Are you a student who is eligible to obtain a loan from Fed Loan student loan servicer?. In this article we shall be showing you all about FedLoan Servicing, how to get a Fed Loan Student Loan, how to make a payment when you obtain a loan from them.
Before going ahead to show you how to get a loan from Fed loan students loan servicers, we shall first need to tell you more about federal student loan (FedLoan servicing).
About Federal Student Loan FedLoan Servicer
FedLoan Servicing is a student loan servicing company contracted by the Department of Education to handle their student loans, which means it collects loan payments and helps borrowers sign up for alternative repayment plans for the Department of Education.
FedLoan also manages the government’s Public Service Loan Forgiveness program. What this means is that they take care of all the servicing and customer service stuff for the loans.
Features of FedLoan Servicing (PHEAA)
Below are some of the basic features of FedLoan (PHEAA) Pennsylvania Higher Education Assistance Agency servicing company.
- Make Online Payments: Pay online to give yourself the most flexibility with making a payment, like the option to target extra funds to individual loans.
- Review Your Payment History: View a breakdown of the last 12 payments you made on your account.
- Obtain a Loan Payoff: Quickly and conveniently obtain a payoff amount or pay your loans in full through your online account.
- View Public Service Loan Forgiveness Qualifying Payments: View the number of qualifying payments counted toward forgiveness online anytime under View Loan Details.
How to make a FedLoan payment
The easiest way to pay your Fed loan bill is to sign up for direct debit, which will deduct the required monthly payment from your bank account automatically.
- To enroll in direct debit, create an account on FedLoan Servicing’s website by clicking here. Follow the prompts to create a PIN and enter your bank account information.
- You’ll get a 0.25% interest rate reduction on each of the eligible loans you repay using direct debit.
- Confirm that FedLoan Servicing has processed your direct debit application before you stop making payments online, by mail or by phone.
You can make one-time payments on specific loans by selecting “Make a Payment” once you’re logged in. You also can pay your bill over the phone or by mail.
How to Get Student Loan From FedLoan (FHEAA)
The government contracts with companies like FedLoan Servicing in order to give all student loan borrowers access to customer service when they need it. If you get a bill you know you can’t afford or you miss a payment, call your servicer right away.
FedLoan Servicing should walk you through your options, including income-driven repayment or postponing your bills for a time. The government has also released a new tool to help you figure out your best repayment method, found at studentloans.gov/repay.
You can sign up through your servicer for an income-driven plan, which will cap your monthly bill at 10% to 20% of your earnings, or on your own at studentloans.gov.