How to Use MyFedLoan: The Ultimate 2019 Guide

After graduation, college isn’t over – you now need to pay for it. Chances are that you took out a student loan, and this is where the fun begins!

Ok, so it may not be a huge amount of fun – but it doesn’t have to be a painful experience either if you know the best way to navigate the student loan debt waters.

This is where we can come in – we will show you how to use MyFedLoan and the repayment options.


What is MyFedLoan?

This is where it can get a little bit confusing at first because MyFedLoan is the name of the online platform for the company FedLoan Servicing.

FedLoan Servicing is a non-profit which is run by the Pennsylvania Higher Education Assistance Agency.

Using MyFedLoan you will be able to do the following:

Basically, it’s the hub where you will be able to do everything that relates to your student loan, and it’s a good idea to get comfortable with navigating it. Paying off our student loans was one of the best things we’ve ever done!


5 Simple Steps for Using MyFedLoan

woman smiling while using phone and laptop in an art studio

It’s really easy to get started using MyFedLoan, and you can do this either via their desktop site or app.

1) Create an account

When you are on the MyFedLoan website, you will need to click on where it says ‘Sign In’ – this will give you a drop-down option. On the drop-down, it will say ‘Don’t have an account – create one now’.
You will need to provide your name, email address, date of birth and account number or SSN.

2) Create a username and secure password

The next step is to create a username and password for your account. Make sure that the username is one that you will remember, and that your password is very secure.

3) View and understand your federal student loans

Now that you’ve set yourself up, you can look at your loans and get an understanding of them. It will show you all of the relevant information that you need to know about your loan.

This may be the first time that you see it all laid out – how much you owe, the repayment amounts, dates, etc.

4) Get yourself familiar with MyFedLoan website

Most new sites seem a bit confusing at first, but it’s important to make sure that you have a click around and familiarise yourself with it.

5) Select the best repayment option for your situation

There are a couple of repayment options that you can choose for your student loan, and there is no ‘one-size-fits-all’ – choose the option which is best for you and your situation.


Repayment options available through MyFedLoan

Choosing your repayment option is one of the most important steps in your student loan payoff journey, so be sure to look through the options thoroughly.


Standard Payment

The standard payment is where you will be paying back a fixed amount each month. It will be over 10 years if you have unconsolidated loans, and 30 years for consolidated ones.


Graduated Payment

A graduated payment plan is where you start with lower monthly payments that increase over time (they increase every 2 years).

The graduated payment is good for those who will be earning more money in the future, but please note that you will pay more overall in interest.


Struggling with your MyFedLoan repayment plan? Don’t worry MyFedLoan has many alternative repayment programs.

You aren’t stuck with those 2 options – there are some other options available to you which may be better for your situation.


Standard Repayment

This repayment plan has the quickest payoff with fixed monthly payments. It is a maximum repayment term of 10 years for unconsolidated loans, and 30 for consolidated loans.


Graduated Repayment

This is a good option for you if you are able to pay a higher monthly payment in the future, but the smaller payments are better for you to manage now.

You will be paying more interest over time than with the standard repayment plan.


Extended Fixed Repayment

In order to qualify for this, you must have more than $30,000 in outstanding Direct Loans or FFEL Program Loans.

There are fixed monthly payments which are generally lower because the term is longer – maximum repayment term is up to 25 years.


Extended Graduated Repayment

In order to qualify for this, you must have more than $30,000 in outstanding Direct Loans or FFEL Program Loans.

Monthly payments are lower and increase over time – they increase every 24 months until the loan is paid in full.


Income-Sensitive Repayment (ISR)

The monthly repayments on this plan are based on your monthly income, but the minimum payments must cover the interest rate every month as a minimum.

There is an extended plan period, with lower monthly payments, but you need to have the FFEL program loan in order to qualify.

The Repayment plan may be extended by 5 years (maximum), and because it is based on your income and this can change, you’ll need to reapply every year.


