MyFedLoan Guide: How to Manage Your Student Loans

Congratulations! You’ve graduated from college and are ready to take on the world.

After 12 years of school plus another four or more of college, you’re ready to start earning and start paying down your student loans after a 6-month grace period. The average person has about $32,731 in student loan debt when they graduate, according to Forbes.

If you are one of the individuals that must pay back student loans, then there is a good chance that you will pay them back through FedLoan Servicing.

Read on to understand more about who this company is, how you can manage your payments, and what your repayment options are.

What is MyFedLoan?

When a student takes out loans from the U.S. Department of Education, the loan is assigned to a loan servicer. A federal loan servicer is a company that handles the billing and other services on your debt, and FedLoan is one of these companies. MyFedLoan is a nonprofit service student loans organization.

If you’ve taken out a Direct Subsidized Loan, Direct Unsubsidized Loan, Direct PLUS Loan, or a Direct Consolidation Loan, there is a strong chance that you will repay your loans through this platform as it is one of the largest of the nine federal student loan servicers.

MyFedLoan is the online platform of FedLoan, a loan servicing organization. The goal of this platform is to help students repay their student loans. On this platform, those with fedloan student loans can:

  • Find information about their loans
  • Choose a repayment plan
  • Place payments on their loans
  • Track their progress
  • View interest rates
  • See previous payments
  • View and print important documents regarding their loans

Please note for those who will be working in the public sector and utilizing the Public Service Loan Forgiveness Program (PSLF) are paired automatically with FedLoan Servicing.

Is MyFedLoan Legit?

FedLoan Servicing is one of the nine federal student aid loan servicers. They are approved by the U.S. Department of Education and are one of the three largest servicers in the United States.

How Do I Get Started with MyFedLoan?

The first thing you need to do when repaying your loans through MyFedLoan is to create an account. This only takes a few minutes and requires you to enter your name, Social Security number, and account number. The company should have sent you an account number, but if you don’t have it handy, you can call the company and answer a series of questions to confirm your identity and receive your account number.

Then, you’ll be asked to set up a password. Your account will host valuable personal information, so you must choose a strong unique password.

Once you’re logged in, you will be able to see all your loans and associated information. This includes the total balance of your loan, minimum monthly payments, and more. From here, you will be able to add a bank account and set up direct debit to make automatic monthly payments. You may qualify for an interest rate reduction of 0.25% for utilizing the automatic student loan servicing option.

There is also additional information within MyFedLoan portal on how student loans work, FAQs, information about special programs for teacher loan and military loan options as well as a brief overview of your repayment options.

How Do I Make Loan Payments with MyFedLoan?

You can make payments online monthly to MyFedLoan via the website or on the app. Once you create an account and log in, you will see which payment plan you are enrolled in as well as your student loan financial information. Most people will be in a 10-year standard repayment plan, equal to 120 qualifying payments. This means that it will take ten years to pay off your total loan balance.

If you want to set an automatic payment and not have to worry about logging in each month, you can do so on the MyFedLoan website or app. Simply add your bank account and log out. Users must make their payments via a bank account. This means that users will have to provide an account and routing number. If users do not want to make a payment online, they can use the app or pay by phone.

If you’d like to submit a larger monthly contribution, insert the amount that you want to pay each month and set it as a recurring payment. You can also send one-time payments in the app or online, so if you ever have extra cash and the motivation to pay down your loan, you can do so via this platform.

What Are My Repayment Options?

While many borrowers choose to stick with the standard ten-year repayment plan, there are other options available. Some people can’t handle the monthly payment right after graduation, so they choose a longer-term.

Others do not earn enough to make monthly payments, so they choose to enroll in a forgiveness program such as the PSLF program for public servants and teacher loan forgiveness. If you are interested in other options, here are a few of the most popular alternatives that you can explore with MyFedLoan.

Standard Repayment

If you are able to afford a larger monthly payment, a standard repayment is the quickest payment plan offered for repaying your loan. They offer a 10-year term for unconsolidated loans and a 30-year term for consolidated loans.

Graduated Repayment

This option is like the standard repayment, but instead of making the same payment every month for ten years, borrowers start with lower monthly premiums.

Then, the premiums increase every two years. The first two years’ payments typically only cover interest and not the principal of the loan. This is a good option for people who want to contribute to their loans but do not have a high-paying job right after college. As you climb up the career ladder, your student loan payment will increase along with your earnings.

You’ll end up paying a lot more in interest, so stay away from this option if at all possible.

Student Loan Repayment Alternatives

Don’t worry if you are having trouble coming up with your student loan payment every month. MyFedLoan offers flexible repayment options if you’re not able to successfully repay your loan during a stressful time.

Pay-As-You-Earn (PAYE)

This plan factors in a borrower’s income and family situation. Borrowers enter information about their income and dependents to determine a monthly payment that is about 10% of their discretionary income. The term on this loan is 20 years. If, after 20 years, you have not repaid the loan, the remainder is forgiven.

Income-Based Repayment

The income-based repayment option is like the PAYE option.

The difference is that borrowers pay 15% of their discretionary income for 25 years, and the loan is then forgiven. This option is common for borrowers under the Parent PLUS loan.

Every year, users must ‘recertify’ their family size and income, and a new payment amount is calculated.

Income-Sensitive Repayment

If you need the flexibility of making smaller monthly payments, this short-term plan allows you to do so for up to five years. They base your new amount due on your income and all accruing interest. However, it has a maximum loan term of 15 years and is only available to those who had their loans distributed through the Federal Family Education Loan program.

