The servicer handles the day-to-day management of your loan after it has been disbursed. 

Your MPOWER loan is serviced by Launch Servicing. If your loan is disbursed and you are registered on the Launch servicing platform, log in to your Launch account to view your loan details

Here’s a detailed look at the role of a servicer in the context of MPOWER:

Responsibilities of a Servicer

• Loan Management:
  • Account Management: The servicer manages your loan account, providing updated information on your outstanding balance, amount due, due dates, and transaction history.
  • Payment Processing: They facilitate payment processing, including accepting payments online, over the phone, or through the mail.
  • Transaction Records: Maintain a clear record of all transactions related to your loan.
• Customer Support:
  • Assistance: Provide customer support to MPOWER borrowers, answering questions about loan balances, repayments, and other account details.
• Financial Guidance:
  • Loan Benefits: A servicer can help you understand the benefits attached to your loan, such as interest rate discounts for auto-debit enrollments and opportunities for early repayment without penalties.
  • Educational Resources: They often offer resources to help you navigate your loan repayment more effectively.
• Credit Reporting:
  • Credit Bureaus: Report your repayment activity to major U.S. credit bureaus, which helps build your credit history in the United States.
• Documentation:
  • Tax Forms: Generate and provide important tax forms such as IRS Form 1098-E, which details the interest amount paid on your student loans for tax purposes.

By handling these tasks, servicers play a crucial role in ensuring that your loan is managed efficiently, helping you stay on top of your repayment obligations, and supporting you through any challenges during your repayment period.