Income-Driven Repayment (IDR)

The IDR plans are based on your income, family size, and state of residence. As these change over time, you will have to recertify every year.


MyFedLoan Alternative

smiling woman using a calculator to pay bills

You can’t switch between student loan providers, unfortunately, but you can consolidate or refinance your student loans which could be a good option for you.


Consolidating your student loans

Have you heard about consolidation before? If not, it’s when you take a bunch of loans and put them into one loan altogether.

This can make the whole process much easier to manage, but it will probably increase your interest rates.


Refinancing your student loans with a private lender (SoFi, Credible, LendKey)

Refinancing is similar to consolidation in that you will put all of your loans into one, but this option has the advantage of getting you a better rate.

If you go with this option however, you will lose any protection you held from being with a federal loan service provider, such as Public Service Loan Forgiveness, which is a biggie.

The private lenders that we recommend are SoFi, Credible, and LendKey.


This is a good one to go for if you are like me and prefer to do everything online!

They have low fixed and variable rates (the variable APR is 2.47% – 6.99%) and you will need a credit score of at least 650 to be able to refinance with them.


Credible is not a student loan provider, but they are the best place to look when you are unsure, as they can compare loans across different providers for you.

There are no fees for using this service – you will need to fill in your information and they will get back to you with the best decision for you within one day.


LendKey is an online marketplace where you can get private student loans, or refinance existing loans. This is through local credit unions or community banks.

They have a student loan calculator on their site (worth noting that it’s not 100% accurate) which can help you see if refinancing would be the way to go for you.


Common MyFedLoan Q&A’s

How do I view my loan details?

To view your loan details you will need to log into your MyFedLoan account, either on the web version or on the app.


What should I be doing during my student loan grace period?

When you are in your grace period, this is the best time to get yourself familiar with your student loans.

When you leave school, you should complete Exit Counseling, which is a session where you can learn all about your loans.

You will enter a 6 month grace period where you are not required to make any payments to your student loan. However, this is the best time to get started paying as you will reduce the amount and get used to the money going out.


How do I make payments through MyFedLoan?

Couple celebrating their credit score after they were able to quickly repair and increase it with

Luckily, there are several ways that you can make payments through MyFedLoan:


Can I change my due date?

Yes, you can change the due date of your repayments – as long as your payment isn’t overdue.

However, if you are entering repayment for the first time you will not be able to change your due date until you make at least one payment towards your loans.


What if I miss a MyFedLoan payment?

If you find that you cannot afford your payments, be sure to reach out to MyFedLoan as soon as you realize this, as they can help you.

Even if you are only one day late in making your payment, missing a payment will cause your loan to become delinquent.

You can change your due date to one where you know you’ll have the money there, and you can also find a repayment plan that fits your budget using their Manage Repayment tool.

When you haven’t paid in over 270 days, your loan will go into default which can have a terrible knock-on effect with the rest of your finances and your wages. Be sure to speak to them if you are struggling and find the best option for you.


What if I want to pay more than my monthly payment and target certain loans to pay them off quicker?

You are able to pay off as much as you would like each month, which is amazing!

To target specific loans you will still need to make the minimum payments on your other loans, and then once you are in your account click on ‘Specify Loan Payment’, where you can enter the amount you wish to pay.


What if I want to pay my loans ahead of time?

You must continue to pay at least your regular payment amount each month, but you can pay any extra that you would like. You can make an extra payment at any time using whichever payment method suits.

If you do this, you will pay less interest over time and pay your loan off much faster.


What is MyFedLoan’s contact information?

There are several ways in which you can contact them, which is great in case there is a MyFedLoan Outage. MyFedLoan Contact info:

Call Toll-Free



Monday through Friday 8:00 AM to 9:00 PM (ET).

TEACH Grant support: Monday through Friday 8:00 AM to 9:00 PM (ET).



Monday through Friday 8:00 AM to 9:00 PM (ET).


Dial 711

Support for hearing and speech-impaired callers, Monday through Friday 8:00 AM to 9:00 PM (ET).



