New Customer FAQ
- Who is FedLoan Servicing?
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FedLoan Servicing is an organization dedicated to supporting student borrowers who need an easy, convenient and online way to manage their student loans. The organization was established to support the U.S. Department of Education's ability to service student loans owned by the U.S. government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans.
- How do I know if my loan(s) is being sold or transferred?
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After your loan(s) is sold/transferred, you will receive a welcome letter from FedLoan Servicing. This letter will include the effective date of the sale/transfer, which loan(s) was included, a new account number and contact information (correspondence address, toll-free numbers and web site address).
- Will all my current student loans be affected?
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Not necessarily. You may have loans that will remain with your current servicer. You will receive notification from FedLoan Servicing indicating which loan(s) we are now servicing. You can get additional details on your FedLoan Servicing loan(s) by creating an online account and viewing your loan details.
Please note, you should continue to make all payments for loans not affected by the loan sale/transfer that remain with your original servicer. A complete list of all your federal student loans is available at www.nslds.ed.gov.
- How do I make a payment?
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Payments for loans now serviced by FedLoan Servicing can be made using one of the following methods:
Payment Method Description Direct Debit Monthly installment amount is extracted on your due date from the checking/savings account that you designate
Online Payment is processed through our secure website www.myfedloan.org
Telephone Payment is processed through our automated phone system using your bank ABA/routing and account numbers. By Mail Send your check or money order to:
Department of Education
FedLoan Servicing
P.O. Box 530210
Atlanta, GA 30353-0210 - What if I sent a payment for my loan(s) to my previous servicer?
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Your previous servicer will forward any payments and/or correspondence they receive regarding these loan(s) to FedLoan Servicing for a brief period of time after the date of the loan sale/transfer.
- Will my account number remain the same?
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If you already have an account with us, your additional loans will roll under the same account number.
If you do not already have an account with us, we will assign you a new account number. This unique 10-digit number will be provided on all written correspondence, emails, billing statements, etc.
For your security and to prevent unauthorized disclosure of your personal information, you have the option to use your account number instead of your Social Security number when:
- Creating an online account
- Calling Customer Service or the automated phone system
- Corresponding in writing with FedLoan Servicing
- Will my monthly payments change?
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There could be a change in your monthly payment amount based on the loan(s) that was sold/transferred and your previous payment plan. If your payment amount is not affordable, FedLoan Servicing offers payment plan options. Login to Account Access to see your monthly payment amount and options that may be available to you to lower or postpone your payments.
- Will my interest rate change?
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No. Your interest rate will not change. The terms and conditions of your loan(s) at the time of disbursement will remain the same.
However, if you were enrolled in an automated payment program with your previous servicer you may have had an interest rate discount. Because the servicer of your loan(s) has changed, you will need to re-apply for the program.
FedLoan Servicing also offers an automatic debit program called Direct Debit. When your application is approved, you'll receive a discount on your interest rate of at least 0.25%.
- Will my due date change?
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Your due date may change. You can find your due date on your monthly billing statement or online. If this due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it.
- Will my grace period be extended, or do I need to begin making payments?
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Generally, once the grace period ends and you are no longer attending school, the grace period cannot be extended. This means that the loan(s) will enter repayment and you will start receiving monthly bills.
However, if you have returned to school at an eligible institution on at least a half-time basis and the start date of the term is prior to the end of the grace period, your grace period can be extended on receipt of required enrollment information. The repayment period will not begin until the grace period has fully expired.
- Will the loan sale/transfer interrupt my Direct Debit payments? Do I have to re-apply with FedLoan Servicing?
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Direct Debit payments with your previous servicer will be discontinued.
However, FedLoan Servicing also offers Direct Debit. To enroll or add newly transferred loans, you must complete a Direct Debit application (511 KB PDF). Send the completed form to:
Direct Debit
FedLoan Servicing
P.O. Box 3661
Harrisburg, PA 17105-3661 - Do I have to create a new online account if I already have one?
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If you already have an online account with FedLoan Servicing, your additional loans will be available. If you do not have an account with FedLoan Servicing, you will have to create a new online account at www.myfedloan.org.
Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan(s).
- My co-maker/endorser had access to my account with my old servicer. Will they still be able to have access to my loans?
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Co-makers/endorsers continue to have access to the loan(s) they endorsed. They are also assigned a unique 10-digit account number for safety and security purposes.
- Can I still make online payments, schedule payments in advance, and manage my loan as I did before?
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Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan(s), plus much more.
You will need an online account to access these features. Sign up today.
- I signed up for paperless billing with my previous servicer. Do I need to reapply with FedLoan Servicing?
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You need to sign up for paperless billing with FedLoan Servicing if you have not done so already.
To take advantage of this service, you must create an online account. Once you have logged into Account Access, you can change your billing preference to eBilling.
- I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with you?
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If your request for deferment or forbearance was approved before the loan(s) was sold/transferred, the deferment or forbearance will transfer with the loan—you do not need to re-apply.
If your application for a deferment or forbearance was not fully processed before your loan(s) was sold/transferred, your previous servicer will send us a copy of your application. We will process your application and send you a letter to notify you if your request was approved or denied.
- What happens if I'm still in school?
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As long as you maintain at least half-time enrollment at an approved school, the status of your loan(s) will remain unchanged.