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Student Loan Account

By: EconomyWatch Content Date: 27 November 2009

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A student loan account is set up when your student loan is approved. Through this account, you can keep track of all your transactions related to this loan. You would need to take out a new loan and open a new account for every year of your studies.

Student Loan Account: Must Know Information

Some of the crucial things you must know about a student loan account are:

For a student loan, a year is 52 weeks from the time of the start of your course.
Each loan account closes on December 31 following your course end date.
In the UK, after you close your loan account, the loan balance in your account is transferred to Inland Revenue on February 28. Inland Revenue is responsible for collecting repayments from you.

Why and How to Maintain Your Student Loan Account

You must keep your student loan account updated for any changes in your:

Address
Telephone number
Email address
Financial status

Failure to update the account may result in:

A delay in receiving important correspondence
Repayments being missed on your loan account

You can make the updates by:

Accessing your online loan account
Calling the customer service number of your lender

What You Can Do Through Your Online Student Loan Account

Through the online student loan account, you can:

Make payments to your student loan by:
- Transferring money from the checking or savings account at your lender
- Setting up automatic payments from any checking account
- Making payments on your student loan with a checking or savings account from any other financial institution
Check your account balance
Check the interest rate you are paying
Verify your account activity, including recent payments and the interest paid for the current year
View the next payment due date and amount
Pay bills online through the Bill Pay services

Incorrect Information in Student Loan Account: What to do?

If your student loan account reflects incorrect information, you should send copies of the canceled payment checks or money orders used to repay the loan and other relevant information to the agency servicing your loan.

If your name and SSN are incorrectly linked to a student loan account, request a copy of the promissory note from the lender and file a case of forgery.

If only your SSN is incorrectly linked to a student loan account, you can mail or fax copies of the following documents to the loan holder: