This article is going to give you a complete guide of MyFedLoan, so, if you are one of those who are struggling to find details regarding this platform, then you are at the perfect place. Read this article till the end to get to know about MyFedLoan.org in detail.
Table Of Contents
- 1 What is MyFedLoan?
- 2 Why MyFedLoan is Used?
- 3 What Are the Loan Eligibility?
- 4 How to Use MyFedLoan?
- 5 Services And Assistance of FedLoan
- 6 Federal Student Loan Process
- 7 MyFedLoan Contact Information
- 8 Some Other Federal Student Loan Servicers List
What is MyFedLoan?
www.myfedloan.org is a very useful online platform for FedLoan Servicing. It is basically a well-known nonprofit organization that has been under the management of the Pennsylvania Higher Education Assistance Agency (PHEAA).
The main aim of MyFedLoan was initially to support the United States Department of Education in student loan servicing. With the help of MyFedLoan, you can easily manage the repayment of a Direct Subsidized Loan, Direct PLUS Loan, Direct Unsubsidized Loan, and even the Direct Consolidation Loan. All these loans payments can be easily processed through the MyFedLoan online platform.
In addition to that, all the borrowers who are planning to start a career in the public sector i.e., to be police officers, firefighters, or teachers are automatically going to be paired with FedLoan Servicing as part of the Public Service Loan Forgiveness Program (PSLF) which is easily accessible through the government.
Why MyFedLoan is Used?
MyFedLoan is very useful for all those students who have applied for student loans as it helps in making and Managing your Student Loan Payments. With the help of this platform, the students can develop a repayment plan along with tracking your loan repayment progress. You can also see if you qualify and apply for student loan forgiveness and get the documents for the student loan interest tax deduction.
On the other hand, not everyone with a federal loan is going to go through FedLoan Servicing for the reason that there is, in fact, a total number of nine federal loan servicers which are different from each other, and only the government is the one who assigns one to you. Other services also comprise of Navient, Mohela, and Nelnet.
What Are the Loan Eligibility?
Myfedloan servicers have two main types of Federal Loan Programs which are FFELP and the William D. Ford Federal Direct Loan Program loans. FFELP Loans are that Loans that were sold and Transferred as the Result of Legislation known as the Enduring Continued Access to Student Loans Act (ECASLA), under which the U.S. Department of Education offered to purchase FFELP loans from third-party lenders. MyFedLoan also services the Direct Loans that are Provided Directly through the United States Department of Education and don’t involve in the Third-party Lenders.
How to Use MyFedLoan?
In order to start with using the MyFedLoan platform, you have to go through a few basic steps For Myfedloan Login, and you can perform through their full website or else from their mobile app. Here are the steps:
- First, create an account and for this, you have to go the official website. At the login page, you will find an option as “create an account” which is available right under the “Sign In” option located in the screen’s top right corner. You are going to need to key in your credentials such as your name, email, address, date of birth, along with your Social Security Number or else the account number.
- Secondly, create a user name and a strong password. For further login, you have to create your login credentials i.e., username and password. As we know that you are entering some of your sensitive details, therefore, you have to ensure to create a very strong password as well as the security questions.
- In the third step, view your loans. This is that crucial step when you get to see regarding how much you are indebted on each of your student loans, which also consist of the due dates along with the interest rates.
- In the fourth step, explore MyFedLoan portal. Just simply take a good look around this online portal. This platform comprises of the information on the basics of student loan, what to do if in case you have fallen behind on a payment, different exceptional programs for the teachers and military, as well as a summary of your repayment choices.
- In the fifth step, just simply choose a repayment option such as Standard Repayment and Graduated Repayment.
Services And Assistance of FedLoan
You get the primary loan and repayment options with FedLoan, but other than that it also offers many different types of services as well as assistance for helping the students with their loans.
Assistance with Suitable Repayment Plans
If any of the students are facing difficulty in making the payments on a monthly basis, then FedLoan also helps you out in this situation by offering options to change the repayment plan to an income-based repayment plan or else to the lower monthly payments.
When the student is facing financial hardships, then they can suspend the payments through many different options with MyFedLoan. When the students are carrying student loan debt along with some frequently on-going payments issues with paying off their debt then also MyFedLoan understands your condition and helps you out in order to navigate these financial worries.
