Managing Your Direct Loan Records

Even though the Servicing Center keeps records of all your Direct Loan transactions, it is important that you also keep accurate records.

As you repay your loans, items such as cancelled checks and letters you receive from your school or the Servicing Center might seem like paperwork cluttering up your life, but they can be important to you. Do not throw them out!

You should always keep your personal records up to date to be a successful loan manager. You might need these records if you ever have to prove to a potential lender that you have managed your loans responsibly-for example, if you want to borrow to buy a car or even just to apply for a credit card.

You should keep:

• all "borrower" copies of loan documents given to you by your school and the Servicing Center, such as promissory notes;
• bank account statements or copies of money orders you used to make payments on your loans;
• all loan correspondence you receive from your school;
• all correspondence you receive from the Servicing Center; and
• all entrance and exit counseling materials given to you by your school and the Servicing Center.

Each time one of your loans is paid off, the Servicing Center will send you a letter confirming that the loan is paid in full. These letters are important items to keep, too.

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