Introduction
For many of the 40 million or so borrowers with student loans in the United States, managing those loans is a key component of maintaining their financial health. MyFedLoan was a loan servicing platform from one of the three main federal student loan servicers, FedLoan Servicing. The platform was integral to borrowers’ ability to manage their federal student loans, including making payments, applying for forgiveness programs and tracking repayment progress. If you have student loans with FedLoan Servicing bills, don’t panic. They have faded into history as a student loan servicer, but borrowers navigating student loan repayment today should still understand their legacy and impact.
In this article we will cover everything you need to know about MyFedLoan, including its place in the federal student loan landscape, the shift to new servicers, and exactly what you need to do next.
What Was MyFedLoan?
myfedloan Servicing used MyFedLoan, an online interface that was administered by PHEAA, or the Pennsylvania Higher Education Assistance Agency. The platform enabled borrowers to:
- See their student loan balances
- Make payments online
- Enroll in repayment plans
- Request deferment or forbearance
- Milestones for loan forgiveness programs
- Update personal information
Given that FedLoan Servicing was the official servicer for the Public Service Loan Forgiveness (PSLF) program, many borrowers used MyFedLoan to monitor their PSLF advancement.
The Role of myfedloan Servicing
FedLoan Servicing was among the various companies that serviced federal student loans for the U.S. Department of Education. It dealt with tasks like processing payments, helping with repayment plans and managing borrower accounts. Its most prominent role was administering the Public Service Loan Forgiveness (PSLF) program, which forgives outstanding loan balances after 120 qualifying payments for borrowers employed in qualifying public service jobs.
Key Features of MyFedLoan
Loan Payment Management
- Borrowers could also set up one-time or recurring payments via the MyFedLoan portal.
- The platform also offered comprehensive payment history and upcoming due lists.
Repayment Plan Enrollment
- Borrowers could look into various repayment plans, including Income-Driven Repayment (IDR) plans, which allow for the monthly payment amount to be adjusted according to income.
- Internally, the system permitted borrowers to apply for new repayment plans online.
myfedloan Loan Forgiveness Tracking
- PSLF borrowers might submit the Employment Certification Form (ECF) through the portal to see how they were doing.
- It also showed how many qualifying payments I’d made toward PSLF.
Single and Family Forbearance and Deferment Requests
- Borrowers facing financial distress would be able to request temporary payment relief.
- The platform mentioned deferment options for unemployment or economic hardship.
Transitioning Away From FedLoan Servicing
In 2021, FedLoan Servicing, one of several loan servicers that handle federal student loans, announced it would no longer serve borrowers. So loans once handled by FedLoan were transferred to other federal servicers, including:
- MOHELA (Missouri Higher Education Loan Authority) – Currently the primary servicer for PSLF borrowers.
- Aidvantage (Maximus Education)
- Edfinancial Services
- Nelnet
What Borrowers Need to Do
As borrowers pivot from FedLoan Servicing, things borrowers should do to keep their loans on track:
Check Your Loan Servicer
- Sign in to Federal Student Aid (FSA) to see who your new loan servicer is.
Create a New Servicer Account
- If your loans have moved, be sure to create an account with the new servicer before making payments and tracking progress.
Update Payment Information
- Make sure auto-pay and billing details are correctly configured with the new servicer to prevent missed payments.
Monitor PSLF Progress
- If you’re working toward Public Service Loan Forgiveness, check that your payment history and qualifying payments transferred accurately.
myfedloan Review Repayment Plans
- Ensure that you are enrolled in the most beneficial repayment plan based on your financial situation and refresh when necessary.
Dark Horse: Alternative Loan Servicers and Looking Ahead
Because FedLoan Servicing is no longer handling federal student loans, borrowers will need to deal with new loan servicers. Here are the key alternatives:
Earn PSLF in Monthly Number Crunching Payments
Now, MOHELA oversees the Public Service Loan Forgiveness program and processes PSLF applications, and is the main servicer for public-service workers.
Aidvantage – Federal Loan Tranfer
Aidvantage, owned by Maximus Education, assumed many FedLoan Servicing accounts and oversees standard repayment and deferment options.
myfedloan Nelnet and Edfinancial
These servicers still administer federal student loans, offering repayment assistance, income-driven repayment plans and loan forgiveness applications.
Learning How to Forgive Loans as Well as Repayment Options
Although FedLoan Servicing is no longer in business, borrowers still have access to some student loan forgiveness and repayment programs.
Public Service Loan Forgiveness (PSLF)
- For government and non-profit employees who make 120 qualifying payments
- After the transfer from FedLoan, managed by MOHELA.
Forgiveness on Income-Driven Repayment (IDR) Plans
- Borrowers who make payments under an IDR plan for 20-25 years might be left with the rest forgiven.
myfedloan Teacher Loan Forgiveness
- Offers up to $17,500 in forgiveness to teachers in low-income schools after five years.
TEPSLF — Temporary Expanded PSLF.
- Makes borrowers rejected for PSLF because of payment plan problems actually eligible for forgiveness under new rules.
myfedloan Conclusion
Please note that MyFedLoan and FedLoan Servicing have also been effectively shut down, but the enduring legacy of student loan management persists. Borrowers now have new servicers to help them manage their loans, request forgiveness programs and stay compliant with repayment plans.
As such, borrowers can facilitate transition and continued financial stability by checking servicer details proactively, updating payment information when necessary, and tracking progress toward loan forgiveness.
Please see studentaid. gov.
