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FedLoan Servicing

FedLoan Servicing

FedLoan Servicing is one of 10 loan service providers hired by the U.S. Department of Education to do these jobs on its behalf. A student loan service manages the administrative aspects of a loan, from billing and payment processing to customer service.

FedLoan is the only federal graduate student loan service provider handling public service loan applications (PSLF), student loan issuance, and job certificate processing. Once your PSLF application has been processed, your credits will automatically be transferred to FedLoan.

What Can FedLoan Servicing Help You?

FedLoan Servicing can help you with all questions relating to the repayment of your student loan or loan forgiveness.

Access to Your Account You can manage your payments online, update account information, access tax forms, and view billing and interest statements.

FedLoan Servicing
FedLoan Servicing

Repay Your Student Loan You can set up direct debits, sign up for an income-based repayment, change payment preferences, postpone your due date, and prepay.

Application for Financial Hardship You can apply for deferral and deferral, reduced payments, and federal loan or FAFSA loan consolidation.

Lending You can see if you are eligible for loan relief, teacher loan waiver, PSLF, and other service member benefits. You can also apply online for PSLF forms, track their progress, and submit.

TEACH Scholarship Administration TEACH scholarship recipients can submit their performance record and track their performance obligations.

How Can I Make FedLoan Servicing Loan Payment?

With FedLoan Servicing managing your loan, you have several options for making your monthly payments:

Mail Check: Borrowers can make a loan payment by writing a check or money order to FedLoan Servicing and sending it to the Department of Education, Federal Loan Servicing, P.O. Box 790234, St. Louis, MO 63179-0234. Include your account number on your check. FedLoan recommends mailing your check at least five to seven days before the due date to ensure it is processed on time.

Pay By Phone: You can pay anytime by phone at 800-699-2908. Have your 10-digit FedLoan Servicing account number ready.

Pay Via Mobile App: The FedLoan Student Loans app is available on iOS and Android devices. After you’ve downloaded the app, you can create an account and make payments there.

Pay Online: After you have created an online account, you can log in at any time and schedule a payment. The servicer can also securely store your bank account information so you don’t have to find that information every time you need to make a payment.

Direct Debit: Borrowers can also register for Autopay, where FedLoan will collect the amount due on the due date every month. You even get a 0.25 percent discount on your interest rate.

Third-Party Bill Payment Services: You can also schedule payments through your bank or use a bill payment service. However, you will not qualify for Autopay discounts using this method.

Once you’ve logged into your account, MyFedLoan Servicing allows you to schedule loan payments up to 60 days in the future. You can plan a maximum of eight prepayments per month. You can also make additional payments on your principal balance, which can help lower the overall interest you pay and save money over the life of the loan.

When Will My Loan Be Transferred From FedLoan ?

FedLoan Servicing is scheduled to continue servicing loans through December 2023, but will not seek to extend that contract. The loan service will end when the contract ends.

Before service contracts end, borrowers must do the following:

  • Download and save your payment history from your online account or request a copy from your administrator.
  • Update your contact information with your most recent address, phone number, and email address.

You will be notified when a loan servicing transfer occurs and will manage payments with the new servicer. All administrators offer the same options and programs, but customer service may differ from each other.

When your loan is transferred, you will receive information that explains how to access your account through your service portal and sign up for online payments, automatic payments, and email-only notifications. Even if you had these features set up with your previous administrator, you will have to start them again with your new administrator.

You will likely remain with your assigned loan servicer unless you act to change servicers. Use this tool to find out what might work for you.

The Future of FedLoan Servicing

The Department of Education renewed FedLoan Servicing contract through December 2023. However, FedLoan is not included among the services the Department of Education will partner with in 2023 and beyond as part of its new Next Gen Platform.

FedLoan Servicing
FedLoan Servicing

If FedLoan services your student loan, your loan may be transferred once FedLoan’s contract expires.

Whatever the case, FedLoan will contact you about changes to your account and whether another company will service your loan.

How You Can Contact FedLoan Servicing?

Phone Call : You can call FedLoan Monday through Friday from 8:00 a.m. to 9:00 p.m. at 800-699-2908 for loan processing assistance and assistance with TEACH grants. ET.

International callers can reach the credit service at 717-720-1985, and hearing and speech impaired callers can reach the services at 711 at the same times.

Secure email : you can log into your account (or create one) and email the service from there.

Fax : Borrowers can fax FedLoan Servicing at 717-720-1628 to submit or review documents.

Mail : FedLoan Servicing has several addresses depending on your needs. You can find more information on the contact page.

With FedLoan Servicing taking care of your student loan with bad credit, there are several ways to manage your account and make payments every month. However, given FedLoan’s legal troubles, it is a good idea to keep track of your payments with a view to obtaining credit.

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You can report problems to the consumer advice center, your public prosecutor or your state consumer protection office. It is also advisable to keep an eye out for communications from the service by the end of 2022 as your loans may be transferred from FedLoan after the contract expires.

Apply For Fedloan Servicing.