Not Sure What Type You Have?
You can use the National Student Loan Data System (NSLDS) to find out what federal loans you have. You first have to get a personal identification number (PIN). For more information about the use of PINs, visit NSLDS.
The site displays information on loan and grant amounts, outstanding balances, loan statuses, and disbursements.
You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have. There is a Direct Loan service center specifically for Direct Loan borrowers at 1-800-848-0979 (1-800-557-7392 for Direct Consolidation Loans).
These are very useful resources for federalloans only. There is no central data base for private student loan information. You should contact your lenders or loan holders to get more information.
Federal vs. Private Loans: How to Tell the Difference
It is often confusing to spot the differences between federal loans and private loans. The same lenders are often involved, schools sometimes put their name on a private loan, and many borrowers do not realize which they have until they enter repayment.
Tips
1. If you are trying to figure out what type of loan you have after you have already signed for the loan, visit the National Student Loan Data System, described above.
2. Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D. Ford Direct Loan Program, etc.) at the top of your monthly bill, and loan contract.
Examples:
Federal Loans:
Federal Direct Consolidation Loan Application and Promissory Note
Federal Consolidation Loan Application and Promissory Note (FFEL)
Compare to private loans:
Career Loan Promissory Note (Key Bank USA, N.A.)
Education Advancement Loan (Wells Fargo)
3. Most private student loans will have a disclosure statement similar to the information that is included on mortgage loans and car loans. This is because most private loans are covered by the Truth in Lending Act while federal loans are not. Most current disclosures will look something like these samples:
Consumer Purchase – Installment Note and Disclosure Statement
Sallie Mae Education Loan Truth in Lending Disclosure
As of February 14, 2010, there are newrequired disclosures for private student loans. The Federal Reserve Board released samples of these new disclosures, including:
