plans

A repayment plan is defined as a fund that has been loaned to an individual. In this case of student repayment plans, the individual in question is a student. They usually have to pay their debt at a specific time. Not only the debt, they also have to pay the interest.

Where Do You Go to Ask about Repayment Plans?

For anyone who has questions about repayment options, there are a few options for you to contact, depending on the type of loan that you have. The details are as follows:

1. Student lender or loan servicer

The first one that can help you with your repayment plans is your student lender or loan servicer, especially if you want to know about things such as personal loans, student loans, and mortgages. For anyone who is not familiar with the student lender and loan servicer, the student lender refers to the financial situation or organization that provided the loan. As for the loan servicer, they are known as the one that is responsible to manage the administrative tasks related to the loan, such as addressing borrower inquiries, processing payments, and giving information about repayment options.

In order to contact the student lender or loan servicer, here is the way:

• • If you have federal student loans, the official website of Federal Student Aid at studentaid.gov can be a good resource. On the official website, you will be able to identify your loan service and access the contact information about them. If you have a private student loan, you can directly contact their customer service departments.
  • If you have personal loans, your personal provider can be contacted by using the information that you find on either their official website or from your loan agreement.
  • If you have a mortgage, you can go to its official website to find the contact information about your mortgage lender or service. Apart from that, you can also find such a thing on your mortgage statement.

Before contacting your student lender or loan lender, it is better for you to prepare some information, such as your loan account number and some other information. It is important so that the process can go smoothly. Besides, you are also recommended to prepare some information that you are going to ask. Below are some examples of questions that you can ask to your student lender or loan servicer:

• • “What repayment plan am I in?”
  • “When is the time I have to recertify my income and family size?”
  • “What is the amount of my first payment? When is it due?”
  • “Can you tell me about my account number?”
  • “Can you tell me about my interest rate?”
  • “Can you tell me how many months of credit I have accumulated toward loan forgiveness?”
  • “What should I do to lower the payment for Parent PLUS Loans?”

2. Department of Education

For those with federal student loans and want to know about your repayment plans, you can contact the U.S. Department of Education’s Federal Student Aid office. The information that you can get from them include federal student loan repayment options, such as loan forgiveness programs, deferment or forbearance options, and income-driven repayment plans.

There are a couple of ways to contact the U.S. Department of Education’s Federal Student Aid office. The first one is by visiting their official website at studentaid.gov and the second one is by calling their phone number at +1 800-433-3243. To help the visitors learn about the repayment options, there are a lot of online tools and resources offered by them.

3. Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau or CFPB is the name of one of the U.S. government agencies. This one provides resources and guidance on repayment plans and other financial topics. By contacting the agency, you are able to learn about a lot of kinds of loans, credit card debt, and issues that are related to mortgage. Just visit the official website of CFPB to learn about your rights and to find the options to manage debt and repayment plans. On the website, you will be able to find guides, articles, and FAQs on a number of financial topics. In case the information found on the website is not enough and you need more, you are suggested to submit questions to them.

4. Counselling services

Do you have issues with repayment plans and credit card debt? If the answer to the question is yes, you can contact credit counselling agencies that usually offer financial services, debt management plans, and budgeting assistance. You can ask them to help you make a structured repayment plan so that you can pay off your credit card debt.

When considering the credit counselling agency, it is better for you to find the reputable one. Besides, you are also recommended to choose the non-credit one. Additionally, you should ask about the fees of their services just in case there are any. To be able to find a list of approved credit counselling agencies, you can go to the website of the National Foundation for Credit Counselling (NFCC) or the Financial Counselling Association of America (FCAA).

Meanwhile, if you are curious about something related to mortgage repayment plans and want to seek help, you are advised to contact a housing counselling agency that is approved by the U.S. Department of Housing and Urban Development or HUD. Usually, you can get counselling services from them even though you have a limited amount of money. Sometimes, you can also get the service and learn about your mortgage options, how to avoid foreclosure, and make a decision without having to pay any.

If you want to find a housing counselling agency that is approved by HUD near your area, there are two ways that you can try: going to the official website of HUD or calling their toll-free hotline. Feel free to contact them to get information about repayment plans, loan modification, and a method to avoid foreclosure.

5. Legal assistance

In case you have issues with financial and repayment, you may need legal assistance. If you are confident that you are on the right side here, it is better for you to reach out to an attorney who specializes in financial law. If you have no money to hire one, you can try to seek help from legal aid organizations and pro bono legal services. In addition, you can also try to contact local bar associations who usually provide referrals to attorneys to help you with your certain needs.

Bottom Line

In conclusion, it is a common thing to have questions about repayment plans. The one that you can contact if you have such questions depends on the type of loan or debt you are dealing with. The options include student lender or loan servicer, Department of Education, Consumer Financial Protection Bureau (CFPB), counselling services, and legal assistance. It is important for you to learn about your payment plans well so that they can match with your financial goals and responsibilities.