MyFedLoan is a federal student loan servicing provider, operated by the Pennsylvania Higher Education Assistance Agency (PHEAA). The company was established in 2009 and has since serviced over $450 billion in student loan debt for more than 8 million borrowers. MyFedLoan provides borrowers with an easy-to-use platform to manage their loans and make payments, as well as access various repayment plans.
MyFedLoan is part of the U.S. Department of Education’s Federal Direct Loan Program, which provides loans to students to help them pay for college or career school tuition and fees.
These loans are funded directly by the U. government, and are available to both undergraduate and graduate students. MyFedLoan works with the Department of Education to manage these loans, helping borrowers understand their repayment options, manage their payments, and remain on track towards loan forgiveness.
MyFedLoan offers a variety of services designed to help borrowers successfully repay their student loans. They provide comprehensive information about loan repayment options, including income-based repayment plans, extended repayment plans, graduated repayment plans, and public service loan forgiveness programs. They also offer one-on-one counseling for borrowers who need assistance navigating the complexities of federal student loans.
MyFedLoan also offers an online tool called “Student Loan Repayment Assistant” that can help borrowers determine which payment plan would be best suited for them based on their current financial situation and future goals. This tool can also show how much money could be saved by switching from one plan to another.
In conclusion, MyFedLoan is a federal student loan servicing provider that works with the U.S Department of Education’s Federal Direct Loan Program to manage student loans for 8 million borrowers across the United States. It provides a variety of services designed to help borrowers successfully repay their student loans, including online tools such as Student Loan Repayment Assistant that can help determine which payment plan would work best for them.
Is MyFedLoan a Federal Student Loan?
Yes, MyFedLoan is a federal student loan servicing provider that works with the U.S Department of Education’s Federal Direct Loan Program.