MyFedLoan – Login To FedLoan Servicing

The online portal for FedLoan Servicing is MyFedLoan, this company services federal student loans on behalf of the U.S. Department of Education. FedLoan Servicing is managed by the Pennsylvania Higher Education Assistance Agency (PHEAA), a non-profit organization that offers student financial aid services.

MyFedLoan allows borrowers with federal student loans eligible for servicing by FedLoan Servicing to handle their loans online. On the MyFedLoan platform, borrowers will get to see loan details, make payments, apply for income-driven repayment plans, request deferments and forbearances, complete loan forgiveness applications, and much more.

However, the contract of FedLoan Servicing with the Department of Education ended in December 2022. Therefore, all loans that were previously being serviced by FedLoan have been moved to other federal loan servicers including MOHELA, Aidvantage, and Nelnet.

Therefore, while FedLoan Servicing and MyFedLoan are no longer active in the federal student loan servicing sector, we have given the full details of MyFedLoan and New FedLoan Services and how to apply for new student loans.

Types of FedLoan

• Direct Subsidized Loans: These types of loans are for students who are currently undergraduate students and in need of financial aid. The government pays the interest while you are in school at least half-time, during the initial six-month grace period after graduation, and during deferment periods, which is good news.
• Direct Unsubsidized Loans: All students, undergraduate or graduate regardless of financial need can get these loans. Unlike subsidized loans, you are responsible for all accruing interest.
• Direct PLUS Loans: Available to graduate and professional students, as well as parents of dependent undergraduate students. A credit check is a must for loans of this type.

MyFedLoan Eligibility

To qualify for federal student loans, you must meet the following basic criteria:

• U.S. citizenship, or in the case of non-citizens, is one of the eligible statuses.
• Valid Social Security Number.
• Enrollment or acceptance into an eligible degree or certificate program.
• Maintain satisfactory academic progress.
• Have not been in default on a student loan in the past.

How to Apply for Federal Student Loans

Step 1:- Complete the FAFSA® Form: The Free Application for Federal Student Aid (FAFSA®) is the gateway to MyFedLoan. You can complete the form online at https://studentaid.gov/. Essential information you’ll need includes your Social Security number, tax returns, bank statements, and investment records.

Step 2:- Review Your Student Aid Report (SAR): Upon your submission of your FAFSA®, you are sent a Student Aid Report (SAR). Please check it for accuracy and make all needed corrections.

Step 3:- Receive Your Financial Aid Offer: The financial aid office of your school will create a financial aid package from what you put in your FAFSA® form. This financial aid package consists of scholarships, grants, work-study positions, and federal student loans.

Step 4:- Accept Your Loans and Complete Required Steps: In case you opt to take federal loans, you will need to follow the instructions of your school when accepting the whole or part of the offered amount. You’ll then need to complete the following:

• Entrance Counseling: Entrance counseling provides essential information about your rights and responsibilities as a student loan borrower.
• Master Promissory Note (MPN): The MPN is a legal document outlining the terms and conditions of your federal student loans.

How to Find and Manage Your Federal Student Loans

If FedLoan was the previous loan servicer of your federal student loans, knowing how to use your account with your new servicer becomes very important. Here’s a step-by-step guide:

Step 1: Find Your New Servicer

You should have been notified when your loans were transferred to a new servicer. This change occurred for all FedLoan borrowers by December 2022. Your new servicer is one of the following:

• MOHELA
• Aidvantage
• Nelnet
• Edfinancial
• Navient

If you have doubts concerning your new servicer, you can access your Federal Student Aid account at StudentAid.gov or dial 1-800-4-FED-AID.

Step 2: Open Your Online Account.

After you have identified your new servicer, go to their web page and set up your online account. This will enable you to easily manage your federal student loans.

To register you will have to enter personal information, including your SSN, birthdate, and other verification. When your account is active, you should sign up for account alerts either via email or text.

Step 3: Check the Details of Your Account.

Log in as often as possible on your new FedLoan Servicer’s online account to check important loan details such as balance, interest rate, monthly payment, and repayment status.

Make sure that the details of your personal, employer, and school are all correct. Contact your servicer if you need to update any information.

Step 4: Know the Repayment Alternatives

Be sure to know all the student loan repayment plans that are offered to you. Your new servicer offers the same options MyFedLoan did, including:

• Standard repayment
• Graduated repayment
• Extended repayment
• Income-driven repayment plans

Review the eligibility criteria and terms of each to choose the best repayment strategy for your situation.

Step 5: Set Up Automatic Payments

If you enroll in autopay with your new servicer, your monthly loan payments will be deducted automatically. This avoids late charges and qualifies for interest rate reductions.

You can set up autopay to withdraw funds from your bank account each month. Make sure sufficient funds are available to cover your payment.

MyFedLoan Login

To use your FedLoan Servicing account in MyFedLoan, you need to first set up an online account. Here are the steps to set up and log into your MyFedLoan account:

1. Go to www.myfedloan.org and click on “Create an Account“
2. Provide your details including name, date of birth, Social Security Number, contact information, etc.
3. Agree to the terms and conditions and verify your email address
4. Return to the MyFedLoan login page and enter your credentials to access your account

Once logged in, you can view information on your federal loans serviced by FedLoan, make payments, manage your account details, apply for income-driven plans, and more.