If in case, the student has several loans, then you often get an option for loan consolidation. With the help of this, they can occasionally get the reduction of interest rate along with a fixed interest rate. This helps in decreasing the payment amount on a monthly basis. The student can easily achieve this by simply contacting the servicer.
Federal Student Loan Process
There are many students who think that the federal student loan process is a long process and takes several steps but in reality, it is not like that and it only involves two steps. FedLoan makes it very easy and simple to understand the whole procedure and its steps.
First Step is the Loan Approval
As soon as your student loan is approved, MyFedLoan then directly contacts the student and then it assigns a servicer to their account. If any student is not certain about which loan servicer they have, then specific loan and student details are also accessible online via the National Student Loan Data System. With the help of a simple search, they are going to reveal the loan servicer.
The Second Step is to Gain access to MyFedLoan
If the students are assigned to the online platform of MyFedLoan, you are then going to use your FSA ID for logging into the account. If you want you can also get the FSA ID for the duration of the loan application procedure. Making a new account at myfedloan.org is pretty easier than expected. A new student will have to make a new account with their personal details and then they have to accept the terms and conditions to proceed further.
MyFedLoan Contact Information
If you want to contact at MyFedLoan customer centre to solve your queries then you can simply contact them through calling and mail.
FedLoan Servicing accepts letters at this given address:
P.O. Box 69184
In addition to that, FedLoan can also be reached by calling at (800) 699-2908 from Monday to Friday (8:00 am until 9 pm Eastern time). If you want, you can also send a fax to (717) 720-1628.
Some Other Federal Student Loan Servicers List
Here is some other best federal student loan servicers list that you must consider while applying for the student loans.
Nelnet is a very well-known was federal student loan servicers which were founded in the year 1996 by Mike Dunlap and Steve Butterfield. The company helps in owning more than 50 subsidiaries that administer as well as collect student loans all through the United States and also Canada, such as inTuition, infiNET, LoanSTAR, and TriCura Canada, Inc.
If in case you were allotted with Nelnet as your student loan servicer, you may possibly look at it one of two different means: Firstly, you might be bummed that you’ve been allotted one of the “Big Four.” At the same time, you may also be thankful that you weren’t consigned FedLoan or Navient.
Even though it comprises its own fair share of complaints, Nelnet customers still lean towards its services as they are much happier on the whole. So far, Nelnet comprises of 120 complaints each million customers from the past year.
Additionally, the Nelnet includes more than 5 million borrowers as the borrowers for repaying their student loans.
Mygreatlakes Or Great Lakes
For the past many years, Great Lakes (Mygreatlakes.org) has been very popular among the students as it takes good care of its customers by providing the best services. It is usually one of the biggest student loan servicers in the country. Their service includes more than $238 billion in student loans for approx. 8 million borrowers, dealing with as many as 6,000 schools as well as 1,100 lenders. The company also has helped in providing employing more than 2,000 people across the nation.
Coming to the CFPB complaints, MyGreatLakes has also concluded some which are 229 from quite some past years. This may possibly not sound great on the surface, but at the same time, it also keeps in mind that Great Lakes has more than 6 million student loan borrowers it serves.
Granite State Student Loans, also known as Granite State Management & Resources, or GSM&R Student Loan Servicing, is basically a non-profit student loan servicer which helps in managing both federal student loans as well as the private student loans. This well-known organization services loans from a wide range of borrowers all around the nation.
Coming to the customer’s complaints that have been submitted to the CFPB includes many complaints. So far, this organisation has a rate of 22 complaints each million customers, that’s approximately 30 times fewer complaints according to the customer as compared to Navient.
Navient is one of the consistent federal student loan servicers that offer sufficient support along with financial resources which mainly generates many obstacles while obtaining a student loan. It is one of the most popular student loan servicers, as it’s broadly used by the U.S. Department of Education but at the same time, it has been involved in many lawsuits.
The company has managed 21 per cent of all federal student loans, out of their currently servicing federal loan is 5.66. It’s not hidden from most of the students who have applied for the loans or are planning to, that Navient has been surrounded by several negative reviews. Recently in the previous year, the CFPB has fielded 3,717 complaints against Navient from its customers.
However, the major aim of the company is to support students from getting their financial authorization. On the other hand, Navient can suitably link the gap transforming latest approaches as well as techniques for getting the loans.
Additionally, the student loan borrowers can also use the online portal of Navient’s and its app for making the payments, for checking their activity along with the balances, as well as access account resources.