MyFedLoan Student loan servicing department

Introduction

Department of Education scraps single-servicer plan but .

FedLoan Servicing is one of only four approved loan servicers for all student loans made by the federal government. It currently manages the largest portfolio of federal student loans in the US as well as the government’s Public Service Loan Forgiveness program. The company was originally established as The Pennsylvania Higher Education Assistance Agency (PHEAA) in 1963 and quickly became one of the leading student aid organizations in the US. PHEAA currents services loans for millions of student borrowers and thousands of colleges and ugniversities.Today, PHEAA services student loans through two different entities: American Education Services (AES) and FedLoan Servicing. AES was created to guarantee and service FFELP loans and private student loans made through its lending partners. FedLoan Servicing was created to work with the Department of Education as a primary point of contact to help borrowers manage their federal student loans.

Problems With FedLoans

Once your repayment term begins with Fedloan Servicing, so do the problems.  Fedloan Servicing currently has a 97% negative rating on the BBB, has been sued by the state of Massachusetts for failing to help borrowers with their public service loan forgiveness, and has been blasted by the CFPB for mishandling of their borrowers federal student loans. There is a Facebook page set up for Fedloan borrowers to leave their complaints, where they currently have a 1.2 out of 5 stars.

Fedloans Servicing Handles All Public Service Loan Forgiveness

Currently, all employment certifications for the PSLF program must go through Fedloan Servicing (see section 7 of the PSLF employment certification form).  When an individual is relying on one company for their student loan forgiveness, it’s increasingly alarming how that one company can make so many errors.  There are many reports of

Borrowers can access these services through their account at FedLoan Servicing anytime through their online portal.

Reviews of FedLoan Servicing
BBB Rating: (Not Rated)
Consumer Affairs Rating: 1 star (out of 5)
Lendedu.com Rating: 1 citi student loans payment5 stars (out of 5)

For more information, or to speak with someone at FedLoan Servicing directly, you can contact them by email or through the information below:

FedLoan Servicing
1200 N 7th StHarrisburg, PA 17102

Phone: 1-800-699-2908
Fax:  1-717-720-1628

Get Your Free Assessment

Call Us At: (844) 669-4407

Request a call back

Most borrowers don't need to make payments on their loans while in school; but, we still give you the tools to stay informed on loan balance, interest accrual, and more.

Now that you're done with school, review the available resources to help you get ready for when you have to start paying back your student loans.

Now that you're paying back your student loans, use this resource center to find information on the various topics you'll need during repayment signature installment loans

California Department of Business Oversight - Student Loan .

A whole new student loan servicing and processing system will be up and running in 2019, the U.S. Education Department said on Tuesday, as it formally unveiled its plan to overhaul the current $1.3 trillion program.

The department, led by Secretary Betsy DeVos, announced its intention to change student-loan servicing in May and said it would award a contract to one company for a user platform and a standardized process for handling consumer calls. That would mean abandoning the current system of having four companies service outstanding loans.

On Tuesday, though, it broached the possibility of using multiple companies when the new system comes online, around the time current contracts with Navient (navi), Nelnet (nni), Great Lakes Educational Loan Services, Inc and FedLoan Servicing expire in 2019.

“By starting afresh and pursuing a truly modern loan servicing environment, we have a chance to turn what was a good plan into a great one,” DeVos said in a statement.

Former President Barack Obama, a Democrat, moved much of the business of lending to 42 million students from banks and other companies to the federal government.

But DeVos, appointed by Republican President Donald Trump, is working to change how the government carries out that business, to the consternation of consumer and student rights groups who say her plans may make it harder to afford college and graduate school.

For more on student loans, watch Fortune’s video:

A bid solicitation posted on Tuesday said the department will soon embark on gathering information from financial services, student-loan, and technology companies about the student loan program. It also said it was seeking technology that can evolve into the future and lower costs.

In June DeVos tapped a former credit card and prepaid-card executive, A. Wayne Johnson, to lead the program after the chief operating officer abruptly resigned.

In a statement on Tuesday, Johnson said the program “represents the equivalent of being the largest special purpose consumer bank in the world” and pledged to provide a “customer support system that is as capable as any in the private sector wage garnishment for student loans

Education Dept. says state student loan servicing laws are .

William D salliemae student loan login Ford Federal Direct Loan Program

Navient Department of Education Loan Servicing Privacy .

By Lisa Lambert

WASHINGTON (Reuters) - A whole new student loan servicing and processing system will be up and running in 2019, the U.S. Education Department said on Tuesday, as it formally unveiled its plan to overhaul the current $1.3 trillion program.

The department, led by Secretary Betsy DeVos, announced its intention to change student-loan servicing in May and said it would award a contract to one company for a user platform and a standardized process for handling consumer calls. That would mean abandoning the current system of having four companies service outstanding loans.

On Tuesday, though, it broached the possibility of using multiple companies when the new system comes online, around the time current contracts with Navient Corp, Nelnet Inc, Great Lakes Educational Loan Services, Inc and FedLoan Servicing expire in 2019.

"By starting afresh and pursuing a truly modern loan servicing environment, we have a chance to turn what was a good plan into a great one," DeVos said in a statement.

Former President Barack Obama, a Democrat, moved much of the business of lending to 42 million students from banks and other companies to the federal government.

But DeVos, appointed by Republican President Donald Trump, is working to change how the government carries out that business, to the consternation of consumer and student rights groups who say her plans may make it harder to afford college and graduate school.

A bid solicitation posted on Tuesday said the department will soon embark on gathering information from financial services, student-loan, and technology companies about the student loan program. It also said it was seeking technology that can evolve into the future and lower costs.

In June DeVos tapped a former credit card and prepaid-card executive, A. Wayne Johnson, to lead the program after the chief operating officer abruptly resigned.

In a statement on Tuesday, Johnson said the program "represents the equivalent of being the largest special purpose consumer bank in the world" and pledged to provide a "customer support system that is as capable as any in the private sector."

(Reporting by Lisa Lambert; Editing by Tom Brown)

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