New Jersey Department of Banking and Insurance Alerts Student Loan Borrowers About
Loan Forgiveness Programs: Frequently Asked Questions
• Why did I receive a student loan letter from the Department of Banking and
Insurance?
Your student loan servicer has identified you as a borrower who may have privately or
commercially held loans under the Federal Family Education Loan (FFEL) Program,
and who may be eligible to get credit towards loan forgiveness if you apply for a
Direct Consolidation Loan by April 30, 2024.
• What do I need to do to consolidate my FFEL? Do I need to do anything at all?
You must apply to consolidate your commercially or privately held FFEL loans
by April 30, 2024. Application for consolidation is free on the U.S. Department
of Education website:
https://Studentaid.gov/loan-consolidation/
Make sure you have:
o A Verified FSA ID
o Your Personal Details including your:
Permanent and Mailing Address (if different than your permanent
address)
Telephone
Email Address
o Your Financial Information including information about your income as
required for income driven repayment plans.
o Additional Loan Information including:
Loan Type
Loan Servicer
Loan Amount
Interest Amount
• Why is it so important to consolidate my commercially or privately held FFEL
Program loans now?
Applying for a Direct Consolidation Loan for your commercially or privately held
FFEL by April 30, 2024, could allow you the benefit of receiving credits
towards student loan forgiveness.
• How long will it take for my Direct Consolidation Loan to be processed?
According to StudentAid.gov, it takes at least 60 days to process a Direct Consolidation
Loan application and disburse the new loan.
• If I have any further questions regarding the consolidation or other student loan
related questions, who can I contact?
If you have any further questions on consolidation or your loans owned by the U.S.
Department of Education, contact the Federal Student Aid Information Center (FSAIC)
at (800) 433-3243 or the live chat in your StudentAid.gov account.
• I didn’t receive a letter from the Department of Banking and Insurance regarding
loan consolidation. What should I do?
If you do not receive a letter and you have FFEL loans, you may still be able to
participate. Apply to consolidate at https://Studentaid.gov/loan-consolidation/
• What if I don’t know if I have a loan under the FFEL?
Contact your loan servicer or visit the U.S. Department of Education website.
• What if I don’t know who my servicer is?
To find out who your loan servicer is, visit your account dashboard with the U.S.
Department of Education and scroll down to the “My Loan Servicers” section, or call
the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. For more
information, click here.
• What if I have other student loan questions?
You may contact your Student Loan Servicer directly.
You can also submit inquiries and complaints to the Department of Banking and
Insurance by calling 1-800-446-7467 or using the Online Consumer Assistance Form.
The office of Federal Student Aid (“FSA”) also handles student borrowers’ complaints
regarding your loans that are owned by the U.S. Department of Education. Borrowers
can submit student loan complaints here.
• How do I protect myself from student loan scammers who offer services for a fee
to assist with student loan aid?
