If you are a student, searching for a great platform from where you get an easy loan then you must head to MyFedLoan. Talking about MyFedLoan, it is considered to be one of the best online platforms that are available for FedLoan Servicing, a non-profit student loan servicing organization that is mainly managed by the Pennsylvania Higher Education Assistance Agency.
According to the website of the agency, MyFed Loan was established in order to support the ability of the U.S. Department of Education to service student loans. The main objective of the provider is to help the students so that they can successfully repay your loans.
The U.S. Department of Education (ED) instigates federal student loans, but it’s loan services such as FedLoan Servicing that actually handle all of the repayments. This is the company that you’ll actually be paying.
Together with Nelnet and Navient, it is considered to be one of the big three for-profit federal student loan servicing companies. There was a fourth for-profit servicer, Great Lakes Educational Loan Services Inc., but Nelnet then later acquired it in the year 2018 (February).
In addition to that MyFedLoan also serves borrowers whose loans fall under the William D. Ford Direct Loan Program. No matter what you’ve taken out such as a Direct Subsidized Loan, Direct Unsubsidized Loan, Direct PLUS Loan, or else a Direct Consolidation Loan, your repayments can be processed on this single platform.
Also, borrowers who plan on working in the public sector as well as taking benefit of the government’s Public Service Loan Forgiveness Program (PSLF) are automatically paired with FedLoan Servicing.
If you are one of those who are searching to get more information on MyFedLoan, then you must read the following article until the end. You are perfectly at the right place as today with the help of this article, we are going to provide you major details regarding MyFedLoan. So, without wasting any time let’s get started….
Table Of Contents
What is MyFedLoan?
MyFedLoan is the online user platform that has been used for FedLoan Servicing, which is a non-profit organization that has been run by the Pennsylvania Higher Education Assistance Agency (PHEAA).
MyFedLoan is that platform where you’ll manage the repayment of a Direct Subsidized Loan, Direct Unsubsidized Loan, Direct PLUS Loan, or Direct Consolidation Loan.
MyFedLoan is used for various purposes, and some of them are as follows: For making your student loan payments, developing a repayment plan, tracking your loan repayment progress, check whether you qualify and can apply for student loan forgiveness, receive 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 are actually nine different federal loan servicers, and you don’t pick which one you use – the government allocates one to you. Other services consist of Navient, Mohela, and Nelnet.
How To Use MyFedLoan?
In order to start using the MyFedLoan platform, one must have to go through a few simple steps after which they can easily get access to this online platform.
The First step is to create an account. On the full website version, one can easily find where to create an account under the “Sign In” option that is located in the top right corner of your screen. You are going to need to provide your name, email, address, date of birth, plus your Social Security Number or account number.
You have to create a user name and secure password. For the reason that you’re entering sensitive information, you’ll want to make sure you have a strong password as well as security questions.
Check on your loans. This is the crucial moment for you to find the truth when you get to see how much you are indebted to each of your student loans, counting the due dates as well as the interest rates.
Take a perfect look at the MyFedLoan portal. This platform comprises of the details on student loan basics, what to do if you fall behind on a payment, special programs for teachers as well as for military, and an overview of your repayment choices
At last, you have to choose a repayment option.
What Benefits Do You Get from MyFedLoan?
There are many benefits that any eligible candidate can get from MyFedLoan. If you also want to know all those, so let’s have a look that one can use MyFedLoan for following purposes:
- For making your student loan payments
- For developing a repayment plan
- Track the progress of your loan repayment
- In order to check whether you qualify and apply for student loan forgiveness or not
- Receive documents for the student loan interest tax deduction
How to make payments through MyFedLoan?
There are many different methods for making payments on your student loans with the help of MyFedLoan. One can easily link their bank information and do direct debit, pay through their app, make one-time payments through their website, pay by phone (call 1-800-699-2908), or else you can also pay by mail.
Paying Loans Ahead Of Time
If you want to pay loans ahead of time, you will still need to make at least the monthly payment amount. In addition to that, rather than just paying more ahead, which is going to go towards an interest in the starting, consider aiming your payments for loans with higher interest rates to decrease the amount you’ll be paying over the course of your loan, which is also going to decrease your term.
Student Loan Repayment Options With Fedloan
FedLoan Servicing offers several options for repayment, but on the other hand, it depends on the eligibility, these options are as follows:
- Pay As You Earn
- Graduated Repayment
- Income-Based Repayment
- Extended Graduated Repayment
- Income-Sensitive Repayment
- Income-Contingent Repayment
- Standard Repayment
- Extended Fixed Repayment
In this article, we have discussed many things about MyFedLoan and how to use it. Hopefully, this information will be beneficial for you. I hope this article has helped you to know more about MyFedLoan. Let us know in the comments section how the experience with MyFedLoan goes for you.