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FedLoan Servicing, one of the nation’s largest federal student loan servicers, ended its contract with the Department of Education in 2021. As a result, millions of student loan borrowers were ...
However, FedLoan stopped servicing federal student loans after December 2022 and the Department of Education then transferred the loans it was servicing to Nelnet, Edfinancial, Aidvantage or MOHELA.
FedLoan Servicing previously serviced loans that were a part of PSLF, which allows some loans to be forgiven after 120 payments while the borrower is working in a qualifying public service job.
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [ 1]
PHEAA conducts its student loan servicing activities nationally as FedLoan Servicing and American Education Services (AES). FedLoan Servicing was established in 2009 to support the U.S. Department of Education's ability to service student loans owned by the federal government, and is one of a limited number of organizations approved by the ...
The servicing group will typically be responsible for maintaining records on a particular loan, handling loan distribution, and providing requested information to the loan recipient. [89] US student loan servicers include Navient , FedLoan Servicing (PHEAA), MOHELA , HESC/EdFinancial, Granite State - GSMR, OSLA Servicing, and Debt Management ...
PHEAA (FedLoan Servicing) transferred to MOHELA, Edfinancial, Aidvantage or Nelnet ... The quickest way to see who is servicing your loan is to log into your account on StudentAid.gov and review ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [ 1]