Student Loan Information
What is a Student Loan?
A student loan (also known as an education loan) is a financial aid option that allows you to borrow money from either the federal government, private organizations, or higher education institutions to help you pay for college and higher education-related expenses. Educating yourself about student loans can help to ensure that you make responsible and effective borrowing decisions about funding your education and may also help you to limit the total amount of debt you may have upon leaving college.
Please review our Student Loan Repayment Guide for an in-depth breakdown of helpful information for anyone seeking more information on student loans.
Student loan repayment is handled by third-party companies called servicers. The CT Department of Banking regulates Student Loan Servicers who do business in Connecticut.
What is a Student Loan Servicer?
A Student Loan Servicer is a company or organization that is assigned to assist student borrowers with the billing and other services of student loans. The company "services" the loan by receiving the scheduled payments from a student loan borrower pursuant to the terms of the loan and applying the payments to a student education loan. Servicers can also assist students with functions like:
- Tracking loans while borrowers are in school.
- Helping borrowers choose or switch repayment options such as loan consolidation or repayment options other than the default Standard Repayment Option.
- Processing requests for deferment or forbearance.
- Helping to determine if you qualify for loan forgiveness.
Identifying your servicer
Federal Loans
The following table lists the current* loan servicers that the U.S. Department of Education (ED) owns. To determine the servicer of your Federal Loans:
- Visit your Federal Student Aid (FSA) account dashboard and scroll down to the “My Loan Servicers” section (You will need your FSA User ID and Password)
OR
- Call the Federal Student Aid Information Center (FSAIC) at (800) 433-3243.
| Loan Servicer | Contact |
| Ed Financial | (855) 337-6884 |
| MOHELA | (888) 866-4352 |
| Aidvantage | (800) 722-1300 |
| Nelnet | (888) 486-4722 |
| Default Resolution Group | (800) 621-3115 (TTY: (877) 825-9923 for the deaf or hard of hearing) |
| CRI | (888) 355-4311 |
*Current as of 4/3/2024.
Please refer to Federal Student Aid (FSA) for the most current federal loan servicers.
Private Loans
If you have a private loan, contact your loan lender to determine who your loan servicer is.
Servicers Licensed in Connecticut
Private Student Loan Servicers are required to be licensed with the Department of Banking to do business in Connecticut. You may determine if your Student Loan Servicer is licensed by visiting Student Loan Servicers Licensed in Connecticut.
Federal Student Loan Servicers are required to be registered with the State of Connecticut.
Educational Resources
Please refer to the below links for helpful educational resources.
Federal
- Federal Student Aid (FSA)
- Federal Student Loan Interest Rates (FSA)
- Paying for College (Consumer Financial Protection Bureau (CFPB))
- Student Loans (CFPB)
- Student Loan Debt (CFPB)
- U.S. Department of Education (ED)
State of Connecticut
- CT Dollars & Sense
- CT Higher Education Supplemental Loan Authority (CHESLA)
- Connecticut Higher Education Trust (CHET)
- CT Office of Higher Education
- Department of Banking Student Loan Repayment Guide
- Department of Banking Financial Aid Scam Protection
Private*
*Please note
Any Private link listed does not constitute an official endorsement by the Department of Banking. These links are provided as helpful resources and all students/borrowers should exercise caution when utilizing private educational resources.
Calculators
Student loan calculators are a great starting point for helping student loan borrowers determine the best student loan repayment strategies for their individual needs.
- Federal Student Aid (FSA) Loan Simulator
- Finaid.org Calculators
Complaints
If you have an issue or dispute with your Student Loan Servicer, we recommend you take the following actions:
- Contact your federal loan servicer directly to first ensure you have not been the victim of a financial aid scam.
- File a complaint with the CT Department of Banking.
- Submit a complaint to Federal Student Aid (FSA).
- File a complaint with the Federal Trade Commission (FTC).
- File a complaint with the Consumer Financial Protection Bureau (CFPB).
Questions?
Telephone Direct: 860-240-8170
Toll-free:1-800-831-7225, press option 2
Please Note:
This is an unsecured e-mail address for general questions. Please do not include personal identifying information such as Social Security and/or account numbers, birth date, user ID, or passwords using this unsecured e-mail address. To send a Secure Message log into the Online Assistance Form.