If you have student loans, you might have heard of MyFedLoan. For many years, MyFedLoan was a company that helped manage federal student loans. It worked with the U.S. Department of Education to collect payments, help with repayment plans, and support people trying to get student loan forgiveness.
Let’s take a look about MyFedLoan login, why it’s no longer around, and what you should do if your loans were once with them.
What Did MyFedLoan Do?
MyFedLoan was run by a company called PHEAA (Pennsylvania Higher Education Assistance Agency). It was one of the official loan servicers for federal student loans. This means it helped people:
- Pay back their loans
- Set up income-based repayment plans
- Apply for Public Service Loan Forgiveness (PSLF)
- Get answers to questions about their loans
MyFedLoan was the main company handling PSLF. That’s a program that forgives student loan debt for people who work in public service (like teachers, nurses, or government workers) and make 120 on-time payments.
Why Did MyFedLoan Go Away?
In 2021, PHEAA decided not to keep working with the government. So, MyFedLoan stopped managing federal student loans. If your loans were with them, they were moved to a new servicer, like MOHELA, Aidvantage, or Nelnet.
The change was supposed to be smooth, but some borrowers had problems like missing information or confusion about payments. That’s why it’s important to check your loan details.
What Should You Do Now?
If your loans were with MyFedLoan, here are some simple steps you should take:
- Find Your New Servicer
Go to studentaid.gov and log in to your account to see who is handling your loans now. - Check Your Info
Make sure your phone number, email, and address are correct with your new loan servicer. You don’t want to miss any updates. - Review Your Loan Details
Look at your loan balance, repayment plan, and payment history. Make sure everything looks right after the transfer. - If You’re in PSLF
Check that your payments and job certifications transferred correctly. Contact your new servicer if anything is missing or wrong. - Ask for Help If You Need It
Student loans can be confusing. If you’re not sure what to do, call your loan servicer or use the help tools on the Federal Student Aid website.
In Summary
MyFedLoan used to be a major loan servicer for federal student loans, especially for people in the Public Service Loan Forgiveness program. But in 2021, it stopped servicing loans, and borrowers were moved to other companies.
If your loans were with MyFedLoan, it’s important to check who your new servicer is, confirm your loan information, and make sure you’re on track with payments or forgiveness programs.
Staying organized and informed will help you stay on top of your student loans and avoid any surprises.