MyFedloan has actually originated from the US Department of Education. It does not collect the payments of the student loans directly. There is a federal student loan servicer assigned to each of the students by the Education department. This is called Fed loan servicing and they are the ones to the disburse the student loan. It is this company who will actually provide the loan to the student. In case you have questions regarding the repayment or change of repayment plans then you can speak to your servicer.
Here are the details of the MyFedloan
MyFedloan servicing was established in the United States Department of Education. Their primary objective was to service the student’s loan by the Federal government. This company also have a dedicated group of councilors who are trained to answer all types of questions irrespective of whether they are big or small. They also have certain tools with the help of which they are able to access the loan account of each of the students and provide them with the best of services.
This is how you log in to Fedloan?
In order to log in to Fedloan, you will have to follow the steps mentioned below:
- You will have to first visit the official website of this company
- You will then get an “Account Access” option that will be there on the right hand side .
- After that you will have to click on the option that says, “Sign in now”
- You will have to put in the user id and password and click on the “sign in” option.
How to register the MyFedloan?
Fedloan Servicing is one of the very few limited number of organizations that is approved by the US department of education. It believes in helping the borrowers with easy and some of the most convenient ways to manage the various repayments.
Fedloan is quite a good financer and if you are a student studying in the US, then getting your student loan from this company will certainly be helpful. The Myfedloan software also helps you to manage all the loan related papers in the best way. So there is a less possibility for your loan documents to get misplaced.
The list of the Services provided by Fedloan
The list of services provided by Fedloan are given below:
- They collect the loan repayments of the students.
- They also help the students to create a proper strategy for repayment.
- They also handle the forbearance as well as deferments
- They also help in consolidating some loans
- They manage certain programs including TEACH and PSLF
It is the fedloan services that helps in setting up the various income-driven loan repayment plans like Income-based repayment and Income contingent repayment, pay as you earn. There is also options for extended, graduated and also standard loan repayment plans. If the Fedloan provider is the one that provides you with services then all your filing information and everything else will be managed by an online portal that is referred to as MYFedLoan.
Here is a list of the various Fedloan payment options
Once you log in to Fedloan servicing you get to know about the type of federal student loan that you already have. You also get to know about the interest rate and the repayment options. Here there are two types of loans- Direct loans and Federal loans. For the payment plans that are related to income, both the types of loans are eligible.
- There is a revised pay as you earn plan
- There is also a Pay as you earn plan
- There is also a plan for the repayment for the new borrowers
- After this there is a repayment plan that is based on the revenue
- Finally there is an income contingent repayment
In the MyFedloan, each of the plan targets in linking the monthly payment plan with the income and the family size. These plans help in providing a payment option that is affordable. Apart from the IDR plans there are also repayment plans available which include an income sensitive repayment plan and also a graduated repayment plan.