What is FedLoan? FedLoan is known as the only federal loan servicer that takes charge of PSLF applications. However, it offers student loan forgiveness and the processing of employment certification forms. It offers assistance to students when they need it. When you want to calculate your interest or see if you are eligible for loan forgiveness, the service helps. Also, with FedLoan, you can find a payment plan that you can afford. There are tools on the platform to help you. All you just need to do is get started.
Furthermore, it is a student servicer for both federal and private student loans. It is operated by the PHEAA. Which is known as a non-profit company that provides financial aid services and also administers several state grant programs. Now, news has it that FedLoan will stop or has even stopped servicing loans giving reasons that there is a lack of guidance from Education. It also stated that it cannot move forward to process the PSLF requirements till the education dept works on its contract with the agency.
More About FedLoan
It was established by PHEEA which was created in the year 1963. And it has over 50 years of student aid experience to assist the United States Education Department to service student loans owned by Federal Government. Its servicing is one of the limited numbers of org that have been approved to service these loans. And ever since then it has been dedicated to its work. Which is to support borrowers with easier ways to pay and manage their loans.
Is FedLoan Safe
Yes, it is safe and legit. Besides, as mentioned earlier, it is even one of the limited number of organizations approved by the United States Education Department to service these loans. So, it is dedicated to assisting borrowers with easy and comfortable ways to manage their loan repayments. Therefore, you have nothing to worry about if you want to use FedLoan.
Will FedLoan Be Forgiven?
At the moment, FedLoan is planning to end its contract with the Education department. This means that when its contract ends, it will no longer service federal student loans. But for PSLF, its applications are still in the process through 2022. So, borrowers will have to keep their eligibility for forgiveness programs when their accounts eventually change to a new loan servicer account.
Do I have to Pay for Debt Relief on FedLoan?
No, you do not have to pay to relieve your debt with this organization. This is because it is free of charge here. So, you should beware of other debt relief organizations that are charging you for debt relief. As there are companies that are misinterpreting the facts and themselves to fraud you and take your business and money. So, for your safety, avoid them and just go for FedLoan instead.
How To Apply
Applying is very easy to do. Why you should sign up is that whether you are on the go or at home, there are so many options on the platform to assist you with your student loan account with easy. Right from payments made online to authorizing someone to help you discuss your account on your behalf. All you need would be at your fingertips when you apply these steps below;
- Visit the FedLoan account website @ https://myfedloan.org/borrowers/your-account/.
- Click on the create one now button.
- On the redirected page enter your required personal information.
- Click on the continue button.
- Follow other onscreen instructions to complete your sign-up.
Once you are done with that, you can now process the FedLoan login to your account to manage it whenever you like. This is done by just clicking on the sign-in now button and entering your username and password. Not to worry as this is way easier than the application process. However, if you are having trouble processing the FedLoan login, you can just click on the link to resolve the problem.