- Getting Started
- Paying Your Monthly Bill
- Trouble Making Payments
- Postponing Payments
- Total and Permanent Disability Loan Discharge
- Paying Off Your Loan
Can I make a payment on my loan within 120 days of the disbursement date?
Yes. In most cases, we apply any payment received within 120 days to your principal balance, effective the disbursement date. Because this payment reduces your original principal balance, we call it a "cancellation payment."
As a result of your cancellation payment, we also adjust your loan fees and any applicable interest. Loan fees and interest will now be based on the new reduced principal balance.
What happens if my school submits a refund for my loan?
We apply any refund that we receive from your school to your principal balance, effective the date of your loan's disbursement. As a result, we also adjust your loan fees and any applicable interest. Loan fees and interest will now be based on the new reduced principal balance.
When must I begin paying back my loan? Do I get a grace period?
- If you have a Direct or Stafford Loan (subsidized or unsubsidized)—You get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status. You must start making payments as soon as your grace period ends.
- If you have a PLUS Loan for Graduate and Professional Students—You can postpone payments while you are enrolled at least half time. If your PLUS Loan was first disbursed on or after July 1, 2008, you can also postpone payments for the 6 months after you graduate, leave school, or drop below half-time status.
- If you have a PLUS Loan for Parents—If your loan was disbursed before July 1, 2008, you must start making payments within 60 days of the final disbursement date. However, if your loan was disbursed on or after July 1, 2008, you can request to postpone payments while the student for whom you obtained the PLUS Loan is enrolled at least half time. You may also request to postpone payments for the 6 months after the student is no longer enrolled at least half time.
What is a grace period?
Find the definition in our glossary.
How do I make a payment to FedLoan Servicing?
We accept the following methods of payment:
Simply designate a checking or savings account, and we automatically deduct your loan payment on the same day each month.
Make a one-time payment through Account Access.
|Smart Phone Payment||
Make a one-time payment from your smart phone.
Call our automated phone system and provide your account number and your bank's ABA (routing and transit) number.
|Check or Money Order||
Send your check or money order (include your account number) to:
U.S. Department of Education
How do you apply my monthly payment?
We first apply your payment to any interest that has accrued to date. We then apply any remaining payment to your principal balance.
Can I pay more than the monthly payment amount?
Yes. There is no limit to the amount you may pay each month.
If you want to pay more than your monthly amount, you can do so online, over the phone, or by check or money order. You can also request that we withdraw more than the monthly amount through Direct Debit, if you use this service.
Why isn't my principal going down?
Can you automatically deduct my payments from my bank account every month?
Yes, we offer an automated payment service called Direct Debit. It's free, it's convenient, and you will qualify for a 0.25% interest rate reduction for using this service.
Can I make a payment on a borrower's account if I am not the borrower?
Yes. To make a payment on a borrower's account, mail the payment to:
U.S. Department of Education
P.O. Box 530210
Atlanta, GA 30353-0210
Important: Include the borrower's account number with your payment.
I can't afford my full payment amount. What are my options?
If you're having trouble making your payments, don't wait until you fall behind to seek help. Some options include:
I need to postpone my loan payments. How do I choose a deferment or forbearance?
A deferment or forbearance lets you temporarily postpone loan payments. To find the option that best fits your situation, take our Eligibility Quiz:
|Step 1||Sign in to Account Access.|
|Step 2||Select the "Payments and Billing" link on the left.|
|Step 3||Choose "Postpone Payments" and scroll down to the bottom of the page.|
|Step 4||Choose "Take Eligibility Quiz Now".|
The quiz provides the deferment and forbearance options for which you may be eligible based on your circumstances. You can apply for some options online; others require that you complete a form and send it to us for processing.
I am serving in AmeriCorps. Can I place a hold on my account?
Yes. While serving in AmeriCorps, you are eligible to postpone federal loan payments with a forbearance. Apply for this forbearance through your secure account on the AmeriCorps website at www.americorps.gov.
Or contact your AmeriCorps Program Director to request a paper application.
I am serving in the Peace Corps. Can I postpone my loan payments?
Yes. You may be eligible for an Economic Hardship Deferment to postpone your federal student loan payments based on your service in the Peace Corps.
Does interest accrue on my loan while I have a deferment or forbearance?
Yes. Interest accrues on your loan, but you may not be responsible for paying it. It depends on the type of loan you have and whether you have a deferment or forbearance.
|If you have a deferment…||If you have a forbearance…|
Subsidized loans—The government pays the interest that accrues.
Unsubsidized loans—You are responsible for paying the interest that accrues.
All loans—You are responsible for paying the interest that accrues.
If you are responsible for paying the interest that accrues, you will receive an interest notice 20 days before the end of your deferment or forbearance advising of the total amount of outstanding interest. Any interest that you do not pay will capitalize (be added to your principal balance) when the deferment or forbearance ends. Capitalization increases your principal balance, meaning you will pay more over the life of the loan.
What happens to my Direct Debit if I request a deferment or forbearance?
To prevent an unwanted withdrawal while your deferment or forbearance request is being processed, contact us to suspend your Direct Debit service. We automatically suspend your Direct Debit service once your deferment or forbearance is approved.
At the end of your deferment or forbearance, your Direct Debit service will resume on your regularly scheduled due date, unless you notify us that you no longer want to participate in this service.
I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
- If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
- If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Which federal loans qualify for Total and Permanent Disability Loan Discharge?
- Federal Direct Stafford Loans (subsidized and unsubsidized)
- Federal Direct PLUS Loans
- Federal Direct Consolidation Loans
- Federal Stafford Loans (subsidized and unsubsidized)
- Federal PLUS Loans
- Federal Supplemental Loans for Students (SLS)
- Federal Consolidation Loans
Spousal Consolidation loans—do they qualify for Total and Permanent Disability Loan Discharge?
A spousal Consolidation Loan consists of loans from both a husband and a wife.
- Both spouses must be eligible for a discharge to discharge the entire Consolidation Loan.
- If only one spouse is disabled and eligible for this discharge, both spouses are still responsible for paying the portion of the loan that originally belonged to the nondisabled spouse.
I am a veteran. What must I provide when I apply for a Total and Permanent Disability Loan Discharge?
You must send with your application your documentation from the U.S. Department of Veterans Affairs showing that you have been determined to be unemployable due to a service-connected condition. If you do not include this necessary information with your application, we will return the application to you.
Can I pay off my loan early, before my repayment period ends?
Yes. You can pay your loan in full at any time without penalty.
I want to pay off my loan. How do I submit my final payment?
Sign in to Account Access to find out the amount of your loan payoff and make the payment online.
Why is my loan payoff amount different from my principal balance?
The balance listed on your bill is principal only. The payoff amount includes accrued interest.