Debt Management

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Office of Debt Management
Dorla Fallen, Default Manager
(518) 207-2926

NOTE: Understanding your rights and responsibilities while paying your student loans back is very important. The process is quite straightforward but can get complicated if you start having difficulty paying your monthly installment during the life of your student loan. If this happens you need not worry unnecessarily because you have some great options to manage your student debt.

Loan Deferment

A loan deferment is a designated period of time granted to you by your loan servicer where your principal payments are suspended. Even though during this time your payments are suspended the interest on your student loan(s) will not accrue. Most deferments are one year in length.

In School Deferment

An in school deferment is granted for student loan borrowers who continue on with his or her education and are currently enrolled and in attendance for at least ½ time study in an institution approved by the department of education as a title V l school or college. The deferment can be granted for as long as the student borrower is in qualified attendance.

Forbearance – Discretionary & Mandatory

Forbearance allows the student borrower to reduce or postpone principal payments for up to 12 months. Interest will continue to accrue on all subsidized, unsubsidized and parent loans.

Discretionary Forbearance

A discretionary forbearance will be decided by your lender .Typically these forbearances are granted for job loss, economic hardship or illness.

Mandatory Forbearance

A mandatory forbearance requires the lender to automatically grant forbearance. You can request a mandatory forbearance for the following reasons:

  • You are serving in a medical or dental internship or residency program, and you meet specific requirements.
  • The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
  • You are serving in a national service position for which you received a national service award.
  • You are performing teaching service that would qualify for teacher loan forgiveness.
  • You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.

Student loans are and important responsibility. Make sure that you have a reliable address to receive mail and open all correspondence from the student loan servicing center immediately. If you run into any trouble or are confused or afraid that you may default on your loans don’t panic. I am here to help you navigate through the student loan system and will gladly set up a conference call with a loan official to resolve any issues affecting your student loan. Get on Track with your student loans! Give me a call or email, and I will gladly walk you through all your options and help you get back on track!

You can find any information about your student loans including your servicer by going to:



Aspire Resources Inc.: 888-902-6077 (fax 515-366-8415)

CornerStone: 800-663-1662 (fax 801-366-8415)

Costep: 877-292-8639

ESA/EdFinancial: 855-845-1001 (fax 565-692-6378)

Granite State — GSMR: 800-303-8353 (fax 603-227-5441)

Great Lakes® Educational Loan Services, Inc.: 888-686-6919 (fax 866-632-0590)

KSA: 877-292-5227

MOHELA®: 888-866-4353 (fax 866-222-7060)

Nelnet®: 866-463-5638 (fax 866-545-9196)

PHEAA: 800-655-3813

OSLA Servicing: 866-264-9762 (fax 855-813-2224)

Navient (Salli Mae): 888-272-4665 (fax 866-266-0178)

VSAC Federal Loans: 888-307-8722



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