Student Loan Repayment Strategies and Finding Your Servicer

Key Takeaways

• Your loan servicer is the company that bills you and processes payments. Find yours by logging into your account at StudentAid.gov and checking "My Loan Servicers" or "Servicer History."
• Federal repayment plans changed on July 1, 2026: two new options (the Repayment Assistance Plan and a Tiered Standard plan) launched, and the SAVE plan has ended.
• The strongest student loan repayment strategies are simple: know your plan, set up autopay for an interest-rate discount, and pay extra toward principal when you can.
• No legitimate servicer charges a fee to help you, so anyone promising "loan forgiveness" for a payment is running a scam.
• If student loan payments are squeezing your budget, RMCU's financial counseling can help you build a plan that works.

If you're a young Montanan staring down a student loan balance, you're carrying one of the heaviest financial weights of your generation, and you're far from alone.

Student debt is one of the biggest sources of money stress for people in their twenties and thirties. Gen Z borrowers owe around $21,000 on average, and the system built to manage it can feel extremely confusing. Right now, it's more confusing than usual because the rules are shifting in 2026.

But here’s the good news: the fundamentals of managing student loans haven't changed, even if the plan names have. Once you know who you owe, what your options are, and a few smart student loan repayment strategies, the whole thing gets a lot less overwhelming.

Student debt stressing you out? RMCU members can schedule a no-cost appointment with one of our financial counselors to build a plan around a real budget.

How to Find Your Student Loan Servicer

You can't manage a loan you can't log into. Your servicer is the company the U.S. Department of Education assigns to handle your federal loans. They send your bills, process your payments, and manage things like switching repayment plans or applying for forgiveness.

To find yours:

1. Go to StudentAid.gov and log in with your FSA ID (your federal student aid username and password). If you have federal loans, you already have an FSA ID (you created it to sign your FAFSA). Can't remember your login? Use the "Forgot Username" or "Forgot Password" links rather than making a new account, since duplicate accounts can cause delays. If you're fully locked out, call the Federal Student Aid Information Center at 1-800-433-3243.
2. From your dashboard, open "My Loans" and select "Servicer History," or look for the "My Loan Servicers" section.
3. You'll see the name and contact info for every company servicing your federal loans.

The federal government currently works with about seven servicers, including MOHELA, Nelnet, Aidvantage, and EdFinancial. Servicers change more often than you'd expect. Loans get transferred, usually with a notice about 15 days ahead of time, so it's worth double-checking StudentAid.gov even when you think you know who to pay.

Have private student loans too? Those won't show up on StudentAid.gov. Check your original loan paperwork, your monthly statements, or pull a free copy of your credit report at AnnualCreditReport.com to see who holds them.

Know Your Repayment Plan Options (and What's Changing in 2026)

In the past, federal repayment plans have fallen into two broad camps. Fixed plans, like the Standard 10-year plan, give you set monthly payments and the fastest, lowest-interest payoff if you can afford them. Income-driven repayment (IDR) plans, by contrast, tie your payment to what you earn, which lowers your monthly bill but stretches out the timeline.

BUT starting July 1, 2026, the menu changes. Two new plans launch:

• Repayment Assistance Plan (RAP): A new income-driven option that sets payments at 1% to 10% of your income, trims your bill by $50 for each dependent, and works toward forgiveness after 30 years.
• Tiered Standard plan: A fixed-payment plan with a repayment term based on how much you owe.

If all your loans were taken out before July 1, 2026, you keep access to existing plans like Income-Based Repayment (IBR) and can opt into RAP if it's a better fit. But if you borrow any new federal loan on or after that date, all of your loans move to the new rules.

Don't guess which plan is cheapest for you! The federal Loan Simulator at StudentAid.gov is a great free tool that compares your real numbers across plans in a few minutes.

Student Loan Repayment Strategies That Actually Help

Once you know your servicer and your plan, a handful of habits do most of the heavy lifting:

1. Set up autopay: Most servicers shave 0.25% off your interest rate just for enrolling.
2. Pay a little extra toward principal: Even $20 above the minimum, directed at your principal, chips away at the balance and the interest that compounds on it. (If you're fuzzy on how that works, our guide to good interest vs. bad interest breaks it down.)
3. Recertify your income on time: On an income-driven plan, you have to confirm your income each year to keep your low payment. Put the date on your calendar.
4. Look into forgiveness if you qualify: If you work for a government agency or nonprofit, Public Service Loan Forgiveness can erase your remaining balance after 120 qualifying payments.
5. Think hard before refinancing federal loans: Refinancing into a private loan can lower your rate, but you permanently give up federal protections like income-driven plans and forgiveness. For most borrowers, that trade isn't worth it.
6. Never pay for help: Your servicer assists you at no charge, and so does StudentAid.gov. Anyone charging a fee for "forgiveness" or "loan relief" is a scam.

Free Up Room in Your Budget

Sometimes the real problem isn't the student loan — it's everything around it. When rent in Montana, a car payment, and a couple of credit card balances all hit the same week, even a reasonable loan payment can feel impossible.

That's where your credit union comes in. If high-interest credit card debt is the thing squeezing you, a debt consolidation loan can roll those balances into one lower-rate payment and free up breathing room for your student loans.

Keeping an eye on your credit with SavvyMoney, included with your membership, lets you watch your on-time student loan payments pay off over time and helps you keep building a stronger credit score as you go.

RMCU Has Your Back

Student debt is a long game, and nobody expects you to have it all figured out in your twenties. Thankfully, the student loan repayment strategies that work aren't complicated! Just find your servicer, understand your plan, automate your payments, and chip away when you can. The rest is staying consistent.

And you don't have to do it alone. Whether you're sorting out your very first payment or trying to make the numbers work, talk with an RMCU financial counselor about a plan built around your real life. As a member-owned credit union, we're invested in your success (not your interest payments).

Ready to get your whole financial picture working together? Become an RMCU member and join a Montana credit union that's on your side.