FedLoan Servicing or MyFedLoan is a student loan service that helps students who have taken student loans make timely repayments by providing them with several repayment options. FedLoan Servicing was formed by the United States Department of Education in order to support the organization with providing student loan services and helping students repay their loans in timely a manner. FedLoan Servicing provides help to those students who have taken loans that are generally owned by the federal government of the United States. FedLoan Servicing is also one of the very few organizations that help the Department of Education help the federal government with their loan servicing along with the students who have taken the loan. FedLoan Servicing works with expert loan counselors who help students who need to make federal loan repayments.
FedLoan Servicing is known for its extraordinary customer service. FedLoan Servicing has provides these loan borrowers with Account Access to their official website where the students can look at the various payment options provided by FedLoan Servicing. Account Access is FedLoan Servicing’s Online management tool.
FedLoan Servicing Loan Services
FedLoan.gov Servicing explains in great detail to all the students about how the federal loan lending and repayment process works and how the student has to repay his or her loans. FedLoan Servicing explains this process in very simple and understandable steps. This entire procedure of borrowing and repaying the student loan is explained by FedLoan Servicing in three simple steps. Let us now look at them.
When the Loan Borrower is In School
When a student borrows a federal loan while he or she is in school, then he or she will generally not be required to make any loan repayments. But during this period, the FedLoan Servicing explains to the student about the entire process, the loan balance, the interest that will keep cropping up and a lot more about loan repayment.
When the Loan Borrower is In Grace
The grace period for the student loan borrower stars after he or she finishes school. This is the time when the student will be given time to review his or her available resources, prepare to get a job or means of repayment after the grace period ends eventually. That is why this period is known as the grace period. This is the time when the student finally prepares to pay the loan in the future and when the time starts.
When the Loan Borrower is In Repayment
FedLoan Servicing explains that after the grace period, the student has to start the repayment process for the student loan he or she has borrowed. FedLoan Servicing helps out the loan borrowers during this time by providing information about all their repayment options and expert counseling for the repayment process.
FedLoan Servicing provides various payment options to the borrowers. They can make the repayments via email, the phone, online, through direct debit, with the help of a third-party servicer, through the MyFedLoan mobile app, and so on. A student can have better access to FedLoan Servicing with an Account Access.