Debt Management

Get Help

Office of Debt Management
Dorla Fallen, Default Manager
(518) 207-2926

Student loans are an important responsibility. Make sure that you have a reliable address to receive mail and open all correspondence from the student loan servicing center immediately. If you run into any trouble or are confused or afraid that you may default on your loans, don’t panic. I am here to help you navigate through the student loan system and will gladly set up a conference call with a loan servicer to resolve any issues affecting your student loan. Get on track with your student loans! Give me a call or email, and I will gladly walk you through all your options and help you get back on track!

You can find any information about your student loans by going to:

Who is My Loan Servicer?

Visit My Federal Student Aid to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans.

The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program.

CornerStone℠: 800-663-1662

ESA/EdFinancial: 855-337-6884

FedLoan Servicing (PHEAA): 800-699-2908

Granite State — GSMR: 888-556-0022

Great Lakes® Educational Loan Services, Inc.: 800-236-4300

MOHELA®: 888-866-4352

Navient: 800-722-1300

Nelnet®: 888-486-4722

OSLA Servicing: 866-264-9762

VSAC Federal Loans: 888-932-5626

Understanding Repayment

Understanding your rights and responsibilities while paying your student loans back is very important. The process is quite straightforward but can get complicated if you start having difficulty paying your monthly installment during the life of your student loan. If this happens you need not worry unnecessarily because you have some great options to manage your student debt.

Loan Deferment

A loan deferment is a designated period of time granted to you by your loan servicer where your principal payments are suspended. Even though during this time your payments are suspended the interest on your student loan(s) will not accrue. Most deferments are one year in length.

Forbearance – Discretionary & Mandatory

Forbearance allows the student borrower to reduce or postpone principal payments for up to 12 months. Interest will continue to accrue on all subsidized, unsubsidized and parent loans.

Discretionary Forbearance

A discretionary forbearance will be decided by your lender .Typically these forbearances are granted for job loss, economic hardship or illness.

Mandatory Forbearance

A mandatory forbearance requires the lender to automatically grant forbearance. You can request a mandatory forbearance for the following reasons:

  • You are serving in a medical or dental internship or residency program, and you meet specific requirements.
  • The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
  • You are serving in a national service position for which you received a national service award.
  • You are performing teaching service that would qualify for teacher loan forgiveness.
  • You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.

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