Authentication can be a complicated issue. Some people with good intentions end up finding they just don’t have access to the information they want. The most common excuse heard is “but I pay the bills.” I understand the frustration since you take care of the majority of the issues tied to the account, however for the safety of everyone involved, these security measures outlined below are essential. To help everyone understand both the what and the why behind authentication, I assembled some common questions.
Question 1: What is needed for the borrower to access their account information?
The key information needed is the his or her name, date of birth, and account or last four of their social security number.
Question 2: Who is able to receive my information?
The people who have automatic access to the information is immediate family members. This includes the borrower’s parents, spouse, or a child on a Parent PLUS loan. In order for them to gain information they must have the borrower’s full name (including middle initial, date of birth, and full social security number).
Question 3: What if I don’t want certain people (such as a parent) to access this information?
It is as simple as making the request. Just make a verbal or written request to your loan servicer and they will note who cannot access your account
Question 4: What if I want extra protection that ensure others do not access my information?
You are additionally able to add a password to your account. Again a verbal or written request with your servicer is all that is needed. In order for anyone (yourself included) to gain access to any information through a phone call, this password must be provided.
Question 5: What if I want to give permission for another person to have access to my information?
You can send in a Third Party Authorization form that will allow others access to this information. This is only for information though. These individuals cannot make changes to the account and do not have access to the borrower’s online account. To authenticate they must have the same information as the borrower.
Question 6: Who does have access to my online account? What if I give them permission?
Only you (or your Power of Attorney) have permission to go on the account. There are no exceptions. It does not matter if you are the parent who pays the bills, the child on a Parent PLUS loan who has made arrangements with your parents to remit payment, or spouse. Due to federal regulations only the borrower or Power of Attorney for the Borrower can make changes, even if the borrower gives permission for another person to be on the account.
Question 7: Does anyone else have access to my account information?
Your school and the four major credit bureaus (Innovis, Experian, TransUnion, and Equifax) are automatically authorized to receive information on your account.