FedLoan Servicing is a student loan servicer Android App, which means it collects loan payments and helps borrowers sign up for alternative repayment plans for the Department of Education. It also manages the government’s Public Service Loan Forgiveness program.You can Manage your loans at FedLoan Servicing loans is now easier than ever. Make payments on your loans and manage your account wherever and whenever it is convenient for you. You can also set your repayment goal and determine repayment plan options that will help you achieve successful repayment.
Download FedLoan Android App:
Here are the steps which the steps which you can follow to access your application easily:
- Open Google App Store
- In the search, icon provided just type the app name.
- Tap on the FedLoan download.
- It will be downloaded and be downloaded and would be installed easily be installed easily as it would be taking abe taking a little time to do so as the file is not very large.
- Once the file is downloaded, it’s ready for use.
The Best Features of FedLoan Android App:
- View your loan balances, amount due and other information on your loans
- Schedule a payment and view past payments and other transactions
- Select your repayment goal and view repayment plan options and estimated monthly payment amounts
- Upload your income verification for an Income-Driven Repayment (IDR) plan
Description of FedLoan Android App:
FedLoan is a loan servicer, and so they may report any delinquencies or other issues on your account to the credit bureaus (Equifax, Transunion, Experian). That can seriously impact your credit score. What's worse is that they could be reporting false information, because the error was FedLoan's and not yours. Realize that if FedLoan is telling you your loan is delinquent they may have also told the credit reporting agencies, and that will harm your credit score.
That's why I urge you to check your credit score! I recommend you use a free service like Credit Karma to simply check your score. They only give you one credit score, but that's enough to know if something is wrong. Plus, Credit Karma is truly free (you may have seen their commercials on TV). The last thing you want is your credit score hurting your job prospects.
FedLoan Servicing: All you need to know
How to make a payment:
The easiest way to pay your loan bill is to sign up for direct debit, which will deduct the required monthly payment from your bank account automatically. To enroll in direct debit, create an account on FedLoan Servicing’s website. Follow the prompts to create a PIN and enter your bank account information. You’ll get a 0.25% interest rate reduction on each of the eligible loans you repay using direct debit. Confirm that FedLoan Servicing has processed your direct debit application before you stop making payments online, by email or by phone. Otherwise, you may penalize for a missed payment.
How to pay down loans faster:
If you have a good credit score and steady income, refinancing student loans with a private company could also get you a lower interest rate. That would mean a lower monthly payment or shorter loan term, but you would lose certain benefits specific to federal loans. They include loan forgiveness if you work in public service and the option to make monthly payments based on your income.
How to get student loan help
If you get a bill you know you can’t afford or you miss a payment, call your servicer right away. FedLoan Servicing should walk you through your options, including income-driven repayment or postponing your bills for a time. The government has also released a new tool to help you figure out your best repayment method, found at studentloans.gov. at studentloans.gov./repay.
How to contact FedLoan Servicing
Call 800-699-2908 weekdays between 8 a.m. and 9 p.m. Eastern time.