question-markHow do I know what loans I have and who I’m supposed to repay?

There are four resources for you:

  1. Your HLS Borrowing Summary Sheet (need Harvard email login) – This data will only be available until June 30, 2015.  You may want to save a copy to your desktop.
  2. The National Student Loan Data System (need your Federal FAFSA PIN) – This site will show all of your FEDERAL loans (i.e.Perkins, Stafford and GradPLUS) from any institution you borrowed federal funds through.
  3. Your credit reports which can be accessed by going to www.annualcreditreport.com  All three reports can be requested once per 12 months.
  4. Your promissory notes.

Knowing the answers to these questions is the most important part of beginning repayment.  The number one reason graduates default on a loan is because they do not know the answers to these questions and, therefore, do not know when they go into repayment or who they are to pay.  By going through the online portion of the Exit process, you will update your contact information with your lenders and will be less likely to go into default.  Statistics show that the students who  default on their loans do so because they miss their first payment!  Be certain to update your contact information with each of your lenders/services.

All student loans come with specific and, sometimes,  federally mandated repayment terms.  You will find most of this information in the next section “Understanding Your Loan Terms.”  Your best reference is always your lender/servicer.