Direct Loans are widely used by both undergraduate and graduate students. Direct Loan Servicing Online provides college and university students with an array of tools designed to help them monitor, manage, and take care of their federal student loans. Direct Loan Servicing includes both entrance counseling and exit interviews, and they make it a point to help students understand everything about their loans.
They have a variety of useful tools to aid in student comprehension, beginning with account management. With account management, recipients of federal loans can access their account through the Internet, via the aforementioned web site. There, students can calculate interest, make monthly payments, pay extra on the principle, access payment history, and manage billing and contact information. They can manage the status of their account as well. For instance, students can apply for loan deferment right through the web site.
Direct Loan Servicing Online also has tax information facilities. At the beginning of every year, borrowers receive a copy of the 1098-E Tax Information. Students who would like to access this information beforehand – such as right upon its release – can access the information by downloading the 1098-E form from the Direct Loan Servicing web site.
The Direct Loan Servicing Center also provides a way for students to apply for student loan consolidation – as it pertains to their Direct Loans – right through them, at no cost. Consolidation is a popular option among students, as it allows for the opportunity of lower interest rates and, subsequently, lower payments each month. Consolidation also offers the opportunity for more flexible repayment options, such as those offered by Direct Loans themselves.
Direct Loan Servicing also offers several electronic services, which themselves offer many conveniences. For example, the recipients of Direct Loans can take advantage of electronic services that provide the opportunity for receiving e-bills, as well as official correspondences and information from authorized parties, all of them delivered electronically. Not only does this cut down on the need for “snail mail,” but all of the inherent problems with it as well – for instance, students will no longer have to worry about bills or correspondence being lost in the mail or made late because of holidays and the like.
Generally, PIN numbers are given to students through the United States Department of Education. If for whatever reason a student did not receive a PIN number or simply forgot what their PIN number was, Direct Loan Servicing Online’s PIN services allows students to apply for a PIN number, whether it be the first one or a new one. A PIN number doubles as an electronic signature; students can use it to access all the information involving their student loans, right on the Internet. Direct Loan Servicing also offers a PIN reminder service for, as mentioned, students who have forgotten their PINs or who simply want to change them.
While Direct Loan Servicing is not the only place which allows loan recipients to pay their bills and manage their account on the Internet, it is the one with the most enviable reputation. All the same, many private lending and loan servicing businesses offer comparable features. One can learn about them simply by talking to one’s lender.