FAQs

To get complete information about MyFedloan and resolve any future issues, you need to know about the frequently asked questions by the borrowers. If you see the info before facing a problem, you can save time and move on with your activities. MyFedLoan tries to give the best possible service to all its customers, but if the problem is simple, then the customer can efficiently resolve it with the help of FAQs. So, let’s get started with them,

What is the MyFedLoan website?

MyFedLoan is considered by many as the best service by FedLoan Servicing student loan service provider that offers many facilities to borrowers along with loans. The borrowers can perform many functions on the website as it is available 24 hours and 7 days. Using the Federal Department of Education, the MyFedLoan service can provide loans to students who require financial support.

With the help of this website, borrowers (or students) can easily create their FedLoan Servicing Account, which helps them manage their loans using different functions. MyFedLoan also serves as the best platform to keep the students updated about any offer to reduce monthly installments of loans.

What benefits do I get from using MyFedLoan?

The main benefit of using the MyFedLoan is free access 24×7. Whenever the students need any information or updates about the loan, they can easily open the website and quickly get all the details on their device.

Besides this primary benefit, the students also get the following three significant benefits which make their life easier. 

• Repayment schedule: The portal allows you to check your repayment schedule, which makes it easy to manage your monthly installment and see your loan status.
• Check loan type: Getting details about the type of loan you have taken or are willing will be pretty simple with MyFedLoan.
• If nonprofit organizations like Peace Corps or AmeriCorps hire you, there are chances that your loan may be forgiven.
• Check interest rates: You can constantly check the updates about your loan using the MyFedLoan portal.
• Tracking your loan status: Even regularly check the status of your loan, such as the total due, paid amount, and remaining term on the portal. You can also check it at https://studentaid.gov/announcements-events/fedloan-stop-servicing-loans site.
• Adjust loan repayment: The payment schedule is set per your income and family size. But you can adjust it using the services of the portal. 
• Extend your due date: Using My Fed Loan, you can easily extend your loan due date by implementing simple steps. For more details about this, visit the official StudentAid Gov website at https://studentaid.gov/announcements-events/fedloan-stop-servicing-loans.

How many types of loans does MyFedLoan provide?

MyFedLaon, one of the biggest student loan providers, offers different types of loans to students. If they choose, students can go for Direct and Federal loans and check their eligibility for forgiveness. They can also find out more about rep payment plans and choose the loan that best suits them.

Is the FedLoan Servicing organization legit and legal?

Fedloan is a legal company because of its connection to the PHEAA, i.e., the Pennsylvania Higher Education Assistance Agency and the government Department of Education.

What kind of uses does MyFedLoan offer to borrowers?

MyFedLoan is a portal for managing student loans in a much easier manner. The portal provides some of the best utilities to the borrower, which are as follows, 

• Paying your student loan on time 
• Determining the best repayment plan 
• Track your loan payment

Can I extend or change the student loan’s due date?

Yes, you can choose to extend or change the due date of your student loan. To do so, you must use the given steps, 

• Please ensure that you are into active payment.
• Please ensure that you pay your student loan’s first repayment on time.
• If you fulfill the two rules, you can request a due date change from the 1st to the 28th of any preferred month.

Whom should I contact from MyFedLoan if I have any questions about student loans?

To get professional help from the MyFedLoan support team, you can use the following number – 800.699.2908. Remember, dial this number between 8:00 a.m. and 5:00 p.m. The business days during which you have to call are Monday to Friday.

If I am a student, why do I still get billed?

If you need to update your status on the MyFedLoan website in case you have changed schools, you may get billed. Don’t worry; you can pay if it is possible for you or go for the General Forbearance. To do this, you must visit the “Trouble Paying” option and update your status. If you successfully update your status, you will not get billed.