Responsibilities as a Borrower

It should come as no surprise that you’re legally required to repay your federal student loans. However, there are plenty of other good reasons you should repay in full and on time. You’ll save money on interest, build a strong credit history, and avoid the consequences of default.

• Federal loans: If you have any doubts about what you owe or to what institutions, call the lenders or servicers of your federal loans. If you don’t know who the lenders or servicers are, logon to the National Student Loan Data System (NSLDS) Links to an external site. to find their contact information. Be sure you have your Social Security number and your federal loan FSA ID handy. As of May 10, 2015, the Federal Student Aid PIN (Personal Identification Number) was replaced by the FSA ID. If you haven’t logged in to a Federal Student Aid site since May 10, 2015, you will need to create an FSA ID before you can log on in the future Links to an external site..
  
  If you already have a PIN, you can link your information to your new FSA ID by entering your PIN while registering for your FSA ID. If you’ve forgotten your PIN; you can either enter the answer to your PIN “challenge question” during the FSA ID registration process to link your PIN, or you can just create your FSA ID from scratch. A PIN is not required to create an FSA ID.

• Private loans: If you have private loans, make sure you contact your lenders, because the rules are much different.

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