In 2009, the Pennsylvania Higher Education Assistance Agency (PHEAA) established FedLoan, a service designed to manage the servicing of direct loans issued by the U.S. Department of Education. PHEAA also launched American Education Services (AES) to manage the servicing of guaranteed student loans under the Federal Family Education Loan Program.
Together, FedLoan and AES position PHEAA among the largest student loan servicers in the U.S., managing over a quarter of the $1.4 trillion national student loan debt.
What is FedLoan?
FedLoan, recognized by the Department of Education, specializes in federal student loan services. It operates the website MyFedLoan and manages approximately 8,000,000 loans, making it one of the largest providers in the sector. The total portfolio of FedLoan student loans amounts to $235 million.
MyFedLoan Life Cycle Plan
Students looking to manage their federal loans must start by filling out the free scholarship form to qualify for subsidized and unsubsidized loans. The form requires applicants to select a school, which determines the amount of aid they are eligible to receive. Once submitted, adjustments might be made that could reduce the anticipated amount. It is crucial for borrowers to choose their repayment strategy carefully.
Upon completing loan repayment, borrowers receive a letter confirming that their balance has been cleared.
Benefits of MyFedLoan
FedLoan offers a variety of educational resources on its homepage, including calculators, articles, videos, and FAQs. It partners with AES on a website called “You Can Deal With It,” offering budgeting and financial management advice for students and graduates. FedLoan also maintains an active Twitter feed to provide borrowers with updates and news.
Contacting MyFedLoan
Customer service is accessible via various methods:
Phone
Call 800-699-2908, available Monday through Friday, 8:00 AM to 9:00 PM EST.
Email
Secure email options are available through logging into the MyFedLoan.org account.
Mail
Different mailing addresses are provided on the FedLoan website for payments, direct debit forms, general correspondence, and credit disputes regarding loan consolidation.