How do I know what kind of loan I have?
It may be hard to tell at first glance if you have a private or a federal loan. Many private student loan lenders also manage and service federal student loans. You may have both federal and private student loans.
To find out, visit this page of the Student Loan Borrower Assistance website.
Federal student loans
Having trouble repaying your federal student loan? Explore repayment plans — including income-driven repayment (IDR) plans based on how much money you make.
TPD reporting
The US Department of Education waived income monitoring and reporting requirements during COVID for borrowers who received a discharge due to total and permanent disability (TPD). In addition, borrowers with loans that were reinstated for failure to provide earnings documentation are being restored to discharge status, and will be refunded any payments made following loan reinstatement. Learn more about this student loan help.
Student loan forgiveness plan was blocked
On August 24, 2022, the U.S. Department of Education (DOE) announced student loan forgiveness of up to $20,000 for eligible Americans.
On June 30, 2023, the U.S. Supreme Court issued a ruling that essentially blocks this student debt relief program.
The U.S. Department of Education explains the impact of this decision on the Federal Student Aid website.
Private student loans
If you have a private student loan — including one from Vermont Student Assistance Corporation (VSAC) — contact your student loan servicer or lender to identify the options that might help you. They may include:
- providing forbearance (postponement) of payments
- waiving late-payment fees
- protecting you from negative credit reporting
- ceasing debt-collection lawsuits for some time, and
- enrolling in appropriate assistance programs, such as income-based repayment.
Borrowers with private student loans can look for contact information on their monthly billing statements. VSAC borrowers may call 1-833-802-8722.
Learn more about repaying private student loans on the Student Loan Borrower Assistance website.
General student loan resources
- Watch out for student debt relief scams!
- Managing Student Loans - Student Loan Borrower Assistance website
- Discharging a Student Loan Due to Disability - Student Loan Borrower Assistance website
- Total and Permanent Disability (TPD) Discharge - disabilitydischarge.com website
- Other reasons to discharge a federal loan - Student Loan Borrower Assistance website
- Getting or Repaying Student Loans - Consumer Financial Protection Bureau website
- Studentloanify - A paid online service that helps you find and apply for the best repayment option available to you
- Finding Your Student Loan Information - Student Loan Borrower Assistance website
Need help?
If you have a low income and you are having trouble with your federal student loan payments, contact us. Fill out our form and we will call you back. Your information will be sent to Legal Services Vermont, which screens requests for help for both Vermont Legal Aid and Legal Services Vermont. You can also call us at 1-800-889-2047.
