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Last Updated: May 28, 2022

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myfedloan.org
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Myfedloan.org

FAQs

1

What is a Stafford?

Stafford loans are a type of federal student loan that are either subsidized – the government pays the interest while you're in school – or unsubsidized – you pay all the interest.
2

Will Biden extend student loan forbearance?

Biden's Extension of the Student Loan Payment Pause and Interest Freeze: Who Qualifies. Last week, Biden announced a four month extension of the ongoing Covid-19-related suspension of payments and interest accrual.
3

Who is replacing FedLoan servicing?

FedLoan Servicing will retain the role of exclusive PSLF servicer through 2022. Potentially, there could be some re-branded version of the company under PHEAA beyond that. PHEAA uses the loan servicing software known as COMPASS. MOHELA, one of the five companies awarded a new servicing agreement, uses COMPASS as well.
4

What is Fedloans?

FedLoan is the only federal loan servicer that handles Public Service Loan Forgiveness (PSLF) applications, which provide student loan forgiveness, and the processing of employment certification forms. Once your PSLF application is processed, your loans will be automatically transferred to FedLoan.
5

Is Myfedloan org legit?

Here's the scoop: FedLoan Servicing is a legit company. It's one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans.
6

Who will take over for Myfedloan?

FedLoan is expected to end all federal loan servicing after December 2022. All federal loans in the FedLoan portfolio will be split up and transferred to other servicers including EdFinancial, MOHELA, Aidvantage (formerly Navient) and Nelnet. MOHELA will take on all borrowers enrolled in PSLF.
7

Does PSLF forgive all loans?

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
8

Can you get a refund for Public Service Loan Forgiveness?

Under the limited PSLF waiver, if you make more than 120 qualifying payments on an existing Direct Loan, or an a newly consolidated loan, you will automatically be refunded for the payments you made in excess of the 120 qualifying payments.

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Date Published: May 28, 2022

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