MyFedLoan is an official student loan service authorized by the Department of Education to service federal student loans. Their primary website can be found at myfedloan.org. In 2009, the Pennsylvania Higher Education Agency, a federal agency, created the FedLoan service. PHEA established this system to manage student loans offered directly through the US Department of Education.

PHEA also supervises American Education Services, created by its founder to service student loans made under the Federal Family Education Loan Program. MyFedLoan Service and AES together make PHEAA one of the premier student loan providers in America, managing over 8 million loans for FedLoan, making them one of the biggest credit companies in the US.

Repaying loans, disbursing them to borrowers, and providing customer support are just some of the services this company provides to help students with loan repayments. MyFedLoan Servicing’s primary task is collecting loan payments from loan borrowers and making sure that these are allocated towards interest and principal on loans.

Multiple payment options exist for student loan borrowers to make payments, including websites, automated phone systems, and traditional mail. This enables each borrower to choose which method best meets their needs for making repayments.

MyFedLoan Servicing also provides various repayment plans to their borrowers, with options based on income that adapt monthly installments depending on a borrower’s monthly earnings and family size. They provide information regarding loan consolidation, forgiveness programs, and alternative deferment and forbearance solutions that allow borrowers to select those that best fit their financial situations.

One of the key aspects of MyFedLoan Servicing’s job is managing the Public Service Loan Forgiveness (PSLF) program. This program offers forgiveness of student loan balances if borrowers secure full-time employment in public service after making 120 qualifying installments over four years.

MyFedLoan Servicing is responsible for validating work completed and establishing payments to borrowers seeking PSLF. MyFedLoan Servicing has recently come under scrutiny and criticism. Borrowers have reported difficulty accessing accurate data as well as issues solving student loan-related problems.

Processing delays and poor customer service have become prominent concerns within student loan servicing businesses, leading to calls for changes that will improve borrower experiences.