Do I need to keep correspondence from my lender?

Your lender, your new best friend

Are you the kind of person who never opens bank statements, tosses notices and other mail aside for a rainy day? When it comes to your private student loans, or your private student loan consolidation, this is the last thing you want to do.

Keep up-to-date on your lender and any changes happening or scheduled to happen within that company. They are, after all, a business. Businesses change ownership, sell assets, change names, addresses, etc.

If any of these things happen, you’ll probably receive notification in the mail. You might even receive an email. With any luck, you won’t have much to track. However, if you start receiving notices in the mail from your lender, keep watch. Keep a file.

Keep track of changes to the company name and especially the contact information. Should you need help of any kind, you’re going to want to reference the most up-to-date contact list available. You’ll probably want to have the right phone number as well.

No matter what kind of organizational skills you have, do yourself a huge favor and keep track of any changes to your private student loan lender. Especially be on the lookout for any policy changes that take place over the course of your loan repayment.