MyFedLoan Payment Options

MyFedLoan offered several options for making federal student loan payments conveniently online:

• Direct debit payments: Set up automatic monthly payments from a bank account
• Individual payments: Make one-time payments by debit card, credit card, or electronic check
• Payroll deduction: If offered by your employer, send automatic payments each pay period
• Mail payments: Send checks or money orders by standard mail

Loan Repayment Plans with MyFedLoan

MyFedLoan provides a range of repayment plan choices that help borrowers deal with their federal student loan payments efficiently. Here are some of the most common plans:

1. Standard Repayment Plan: This plan involves fixed monthly payments over 10 years or up to 30 years for consolidated loans.
2. Income-Based Repayment (IBR): Monthly payment under this plan is based on the income and family size of the borrower, and if there is any balance left after 20-25 years of qualified payments, it is forgiven.
3. Income-Contingent Repayment (ICR): Like IBR, this plan sets monthly payments at a fixed percentage of the borrower’s (family) discretionary income. Any balance remaining after 25 years of qualifying payments is then forgiven.
4. Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE): These are income-based repayment plans, that set maximum monthly payments according to the borrower’s income and family size, with the remaining balance forgiven after 20–25 years of qualifying payments.
5. Income-Sensitive Repayment: Under this plan, monthly payments are adjusted according to the borrower’s annual income and the maximum repayment period is 10 years.

MyFedLoan Benefits

There were several key benefits borrowers can take advantage of by having a FedLoan Servicing account and using the MyFedLoan platform:

• Apply for income-driven repayment plans
• Request deferments or forbearances if facing financial hardship
• View up-to-date information about loan balances and payments
• Complete applications for Public Service Loan Forgiveness (PSLF)
• Submit forms for Teacher Loan Forgiveness and Perkins Loan Cancellation

FedLoan provides a centralized place to manage federal student loans and take advantage of programs that reduce payments or provide loan forgiveness.

Services Offered by MyFedLoan

FedLoan offers borrowers the following key services:

1. Loan Servicing: As a loan servicer, FedLoan gives access to essential account management for federal student loans. This includes:

• Collecting and processing monthly loan payments
• Handling requests for deferments and forbearances
• Managing applications for income-driven repayment plans
• Providing account statements and tax documents
• Reporting loan details to consumer credit bureaus

2. Online Account Access: Borrowers can conveniently access their account details 24/7 through the MyFedLoan website. Key online features included:

• Checking loan balances
• Viewing payment histories
• Updating contact information
• Enrolling in autopay
• Making one-time payments

3. Payment Processing: MyFedLoan offers various payment options to help borrowers repay their federal student loans:

• Online payments via electronic funds transfer or debit/credit card
• Payments by phone
• Pay-by-mail
• Automatic payments deducted from a bank account

4. Repayment Support: To assist borrowers struggling to make payments, MyFedLoan can help enroll them in income-driven repayment plans or grant temporary relief through deferment or forbearance.

5. Loan Forgiveness: As the sole servicer for PSLF and TEACH Grants, MyFedLoan handles all applications and employment certifications for these federal forgiveness programs.

Recovery Plan for Federal Loan

If you fell behind on payments on your federal student loans serviced by FedLoan, here are some steps you can take:

• Contact FedLoan Servicing to discuss options to get your loans back in good standing. For example, you may qualify for reduced payments through an income-driven repayment (IDR) plan.
• If you are experiencing financial difficulty as a result of such situations as unemployment, military service, or educational pursuits, this is an opportunity to ask for a deferment or forbearance to stop payments temporarily.
• Consider loan rehabilitation if your loans went into default. It will require you to make nine monthly payments, which are to be paid on time, for at least 10 months after which your loans return to good standing.
• Consolidate the loans to get out of default and probably be eligible for IDR plans with lower monthly payments.

Get MyFedLoan Professional Help

Need Professional Advice? Receiving individualized advice can be quite helpful when it comes to managing your federal student loans. Consider these resources:

• Your new loan servicer’s customer support line: Servicers have representatives who can answer your questions, explain your options, and help you enroll in the right programs.
• Non-profit student loan advisors: Organizations such as The Institute of Student Loan Advisors (TISLA) provide free student loan counseling to give unbiased counsel.
• Certified financial planners (CFP) who specialize in student loans: CFPs can evaluate your entire financial situation and develop a holistic plan of which student loan management will be a part, and other financial goals are retirement savings and home ownership.
• Student loan lawyers: A student loan lawyer can give you advice on your rights and possibilities in case you encounter more severe problems with the loans such as wage garnishment, lawsuits, or other legal complications.

How Do I Contact My New Student Loan Servicer?

To get in touch with your newly assigned federal loan servicer, you can:

• Visit new FedLoan servicer’s customer support
• Call 1-800-4-FED-AID to speak to a representative
• Log into the servicer’s website to access your online account
• Use the contact information available on your most recent account statement

Reach out as soon as possible to complete any pending paperwork or confirm details about your account. Ask the servicer to walk you through all repayment plan options, proper documentation for income changes, and any specific requirements regarding PSLF (if applicable).

FAQs About MyFedLoan

Here are answers to some common questions about FedLoan Servicing:

Conclusion

In final words, MyFedLoan is the online portal used by borrowers with federal student loans serviced by FedLoan Servicing (operated by PHEAA). It offers convenient access to account information, online payments, and programs to lower payments or obtain loan forgiveness.

However, all the accounts of FedLoan borrowers have been moved to other federal loan servicers. The borrowers are now required to open accounts with their newly assigned servicers to manage their loans.