is a student loan servicer for federal and private student loans operated by the Pennsylvania Higher Education Assistance Agency (PHEAA), a nonprofit providing financial aid services and administering several state grant programs. PHEAA also operates 澳洲幸运5官方开奖结果体彩网:American Education Service, a servicer for Federal Family Education Loan (FFEL) prog🔴ram loans.

If you’re unsure which servicer manages your student loans, you♒ can find out by calling the Federal Student Aid Information Center (FSAIC) at 800-557-7394 or signing into yo🍸ur federal student aid Account Dashboard.

What Is FedLoan Servicing?

FedLoan Servicing is one of nine loan servicers🌠 contracted by the U.S. Department of Education to handle those duties on its behalf. A student loan servicer manages the administrative aspects of a loan, from billing and payment processing to customer service.

FedLoan is the only federal loan servicer that handles Public Service Loan Forgiveness (PSLF) applications, which provide 澳洲幸运5官方开奖结果体彩网:student loan forgiveness, and the processing of employment certification forms. Once your PSLF application is processed, your loans will be automatically transferr💯ed to FedLoan.

Is FedLoan Servicing a Private Lender?

FedLoan Servicing isn’t a lender nor does it service private loans. 🎶It was established in 2009 by PHEAA specifically to⭕ service student loans owned by the federal government. The Department of Education chooses your loan servicer for you when your first loan is disbursed, so the company sending you a bill every month is your servicer, not your lender.

What Can FedLoan Servicing Help You With?

Fed🍬Loan Servicing can help you with anything having to do with repaying your stude🥃nt loan.

Access to your account: You can manaꦆge your payments online, update account information, get tax fo💫rms, and view billing and interest statements.

Repaying your student loans: You can set up Direct Debit, sign up for incoಞme-driven repayment, change payment preferences, move your due date, and pay ahead.

Applying for financial hardship programs: You can apply for forbearance and 澳洲幸运5官方开奖结果体彩网:deferment, reduced payments, and fede𒁏ral𒉰 loan consolidation.

Loan forgiveness: You can see if you qualify for loan discharge, teacher loan forgiveness, PSLF, and any benefits for service members. You can also apply for, tracဣk the progress of, and submit PSLF forms online.

TEACH grant management: TEACH grant recipients can submit their proof of service and track their service obliga🀅tion requirements.

How to Make FedLoan Servicing Payments 

Direct Debit is the easiest method for making payments to FedLoan. When you sign up to make payments by Direct Debit, you ♏can qualify for a 0.25% interest rate reduction. You can also pay through FedLoan’s mobile app, over the phone, by mail, using a third-party bill-pay service, or online.

To make a one-time payment by mail, send your check or money order made out to FedLoan Servicing to: 

Department of Education
FedLoan Servicing
P.O. Box 790234
St. Louis, MO 63179-0234

About FedLoan Servicing

FedLoan has been the subject of numerous controversies over the years, most notably its mismanagement of applications that led to 99% of all PSLF applicants being rejected in 2018. It has been in an ongoing lawsuit alleging that it pr🅺ovided inconsistent information to borrowers and failed to inform borrowers of their right to appeal mistakes. It also converted thousands of TEACH grants to loans for clerical errors and minor delays in submitting paperwork. A sett൲lement was reached in February 2021.

Loan servicers such as FedLoan are known for making suggestions𝐆 that are in their best intereౠst, not yours.ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ It’s best to use a free third-party tool to find t൩he best repayment plan for you rather than relying on information given to you by your servicer.

How to Contact FedLoan Servicing 

FedLoan Servicing is known for having subpar customer service compared with other federal student loan servicers. Your best chance for getting a response is by logging into your Fe🐼dLoan account and sending a secure message through the platform.

You cཧan also contact it by phone at 800-699-2908, Monday through Friday from 8:00 a.m. to 9:00 p.m. ET., or by mail at:

FedLoan Servicing
P.O. Box 69184
Harrisburg, PA 17106-9184

Should you ဣneed to report a complaint,🥀 you can call PHEAA’s Office of Consumer Advocacy at (800) 213-9827 or submit a complaint to the Consumer Financial Protection Bureau.

Is FedLoan Servicing Your Only Servicer?

If you🗹’re unhappy with FedLoan, it’s not your only loan-servicing choice. You have several options for moving y𝄹our loans.

Refinance Your Loans

澳洲幸运5官方开奖结果体彩网:Refinancing your student loans through a private lender can potentially get you a lower interest rate, reduce your monthly paymen♑t, and help you pay off your loans ear🍎ly. It also changes your loan servicer. Investopedia has reviewed all of the best student loan refinance companies to help you find the right fit for you.

Consolidate Your Loans

When you consolidate your federal loans into one new federal direct loan, you can choose a new servi𝓀cer. When consolidating loans your new interest rate will be the weighted average of your current loans rounded up to the nearest✨ 1/8 of a percent.

Verdict

Every federal student loan servicer has 🎉its share of complaints, so if you’re happy with FedLoan, there’s no need to look for greener pastures. If you’re unhappy, you can take advantage of refinancing or consolidation to find a new servicer.

Unfortunately, those enrolled in PSLF are stuck with FedLoa༺n until their loans are forgiven or the Department of Education contracts a new servicer to handle those loans. Either way, if you keep meticulous records and submit all your paperwork early, you shouldn’t have much trouble dealing with FedLoan Servicing.