How to make a loan payment by MyFedLoan
You can make student loan payments in the following ways:
- Direct debit: You can link a checking or savings account to your FedLoan Servicing account. The company will automatically withdraw your payment on the same day each month. As an added benefit, signing up for automatic payments can reduce your interest rate by 0.25%.
- App: Use the app to send your payments or make extra payments on your loans. You can also use the app to view your balance and get other information on your loan.
- Website: You can manually make one-time payments through the site.
- Phone: FedLoan Servicing has an automated phone line you can call at any time to make payments. Dial 1-800-699-2908 and have your loan account number and bank account routing number ready.
- Mail: If you prefer, you can mail a check or money order to the company. Mail your payments to: U.S. Department of Education, FedLoan Servicing, P.O. Box 790234, Louis, MO 63179-0234.
- Third-party servicer: You may choose to use a third-party bill payment servicer or schedule payments through your bank. However, FedLoan Services notes on its website that they don’t have the ability to offer interest rate reductions or other incentives for auto payments set up by a third party, so the direct debit program may be a better choice.
- Advance payments: You may set up advance payments up to 60 days in the future, for a maximum of eight advance payments per month. You can schedule these advance payments directly through the website.
- Targeted payments: FedLoan Servicing allows you to target extra payment amounts to specific loans, as long as you pay the minimum amount due on each loan. Making extra payments on your loans may reduce the amount of interest you pay overall and could save you money over the long term.