Income Contingent Repayment

You will be eligible for student loan forgiveness after 25 years of qualifying payments. During this time, you will make monthly payments of the lowest of 20% of your monthly discretionary income or the amount that is equivalent to a 12-year fixed term.

Extended Fixed Repayment

If you have over $30,000 in outstanding Direct Loans or FFEL Program loans, you’ll qualify to extend your loan term from 10 years to 25 years. While this may seem great at first, you’ll want to consider the repercussions of more student loan interest over the course of the loan for the sake of lower monthly payments.

Extended Graduated Repayment Plan

Student loan borrowers may opt for this plan which extends the term of their graduated repayment plan for up to 25 years. Again, MyFed Loan requires that the public have either $30,000 in outstanding direct loans or FFEL program loans. The monthly premiums will be lower in the beginning and gradually increase over time.

Revised-Pay-As-You-Earn (REPAYE)

This payment plan is similar to PAYE, but MyFedLoan takes your spouse’s income into consideration if applicable. For traditional undergraduate programs, the term is 20 years and loan forgiveness is granted afterward. For graduate and professional studies, the term is 25 years and loan forgiveness is offered afterward.

How Does MyFedLoan Compare to Other Servicers?

Student loan debt is a sensitive topic, and therefore the reviews online are very critical of MyFedLoan. From our research, we’ve found that most federal student loan servicers have similar reviews. Here are a few pros and cons of MyFedLoan:


  • As one of the largest student loan servicers, it has a well-built system and account access
  • Users have many loan repayment options
  • The alerts system for payments is easy to use, especially on the app


  • The most common complaint is that the website doesn’t process payments correctly, especially additional payments to a specific loan
  • MyFedLoan has received hundreds of 1-star fedloan servicing reviews
  • MyFedLoan had an ‘F’ rating from the Better Business Bureau in the past
  • Reports indicate that they don’t process payments correctly and that it’s difficult to apply payments to a single loan or make extra payments
  • Errors from the student loan servicing provider resulted in unnecessary loan interest tax charges or a lower credit score

While these pros and cons are valid, the company has made statements that it is consistently backing up programs and improving them. The company is a trusted partner of the U.S. Department of Education and therefore, must adhere to its standards. Remember that all student loans allow for an interest tax deduction on your annual tax return.

MyFedLoan FAQs

Can I change my loan due date?

If your student loan payment isn’t due, you can change your loan due date. However, there are a few criteria that you must meet.

You must:

  • Be in active repayment
  • Make your first scheduled payment on time
  • Be current on your monthly payments
  • Change your date for between the 1st and 28th of each month

Please note that it won’t be an immediate change, and may take up to two billing cycles to take effect. This means that you must meet your existing due dates until it is changed. Your request may cause two payments to be due at once within a 30-day billing cycle depending on when you make the request in comparison to your due date.

What options do I have if I can’t afford my loan payment?

If you foresee not being able to afford your loan repayment progress, make sure to contact MyFedLoan to have a conversation about your payment options.

Here are some choices that MyFedLoan may offer you:

  • Changing your due date
  • Switching your payment plan
  • Postpone payments via a deferment or emergency administrative forbearance

If I’m still in school, why I am getting a bill?

If you’re still in school or have switched schools, you may receive a bill because MyFedLoan hasn’t updated your enrollment status yet. This can take a few weeks. But, if you’d like to get ahead go ahead and make the extra payment or request a general forbearance by logging into your account. Once your status is updated in their system, you’ll stop receiving the unnecessary bills.

How do I contact MyFedLoan?

There are many ways that you can get in touch with MyFedLoan regarding your student loan. The most common ways are by phone, mail and online.


MyFedLoan is open Monday through Friday from 8 a.m. to 9 p.m. Eastern Time. They can be reached by calling 1*800-699-2908.


Their general mailing address (for payments too) is:

Department of Education

FedLoan Servicing

P.O. Box 790234

St. Louis, MO 63179-0234


For letters and correspondence:

FedLoan Servicing

P.O. Box 69184

Harrisburg, PA 17106-9184


For credit disputes:

FedLoan Servicing Credit

P.O. Box 60610

Harrisburg, PA 17106-0610


For consolidation letters and correspondence:

FedLoan Consolidation Department

P.O. Box 69186

Harrisburg, PA 17106-9186


For complaints:

Pennsylvania Higher Education Assistance Agency

Office of Consumer Advocacy

1200 North 7th Street

Harrisburg, PA 17102

Visit their contact us page for additional information.


To get in touch with MyFedLoan online, go to their website, sign in to your account and send a secure email. This is to ensure your privacy when asking account specific questions.

MyFedLoan Will Affect Your Financial Status

While borrowers do not get to choose which federal student loan service they work with, customers of MyFedLoan are typically pleased with their experience. The company has several customer service options to help you get started with the platform and to help you make payments along the way.

If you are having trouble making your student loan payments or are considering consolidating your loans, you may want to check out this post to learn more. We always recommend that you take steps to better your finances if you’re having trouble paying your bills.

Here are a few things that you can do to alleviate the stress that comes with money management:

  • Avoid debt
  • Get out of any existing debt fast, especially high-interest student loan debt
  • Build an emergency fund
  • Maximize your earning potential
  • Start a side hustle

If you implement a few of these tips into your daily financial regimen, you’ll have your student loans paid off in no time at all. Just make sure that you are being a responsible borrower who is proactive about any changes that need to be made. Once this is taken care of, you can feel confident in building off of your momentum towards financial freedom.

About the Author

Michael launched Your Money Geek to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.

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