Student Loan Repayment Resources

The MassBay Financial Aid team cannot help you chose a repayment plan or adjust your payment, but we are available to help you determine where to start. Much of your federal student loan debt management will be handled directly with your loan servicer.

Find My Loan Servicer

Resources for Borrowers

https://studentaid.gov/articles/category/loan-repayment

National Consumer Law Center

MassBay Partner ECMC Solutions

ECMC Solutions Website

MassBay partnered with ECMC Solutions to provide student loan counseling and support to borrowers as they navigate federal student loan repayment. Contact ECMC Solutions by phone at 1-877-331-3262, or visit the ECMC Solutions website information or make an ECMC Solutions appointment, connect through email, or web chat with a student loan counselor. The team at ECMC also offers a Free ECMC Solutions Webinar to support borrowers as they navigate repayment.

When to Contact Your Servicer

You want to change your name, address, or phone number
If you have a new mailing address, phone number or email, or if your name or other demographic information has changed, you need to advise your loan servicer. Remember that you are responsible for repaying your student loan debt, even if you don't receive bills because your servicer does not have your current contact information.
You need help making your loan payment
You want to make extra or reduced payments
Your ability to pay may change according to your circumstances. Work with your servicer to make sure extra payments are achieving your goal or that you don’t face unnecessary penalties for reduced payments.
You want to apply your payments in a specific way
If you have several loans with the same servicer, you may want payments to apply more heavily to certain loans within your account, such as those with higher interest rates. Find out your servicer’s policy for payment application across loans and how to direct payments differently.
You don’t understand your billing statement or the way previous payments were applied
If you don’t understand how your payments are being applied to your account, any fees you are charged or have other billing questions, ask your servicer for an explanation as soon as possible. This will help you better understand the most beneficial way to make future payments.
You have fallen behind on your payments
Student loan servicers may report late payments to the national consumer reporting agencies, and nonpayment will eventually lead to default. If you are not able to make your full monthly payment, work with your servicer to determine your options and see if you can avoid negative credit reporting or default.
You want to understand borrower benefits
You may be eligible for benefits, such as a reduced interest rate for making automatic electronic payments. Talk to your servicer about potential benefits as soon as possible to learn how to maintain eligibility.
You want to consolidate or refinance your student loans or you have questions
Each borrower’s circumstances are unique, and you may not be able to find accurate, updated information from your specific servicer online. If you have any questions, call your servicer directly. Your servicer is invested in your ability to successfully repay your loan and wants to help you.