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开奖号码历史查询:American Education Service, a servicer for Federal ♓Family Education Loan (FFEL) program loans.

If you’re unsure which servicer manages your student loans, you can find out by calling the✨ Federal Student Aid Information Cent🍸er (FSAIC) at 800-557-7394 or signing into your 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开奖号码历史查询:student loan forgiveness, and the processing of employment certification forms. Onꦯce your PSLF application is processed, your loans will be automatically transferred 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 feder𝐆al 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?

FedLoan 💞Servicing can help you with anything having to do with repaying your student l♏oan.

Access to your account: You can manage your payments online, update account information, get tax forms, and view bi♔lling and interest statement🌠s.

Repaying your student loans: You can set up Direct Debit, sign up for income-driven repayment, change payment preferen꧒ces, move your due date, and pay ahead.

Applying for financial hardship programs: You can apply for forbearance and 澳洲幸运5开奖号码历史查询:deferment, reduced payment🍃s, and federal loan consolidation.

Loan forgiveness: You can see if you qualify for l✤oan discharge, teacher loan forgiveness, PSLF, and any benefits for service members. You can also app💎ly for, track the progress of, and submit PSLF forms online.

TEACH grant management: TEACH grant recipients can submit ꧒their proof of service and track their service obligation requirements.

How to Make FedLoan Servicing Payments 

Direct Debit is the easiest method f🍌or making payments to FedLoan. When yꦡou 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 provided inconsisteꦛnt information to borrowers and failed to inform borrowers of their right to appeal mistakes. It also converted thousands of TEACH grants to loans for cl🐽erical errors and minor delays in submitting paperwork. A settlement was reached in February 2021.

Loan servicers such as FedLoan are known ♓for making suggestions that are in their bes🦄t interest, not you💯rs. It’s best to use a free third-party tool to find the 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 serv🎃icers. Your best chance for getting a response is by logging into your FedLoan account and sending a secure message through the platform.

You can also con♎tact 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 need to report a complaint, you can call PHEAA’s Office of Consumer Advocacy at (800) ꦚ213-9827 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 your loansܫ.

Refinance Your Loans

澳洲幸运5开奖号码历史查询:Refinancing your student loans through a private lender can pote🧸ntially get you a lower interest rate, reduce your monthly payment, and help you pay off your loans early. 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 federa🎃l loans into one new federal direct loanꦅ, you can choose a new servicer. 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 w🌊ith FedLoan, there’s no n🧸eed 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 FedLoan 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.