Understanding MyFedLoan Managing Your Federal Student Loans

MyFedLoan was one of the most well-known federal student loan servicers in the United States, helping borrowers manage their repayment plans, track loan balances, and apply for forgiveness programs. Although the servicer is no longer handling federal loans, its impact and the transition to new servicers remain essential topics for student loan borrowers.

In this article, we’ll cover:

• What MyFedLoan was
• Loan repayment options
• How to access your student loan account
• Alternatives after MyFedLoan’s transition
• How to apply for student loan forgiveness

Let’s dive into the details.

What Was MyFedLoan and Why Was It Important?

MyFedLoan was a loan servicing company managed by FedLoan Servicing, which operated under the Pennsylvania Higher Education Assistance Agency (PHEAA). It was one of the largest federal student loan servicers, handling millions of borrowers’ accounts.

It played a crucial role in processing Public Service Loan Forgiveness (PSLF) applications and assisting students with repayment strategies. However, in 2022, FedLoan Servicing ended its contract with the U.S. Department of Education, leading to a transfer of loans to other servicers such as MOHELA, Aidvantage, Edfinancial, and Nelnet.

If you had a loan managed by MyFedLoan, your account was automatically transferred to a new servicer.

How to Access Your Student Loan Account After MyFedLoan Closure

With the transition of MyFedLoan accounts, borrowers had to check their loan status with the new servicer. If you’re unsure where your loans were transferred, follow these steps:

1. Log into the Federal Student Aid website (studentaid.gov)
2. Navigate to the loan servicer section
3. Check which servicer currently manages your federal student loans
4. Visit the new servicer’s website and create an account if needed

Since MyFedLoan is no longer in service, it’s essential to ensure your new servicer has your correct contact details to avoid missing any payments.

Student Loan Repayment Plans and Options

Repaying federal student loans can feel overwhelming, but multiple repayment options exist to make it manageable. Here are some of the most common plans:

1. Standard Repayment Plan

• Fixed monthly payments for 10 years
• Best for borrowers who can afford consistent payments

2. Income-Driven Repayment (IDR) Plans

These plans adjust your payments based on income and family size. Types include:

• Income-Based Repayment (IBR)
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)

IDR plans can significantly reduce monthly payments and help with student loan forgiveness after 20–25 years.

3. Graduated Repayment Plan

• Payments start low and increase every two years
• Ideal for borrowers expecting salary growth over time

4. Extended Repayment Plan

• Extends loan term to 25 years
• Lower monthly payments but more interest paid overall

If you were enrolled in a repayment plan through MyFedLoan, your new servicer should have carried over your plan automatically.

How to Apply for Student Loan Forgiveness

If you were working toward loan forgiveness, you may still be eligible under certain programs.

1. Public Service Loan Forgiveness (PSLF)

This program forgives the remaining balance on Direct Loans after 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a government or nonprofit employer.

After MyFedLoan shut down, PSLF accounts were transferred to MOHELA, which now handles PSLF applications and payments. Borrowers should ensure their employment certification forms are up to date.

2. Teacher Loan Forgiveness

Teachers working in low-income schools for at least five years may qualify for forgiveness of up to $17,500 on their federal loans.

3. Income-Driven Repayment (IDR) Forgiveness

If you’re enrolled in an IDR plan, any remaining balance after 20–25 years of payments is forgiven.

To apply for forgiveness, visit studentaid.gov and submit the necessary forms.

What to Do If You Missed a Payment During the Transition?

If you missed a loan payment during the MyFedLoan transition, follow these steps:

1. Check your loan status through your new servicer’s website
2. Request a forbearance if you’re struggling to make payments
3. Apply for an income-driven repayment plan for lower payments
4. Call your servicer to ask about any fees or penalties

Many borrowers faced delays during the transfer, and servicers may offer grace periods for late payments.

Alternatives to MyFedLoan: Who Handles Federal Student Loans Now?

With MyFedLoan no longer servicing loans, here are the major federal loan servicers:

• MOHELA – Handles PSLF accounts
• Aidvantage – Formerly Navient, now services Direct Loans
• Edfinancial Services – Manages a portion of student loans
• Nelnet – One of the largest servicers for federal loans

Each servicer has its own online portal for managing accounts, making payments, and applying for repayment plans.

How to Contact Your New Student Loan Servicer

If your loans were transferred from MyFedLoan, use the table below to find contact details for your new servicer:

If you’re unsure who your servicer is, check your Federal Student Aid account at studentaid.gov.

Final Thoughts on MyFedLoan and Your Student Loans

Although MyFedLoan is no longer in service, its role in managing federal student loans was significant. If your loans were previously with MyFedLoan, make sure to:

✅ Verify your new loan servicer
✅ Set up an account with the new servicer
✅ Check for any repayment plan updates
✅ Ensure your payments are on track

Staying informed about your student loan account and repayment options will help you manage your loans effectively and avoid default. If you have any concerns, always reach out to your servicer for assistance.

Got questions about your student loans? Drop them in the comments below!