FedLoan Servicing: Working with Your Student Loan Servicer

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FedLoan Servicing is one of two offshoots of the Pennsylvania Higher Education Assistance Agency (PHEAA). Along with American Education Services (AES), FedLoan Servicing manages the largest number of federal student loans in the country. In addition to federal loan servicing, this student loan servicer also provides and manages options for borrowers with Federal Family Education Loan Program (FFELP) loans or Direct Loans to find repayment solutions and manages the federal Public Service Loan Forgiveness program.

Whether you’re looking to pay your loans off faster or you need help keeping up with your loan payments, working directly with your student loan servicer gives you a good shot at maintaining your loan in good standing. Keep reading to learn more about the services that FedLoan provides. To visit the servicer’s website, visit myfedloan.org, not fedloan.gov.

How to make a payment

Did you know that how you make your payments can save you money? If you opt for FedLoan’s direct debit option, you can save 0.25% in interest. By setting up automatic payments, you don’t have to worry about late or missed payments. To set it up, sign into your online account, establish a personal identification number and set it up by inputting your bank account information and any additional amount you want to pay every month. The Direct Debit program credits your account on the payment due date every month.

Alternatively, you can make standard online payments, schedule one-time payments in advance and set up extra payments on specific loans. Other ways to pay include over the phone, by mail and through a financial institution, such as your bank or a third party bill-pay service. Check out FedLoan Servicer’s Repayment Schedule Estimator, available online, for estimated monthly payments to help you choose a repayment plan that effectively meets your needs.

How to pay down loans faster

The fastest way to pay off your loan with FedLoan Servicing is to make more than the minimum payment every month. Pay as much extra money as you can toward your loan payment every month to pay down the principal and ultimately save yourself money on the interest. Using the Direct Debit option for payments lets you set up a standard extra payment amount every month, or you can set it up on a month-to-month basis. To understand how this helps you pay the loans faster, consider the following scenario:

>Melissa has a student loan for $20,000 with a fixed interest rate of 4% and a standard repayment term of 10 years. She makes only her minimum monthly payment amount of $202.49 for the life of the loan for a total payment of $24,298.80. In this scenario, Melissa pays $4,298.80 in interest.

>Daniel also has a student loan for $20,000 with a fixed interest rate of 4% and a repayment term of 10 years. He pays an additional $200 every month on his student loan, making his total monthly payment $402.29. He is able to pay off his loan in 4 years and 7 months, which saves him a total of $2,397 in interest.

To be sure extra payments go toward the principal instead of being applied as an advance payment, notify FedLoan Servicing that you want all of the extra payments to be applied to the principal balance or to a specific loan, such as your largest loan or loan with the highest interest rate.

How to get student loan help

Working with FedLoan Servicing can help keep your student loans on track. If you need help making payments, contact the servicer immediately to research your options. Some of the most popular payment plans include:

  • Standard Payment Plans offer a fixed monthly payment amount over the life of the loan
  • Graduated Repayment Plans start lower and gradually increase in amount every few years
  • Income-Driven Repayment Plans are based on your loan debt and annual income. For example, the Pay as You Earn option takes your family size and income level into consideration for a reduced monthly payment amount. Most of these plans qualify for student loan forgiveness after 20–25 years.

Additionally, if you’re experiencing a temporary hardship or struggling to pay your student loan debt, FedLoan offers deferments and forbearances for qualified borrowers. These options prevent your loan from falling into default and keep you in good standing.

FedLoan Servicing Contact

If you’re wondering how to contact FedLoan Servicing, you have several options. The servicer offers a Help Center through its website, online contact forms for email correspondence and a fax number: 717-720-1628.

How to contact FedLoan Servicing

To communicate about your student loan via mail, consider the following addresses:

  • Payments: Department of Education

FedLoan Servicing
P.O. Box 530210
Atlanta, GA 30353-0210

  • Credit Disputes: FedLoan Servicing Credit

P.O. Box 60610
Harrisburg, PA 17016-0610

  • Direct Debit Applications: FedLoan Servicing

P.O. Box 3661
Harrisburg, PA 17105-3661

  • General Correspondence: FedLoan Servicing

P.O. Box 69184
Harrisburg, PA 17105-9184

FedLoan Servicing Phone Number

If you need to reach someone by phone, call FedLoan Servicing’s toll-free number: 800-699-2908. As of August 2016, the student loan servicer has representatives available from 8 a.m. until 9 p.m. Eastern Standard Time from Monday through Friday.

Caryn Anderson
Caryn Anderson combines extensive behind-the-scenes writing experience with her passion for all things food, fashion and finance. Anderson honed her craft while earning her B.S in Communication Studies from New York University.

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