Federal Student Loans-FedLoan
FedLoan Servicing or MyFedLoan is one of the very few organizations that works to support the United States of America’s Department of Education. FedLoan helps all those students who have taken federal student loans from the government of the United States and provides them with services to repay the loans that they have taken. FedLoan offers online services to students through their Account Access in order to make their experience with them mush easier and simpler. FedLoan also has a forgiveness program and provides special options for service members of the country who have taken the federal loans but do not have complete access to their accounts due to various reasons. For such reasons, FedLoan allows the service members to hand over their account access to a third party member so that they can take care of the process for them until they are back to make the repayments.
The official online website of FedLoan provides the customers or the loan borrowers with all the information that they can require about Federal Student Loans and provide them with various repayment options. Their page Student Loans 101 is where the students can get all the data and info that they will need to understand how federal loans work.
Understanding Federal Student Loans with the help of FedLoan
In order to make the students or the people who are looking to borrow student loans understand the process better, FedLoan has gathered a very useful and accurate information about the same so that they can navigate through it easily. They make sure that the students understand the loan process, the life cycle of the loan, the interests that come with it, the different types of loans that the federal government provides, information in support of parent PLUS borrowers, how to make smart borrowing, information for graduate and professional students, and so on.
The process is very simple to understand if one goes through the information provided by FedLoan.
- The person borrows the loan he or she requires.
- The person enters the ‘in school’ period where he or she will not have to make any repayments but can gather as much information as he or she can about the loan taken, about the repayment options and so on.
- Then comes the ‘grace period’ where the borrower can make use of the grace time given to him or her to make plans regarding the repayment he or she will make in the future. The person will also know about the interests that come with the repayment.
- Then comes the repayment period where the students begins repaying the loan based on the plan he or she chose.
- Then finally, the loan is repaid.
There are basically two types of federal loans, the Federal Subsidized loan, and the Federal Unsubsidized loan. For the former, the federal government pays the interest when he or she is in school and in grace, but for the latter, that option is not available and the borrower may have to make repayments immediately in some cases (depends on the loan type).