MyFedLoan Servicing is a student loan servicer, which means it collects loan payments and helps borrowers sign up for alternative repayment plans for the Department of Education. MyFedLoan also manages the government’s Public Service Loan Forgiveness program. MyFedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support the U.S. Department of Education’s ability to service student loans owned by the federal government. Grab all the detail regarding MyFedLoan from the below sections of this NavyFederal article.
MyFedLoan | FedLoan Servicing – Student Loan Servicer
MyFedLoan Servicing handles the administration of student loans for borrowers and is one of the few organizations approved to do so by the Department of Education. MyFedLoan was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) with the specific intention of helping service federal loans. It is also one of the largest loan services in the U.S., and its student loan portfolio is a whopping $303 billion. PHEAA conducts its student loan servicing operations for federally-owned loans as MyFedLoan Servicing.
Another arm of PHEAA – AES – guarantees and services a variety of Federal Family Education Loan (FFEL) Program and private student loan products for lending partners. MyFedLoan Servicing services two main types of federal loan programs: FFELP and the William D. Ford Federal Direct Loan Program loans. FedLoan also services direct loans provided directly though the U.S. Department of Education and do not involve third-party lenders. When you have one of these types of loans and are assigned to MyFedLoan Servicing, you will be eligible for all the services.
Payments Options for MyFedLoan Servicing
The following payment options are available under MyFedLoan Servicing:
- Direct debit
- Online payment
- Payment via mobile app
- Payment via phone
- Payment via mail
- Payment via third-party bill-pay services
You can also schedule an advance MyFedLoan servicing payment on the website. One of the main advantages of the MyFedLoan Servicing direct debit option is that you get a 0.25 percent rate reduction on your student loan.
How to Contact MyFedLoan Servicing
- Call 800-699-2908 weekdays between 8 a.m. and 9 p.m. Eastern time.
- Email – MFedLoan Servicing by filling out an email form online. Calling is your best bet if you have an urgent question about your loans and it is during business hours.
Stay in close contact with MyFedLoan Servicing while you are in repayment. But take time to research your options on your own, too, so you know the right questions to ask. Bookmark our official page at www.navyfederal.cc for further insights on MyFedLoan.
How to get student MyFedLoan help
The government contracts with companies like MyFedLoan 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 cannot afford or you miss a payment, call your servicer right away. MyFedLoan 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.
For more info on MyFedLoan visit our official site here.