What is FedLoan?
FedLoan Servicing is a student loan servicer contracted by the U.S. Department of Education to manage federal student loans.
Why am I receiving calls/emails from FedLoan?
If you have federal student loans, FedLoan may be reaching out to you as they are your assigned loan servicer.
How do I contact FedLoan?
You can contact FedLoan by phone at 1-800-699-2908 or through their website.
What is my account number?
Your account number can be found on your billing statement or you can call FedLoan to request it.
Can I make payments online?
Yes, you can make payments online through FedLoan's website.
What do I do if I am unable to make my monthly payment?
If you are having trouble making your payment, contact FedLoan to discuss your options, such as a deferment or forbearance.
How do I set up automatic payments?
To set up automatic payments, log into your account on FedLoan's website and select the "auto debit" option.
Why is my interest rate so high?
Interest rates on federal student loans are set by the government and can vary based on the type of loan you have and when it was disbursed.
Can I change my repayment plan?
Yes, you can change your repayment plan at any time by contacting FedLoan.
What is a grace period?
A grace period is a period of time after you graduate, leave school, or drop below half-time enrollment where you are not required to make payments on your federal student loans.
How long is my grace period?
The grace period for most federal student loans is six months, but this may vary depending on the type of loan you have.
Can I consolidate my loans?
Yes, you may be able to consolidate your federal student loans through the Federal Direct Consolidation Loan program.
What is a deferment?
A deferment is a period of time where you are not required to make payments on your federal student loans due to certain circumstances, such as unemployment or enrollment in school.
How do I apply for a deferment?
To apply for a deferment, you will need to submit a request to FedLoan and provide supporting documentation.
What is forbearance?
Forbearance is a temporary period where your loan servicer allows you to temporarily stop making payments or reduce your monthly payments.
How do I apply for forbearance?
To apply for forbearance, you will need to submit a request to FedLoan and provide supporting documentation.
Why was my request for deferment/forbearance denied?
Your request for deferment or forbearance may be denied if you do not meet the eligibility requirements or do not provide necessary documentation.
What is loan forgiveness?
Loan forgiveness is when a portion or all of your federal student loans are forgiven, meaning you no longer have to repay them.
What is public service loan forgiveness?
Public service loan forgiveness is a program that forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer.
How do I qualify for loan forgiveness?
Qualifications for loan forgiveness vary by program, but generally, you must meet certain criteria, such as working in a specific field or making a certain number of payments.
Can I discharge my federal student loans in bankruptcy?
It is possible to discharge your federal student loans in bankruptcy, but it is difficult and requires meeting a strict standard of "undue hardship."
Can I transfer my loans to another servicer?
No, your federal student loans are assigned to a specific loan servicer and cannot be transferred.
Why am I being charged late fees?
Late fees may be charged if you do not make your monthly payment on time.
How do I check the status of my loan application?
You can check the status of your loan application by logging into your account on FedLoan's website or by contacting their customer service.
What should I do if I believe there is an error on my account?
If you believe there is an error on your account, contact FedLoan to dispute it and provide any necessary documentation.
Can I receive paperless statements?
Yes, you can opt-in to receive paperless statements through your online account with FedLoan.
What happens if I default on my federal student loans?
Defaulting on federal student loans can have serious consequences, such as damage to your credit score and potential wage garnishment.
Where can I find more information about federal student loans?
You can find more information about federal student loans on the official Federal Student Aid website: https://studentaid.gov/.
