GATHER KEY DOCUMENTS
For an efficient servicer call, you should gather relevant documents and account numbers and have them on hand before picking up the phone. Depending on your goals, this may include:
• Your student loan servicer account number.
• Your Social Security number.
• Your loan history, available in your StudentAid.gov account.
• Recent mail and email communications from your servicer.
• Last year’s tax return, including income and family size.
• A copy of your student loan billing statement.
• Your bank account information.
• A recent bank statement.
BLOCK OUT A CHUNK OF TIME FOR THE CALL Be prepared to wait a bit to speak with your servicer. During the last two weeks of October 2023 — when federal student payments were resuming after a three-year pause — borrowers waited an average of 73 minutes to speak with a servicer agent, according to a January report from the Consumer Financial Protection Bureau. Hold times have leveled off since October, Buchanan said, but you can still minimize your wait by calling on a Thursday or Friday morning, or during the early morning or late afternoon on other days of the week.
Locate your student loan servicer’s customer service phone number on the servicer’s website.
Once you’re on the phone with a servicer, the conversation can be swift. Servicers can handle most basic, clarifying questions in a couple of minutes, while more complex calls take upwards of 15 minutes, Buchanan said.
“It really depends on what help you need and how much research you’ve already done,” he explained.
BE FIRM BUT POLITE You’ve done your research, gathered your documents and patiently waited on hold — but what if you still aren’t getting the help you need? It’s easy to get frustrated with your servicer, but losing your cool won’t help you get a resolution. “Point the servicer in the right direction, but do it firmly, calmly and politely so that they can get the issue resolved,” Taylor suggests. Said Buchanan: “Our staff are hard-working people just like you, so having a positive and open discussion will help you both work together to get to the best answer much faster.”
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