Student loan holders are often subjected to phone calls from their companies. These phone calls can be very frustrating and time-consuming.
Student loan debt:
Student loans are unsecured debts that can be very difficult for borrowers to pay off. The two most common types of student loan debt holders include Federal Stafford Loans and Federal Perkins Loans. If borrowers default on their federal loans, they risk losing tax refunds or wages until the balance is paid in full.
Student loan borrowers:
Student loan borrowers are the people who take out student loans. A borrower has taken on debt to pay for some form of education, including college, high school diploma, and more. A student loan borrower can also be a parent or guardian responsible for their child’s education.
Student loan scams:
Student loan scams are based on false promises. These can include student loan forgiveness, debt relief, or consolidation. It is important to note that these types of companies do not work in the best interest of their clients.
Student loan servicer:
A student loan servicer is a company that manages your loans. They are responsible for processing payments, sending statements, and updating what’s happening with your account. Unfortunately, this also means they will contact you if something changes or goes wrong on their end. This includes reaching out to get clarification when there is an error in billing.
Fortunately, Consumer Financial Protection Bureau protects consumers from unfair and abusive practices.
Consumer Financial Protection Bureau:
The Consumer Financial Protection Bureau is a US government agency that protects consumers from unfair, deceptive, or abusive practices. They recommend you contact your servicer via mail to start with if they call about an issue on the account. If this does not help, call them back and give them another chance to resolve it without your intervention.
Why do I get calls from my student loan servicer?
Your student loan servicer will call you if changes in your repayment plan, interest rates, or credit report. These are all circumstances that may interfere with your monthly payments, and it’s best to resolve these issues as soon as possible.
What should I do when my student loan company calls?
Whenever you receive a phone call from your student loan company, make sure to stay calm. They have the right amount of information to help identify any problems or errors on their end for which they need clarification.
Ways to Avoid Phone Calls From Your Student Loan Company
Check your monthly statements to make sure they are accurate.
When your company sends you a monthly statement, make sure that it is accurate. If there are any discrepancies or problems with the information they have given you, contact them immediately to fix this issue as soon as possible.
Use auto-payments to avoid late fees and phone calls. Another way to prevent these phone calls from even happening is by using an automatic payment system through your bank account or debit card at least ten days before each due date on your bill.
This will ensure that you pay the correct monthly payment amount on time every month without adding additional charges to what you owe for being late with payments.
Review all of the phone numbers given on your account and update them if necessary.
Don’t ignore requests for more information if necessary. However, be careful about how much personal information you give out, as you don’t want to be taken advantage of.
Call them back with the correct contact number. For example, suppose your student loan company calls multiple times a day to clarify why something has changed regarding your account balance/interest rate/payment amounts.
In that case, they should call their customer with the most updated phone numbers and extensions. Hence, there aren’t any issues when trying to resolve this matter together in an amicable manner via telephone conversation.
Keep a list of the contact information for each company you owe money to if you need it later.
If you decide to call your student loan company back, ensure that you have the correct contact number and extension. Keep a list of all phone numbers for each separate account on hand, so it is easier to track who they are trying to reach at any given time.
This will help prevent them from calling multiple times a day with no luck in reaching their intended party.
The goal here is just communication between both parties involved – this can solve most problems that arise from miscommunication or inaccurate information presented by yourself or your student loan servicer/company about details concerning monthly fees, etc.
If you miss or ignore any calls, call back as soon as possible to avoid any penalties or late fees.
If you miss a phone call from your student loan company, make sure to return their call as soon as possible to resolve any issues amicably. This would reduce the risk of incurring unnecessary charges or penalties due to missing out on important information.
Don’t be rude or swear during the conversation. Instead, be polite and professional when speaking with someone who works for a student loan servicing/collection agency. They have our best interest at heart and are just trying to provide accurate information.
Pay off what’s owed early so that you don’t have to worry about high-interest rates or penalties.
If you have the financial ability to pay off your student loan early, this is a great way to take control of any problems that may arise out of not having enough money on hand at present for payment/interest rates.
Avoid phone calls by checking online often and paying attention to emails sent from your company directly if possible.
Stay organized – keep everything in one place, like an address book or spreadsheet with all relevant information for each company.
When it comes the time a student loan servicer or collection agency calls, be sure to keep track of who they are, what they are calling about, and the date/time they called.
This will allow you to have an organized list of all relevant contact information, so there aren’t any issues when trying to resolve anything with them appropriately! Also, if paying off your loans early is something that interests you – check out these sites here:
Be alert on student loan forgiveness scams.
Student loan scams are becoming more prevalent in the news today. You’ll be able to detect if they are possible scammers if they ask for personal information from you. Usually, they will also deceive you by introducing themselves as someone from the bank and asking you to pay something online.
Check out our list of lenders below.