Operated by the Pennsylvania Higher Education Assistance Agency (PHEAA), Fedloan Servicing offers a student loan servicer for federal and private student loans. It is a nonprofit providing financial aid services and administering several state grant programs.
If you have taken the William D. Ford Direct Loan program, your loans may be assigned to Fedloan. Then, if you have a plan to apply for PSLF, your loans may also be transferred To Fedloan or others. If you have been transferred or assigned to Fedloan, you may wonder how to make a payment to pay your loan.
Making a Payment on Fedloan, Here’s How!
Making a payment on Fedloan is pretty easy, since there are a bunch of payment methods you can take. Certainly, each payment method will have different benefits. Here are a number of payment methods to pay your student loan on Fedloan:
- Direct Debit (autopay)
This is a very convenient method to make a payment for your student loan on time, every month. With this free service, you will also qualify for a 0.2% interest rate reduction upon approval of your application.
However, the electronic deduction from your savings account or checking will occur on the same date each month. Well, it is never late so long as funds are available, due to your loan payment occurring automatically.
Even if your due date is a weekend or holiday, a Direct Debit payment credits to your account on the day the payment is due. It will commonly post to your account within 2 business days of the due date. For a few days while it is pending application, your payment may appear as ‘In Process’ in Account Access.
- Pay Online
Through Account Access, you can make one-time payments manually. Just like the option to target payments to individual, this payment method will give you the most flexibility when making a payment. Through online payment, you will get a number of benefits, including:
- Make a payment anytime
- Save your bank accounts for future payments
- Target extra payments to specific loans
- Pay using any of your saved bank accounts
- Schedule payments in advance
To pay your student loan through FedLoan online payment method, you will be able to choose any day for an online payment. Your payment will typically be posted to your account within 2 business days of the effective date you choose. For a few days while it is pending application, your payment may appear as ‘In Process’ in Account Access.
- Pay Through Mobile App
FedLoan seems to provide an app available for Android and iOS. This FedLoan mobile app really allows the borrowers to make a payment through their mobile device anytime.
If you take this payment method, you will get some chance to make a payment, no matter where you are. You definitely will make a payment anytime while on the go. You can also target extra funds to specific loans.
Through pay online through mobile app, you will have your bank routing number and account number ready. You can also save your bank accounts for future payments or pay using any of your saved bank accounts.
For more information, any payment you create using your mobile device will be effective the day you submit the payment. Those payments will typically be posted to your account within 2 business days of that date. For a few days while it is pending application, your payment may appear as ‘In Process’ in Account Access.
- Pay by Phone
Aside from paying your student loan through a mobile app, you can also make a payment over the phone 24/7 using the FedLoan automated phone system. You can make a call 1-800-699-2908 and provide your 10-digit account number and date of birth for identification purposes.
When paying your student loan by phone, you can choose the date where the payment will be made, up to 60 days in the future, as you know the funds will be available. You may have your bank routing number and account number ready, so that it can set up an electronic payment.
You can also save your bank accounts for future payments or pay using any of your saved bank accounts. When taking a phone payment, you can choose any day. Then, your payments will typically be posted to your account within 2 business days of the effective date you choose. For a few days while it is pending application, your payment may appear as ‘In Process’ in Account Access.
- Pay by Mail
In addition to paying your student loan by phone, you can also pay it by mail. Before paying by mail, make sure your money order or check payable to FedLoan servicing. You can send mail to : Department of Education, FedLoan Servicing, P.O. Box 790234, St. Louis, MO 63179-0234.
When sending your payment by mail, you also have to include your FLS account number on your check. It’s better for you to mail your payment at least 5 – 7 business days before your due date to make sure they receive it on time.
Furthermore, mailed payments will typically be posted to your account within 2 business days of the date received. For a few days while it is pending application, your payment may appear as ‘In Process’ in Account Access.
- Pay by Third-Party Bill-Pay Services
To pay your student loan, you can also use a bill-pay service or schedule payments through your bank. When choosing a third-party, you should ensure that they have FedLoan addresses correctly. So, your payment will be sent to the right place.
It’s important to note, FedLoan does not have the ability to offer any interest rate deductions or incentives for automatic payments that are set up through a third party. If your third-party mails us a payment, it will be efficient the date the Fedloan receives it or on the next business day in the case of a holiday or weekend.
If you have specific instructions, you can contact Fedloan directly, as your third-party may not include any additional instructions as they submit your payment.