You will need to log in to your account to email them.


Mail or Fax



If you’re returning or verifying documentation, etc


Mailing Addresses

Send payments to:

Department of Education

FedLoan Servicing

P.O. Box 530210

Atlanta, GA 30353-0210

Send completed Direct Debit application forms to:

FedLoan Servicing

P.O. Box 3661

Harrisburg, PA 17105-3661

Send letters and correspondence to:

FedLoan Servicing

P.O. Box 69184

Harrisburg, PA 17106-9184

Send Credit Disputes to:

FedLoan Servicing Credit

P.O. Box 60610

Harrisburg, PA 17106-0610

Send Consolidation related letters and correspondence to:

FedLoan Consolidation Department

P.O. Box 69186

Harrisburg, PA 17106-9186

Contact the Office of Consumer Advocacy at:

Pennsylvania Higher Education Assistance Agency

The Office of Consumer Advocacy

1200 North 7th Street

Harrisburg, PA 17102


What if I need a deferment or forbearance?

A deferment or forbearance is where you are able to postpone your payments under certain circumstances, but this isn’t always the best option.

During deferment, if you have a Direct Subsidized Loan (or a subsidized portion of a Direct Consolidation Loan that hasn’t lost subsidy) – interest doesn’t accrue.

If you are in forbearance you are still responsible for the daily interest accrual.

To find out which deferment or forbearance is best for you, MyFedLoan has an eligibility quiz which you can take to help you decide.


What about Public Service Loan Forgiveness (PSLF)?

The Public Service Loan Forgiveness Program was set up to encourage people to take up public service employment.

You will be able to receive forgiveness after you have made 120 qualifying monthly payments whilst working full-time for an employer who is eligible under this.

There are 4 categories of qualifying employers for the PSLF:

You will need to submit an Employment Certification Form annually, and submit your first form when you are sure that you have qualifying loans and payments.


Where do I find tax documents on MyFedLoan?

To find your tax information you will need to log into Account Access, where you can find your tax statements.

Once you are in there you can view your: IRS Form 1098-E (amount of interest paid), IRS Form 1099-C (cancellation of debt, if applicable to you), tax summary statement (if the amount is not reported to IRS).


What do I do when I’m ready to make my final payment?

Firstly – massive congratulations! We were so excited when we paid off our final balance, and filmed it too!

To pay off your loans, you will need to sign in to Account Access and select the ‘Loan Payoff’ option, which is under Payments & Billing.

Alternatively, you can call the FedLoan Phone Number 1-800-699-2908 to get your payoff amount.

If you are mailing your MyFedLoan payment they must receive it within 10 days of receiving your official payoff amount.


Negative MyFedLoan reviews and concerns

woman on computer sitting on a bed in the dark except for the glow from the laptop screen

With the number of student loans that they handle, there are bound to be some negative reviews and concerns, but it’s worth knowing about them so that you can be prepared.

As mentioned, you can’t change student loan providers, unfortunately, but you still have consolidation or refinancing as a possible option. Contact the company’s Office of Consumer Advocacy at 800-213-9827 or 1200 N. 7th St. Harrisburg, PA 17102.


BBB Rating

FedLoan Servicing is not registered with the Better Business Bureau as they cannot accept complaints regarding a government agency.

If you would like to file a complaint, you can


Negative Fedloan Reviews

If you have a loan with MyFedLoan, you will want to read about the negative reviews because they involve things that could affect you pretty badly.

They have been accused of adding interest, converting grants into loans and preventing people from making their monthly payments.

These are all things that you need to be aware of, so I would definitely recommend keeping a close eye on your account and flagging up any errors.


Fedloan servicing issues

As mentioned, there are things that they are doing whilst servicing your loan which can have very negative consequences for you:

These are the biggest things that FedLoan are accused of – and they are things that you should most definitely keep an eye on.


Final Thoughts on MyFedLoans

It’s a bit of a pain that you can’t change student loan provider, but there are some other options available to you such as consolidation or refinancing.