Client FAQ for Loans Serviced by Fedloan Servicing by Jason Spencer Dallas Texas

Client FAQ for Loans Serviced by Fedloan Servicing by Jason Spencer Dallas Texas Posted by Jason Spencer Student Loan with this and additional information available on fedloans website New Borrower FAQ About FedLoan Servicing About Federal Loans If You Have Transferred Loans If You Have Direct Loans About FedLoan Servicing  Student Loan Relief Inc Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including: FFELP (Federal Family Education Loan Program) Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans. Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans. About Federal LoansCollapse All How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan: Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more. Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information. What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same: Borrow only what you need. Read your promissory note (know what you agreed to). Pay on time (consider paying early). Keep in touch with FedLoan Servicing. Remember, you MUST pay back your loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I … Continue reading Client FAQ for Loans Serviced by Fedloan Servicing by Jason Spencer Dallas Texas