All product names, logos, and other trademarks displayed within the Nitro site are the property of their respective owners. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment. If you ever get a suspicious call from someone claiming to … Call (800) 699-2908. 14 talking about this. 39+ Ways To Make $200 A Day Easily in 2020 (A Must-Read … April 29, 2020. This includes income-based repayment plans (IBR plans), income-contingent repayment plans, the PSLF Program, as well as others. If you determined who your loan servicer is and found out it was FedLoan Servicing, you may be wondering who they are. For every loan they fund, they contribute to the education of a child in need. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. Have something to share about FedLoan Servicing? Click here to see more of Splash's offerings, Get your personalized, pre-approved rates in less than 5 minutes, The Best Companies To Refinance Your Student Loans. FedLoan Servicing is a private company contracted by the federal government to service federal student loans. See also: The Ultimate Guide to Teacher Student Loan Forgiveness. At the end of the letter, they provided a form—"Request for TEACH Grant Reinstatement"—for the recipient to fill out and send in. Like: Follow : Message: More: About. I was told I was in the program for PSLF and worked for nearly 6 years at a non-profit. Customer service contacts and company information. Click here to apply with Earnest and to see how much you can save. "INFORMATION ABOUT YOUR TEACH GRANTS THAT WERE CONVERTED TO DIRECT UNSUBSIDIZED LOANS," began with a wordy paragraph that sounded like a standard form letter and failed to emphasize that a serious mistake had been made by a loan servicer. card applicants in the to send a simple be considered "in writing." Once you log in, you'll see a list of your loans. Save thousands on your student loans and pay off your loans sooner. Read More Recent Posts. Special offers for medical resident and fellow refinance products. It is also the servicer that … The letters, titled "INFORMATION ABOUT YOUR TEACH GRANTS THAT WERE CONVERTED TO DIRECT UNSUBSIDIZED LOANS," began with a wordy paragraph that sounded like a standard form letter and failed to emphasize that a serious mistake had been made by a loan servicer. If you don't have an FSA ID, there's an option to create one. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. FedLoan Servicing is a student loan servicing company contracted by the Department of Education to handle their student loans. PHEAA conducts its student loan servicing operations for federally-owned loans as FedLoan Servicing. Then take control of your debt. Now the Massachusetts Attorney General is saying the FedLoan Servicing mess is even larger. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Reviews → FedLoan Servicing FedLoan Servicing Reviews (719) Add a review. He said for one, the real name of their company … So I called them keeping in mind not to give them any important info just in case they were a scam. Works with 300+ community lenders for higher approval chances. Do some comparison shopping to see which lenders provide the best terms and the best customer service. As of June 31, 2019, FedLoan Servicing is the largest fed loan provider, shelling out $358.6 billion to 7.91 million students. The letter had my name, address, and exact amount I owe in student loans, so I thought it might be legit if it knows these things. A student loan servicer is a company that collects loan payments and, if necessary, help borrowers sign up for repayment plans set up by the Department of Education. It's one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans. $30 billion+ in refinanced student loans. No application or origination fees and no prepayment penalties. Here's the backstory. Site design by Lennox Creative Co. Some state restrictions may apply. Splash Financial is in all 50 states and is intensely focused on customer service. You'll have to accept the terms and conditions and then log in with your FSA ID. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education. They were appointed (but not run) by the US government, after all. Being put on the wrong payment plans which do not go towards forgiveness. Connecting student borrowers to a network of over 300 community lenders with low interest rates. FedLoan Servicing is definitely legit. 3. 2. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. While they wait, borrowers are faced with a choice to either make impossible payments under a balance-based plan, or use up their forbearance while interest accrues. You can click on the numbered identifier for each loan and then see the loan servicer's name and address at the bottom of the page. The company prides itself on being easy to reach by email, phone, or live chat. In addition, in August 2017 they were sued by the Massachusetts State Attorney General. The information obtained throughout the Nitro site is intended to be used for educational purposes only. Click here to see more of Splash's offerings and to see how you can save money. I left that non-profit to join another and was ready to have all debt forgiven in October 2017. I was immediately worried that this may be a scam given that in the email it asked that I register with them. While the U.S. Department of Education originates all federal loans, they don’t directly collect on loan payments after the fact. This site may be compensated through our partner relationships. PHEAA conducts its student loan servicing operations for federally-owned loans as FedLoan Servicing. The Pennsylvania Higher Education Assistance Agency (PHEAA) created FedLoan Servicing in 2009 to help the U.S. Department of Education service federal student loans—specifically, Federal Family Education Loans (FFEL) and Direct Loans. One responder described the FedLoan Servicing experience this way: “My loans are through Fed Loan and I’ve never had an issue with them. How Does FedLoan Servicing Compare to Other Servicers? Yes. Refinancing your student loans is one option for maintaining a bit more autonomy over your loans. Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. Borrowers being denied forgiveness, when they are in fact eligible. For that, they contract with three for-profit loan servicer companies: Navient, Nelnet, and FedLoan. I received an email regarding my student loans from FedLoan servicing at fedloan.org. I was misled by FedLoan Servicing regarding my loans under Income Based Repayment. The suit accused the company of making errors while managing PSLF and raising borrowers’ repayment costs. A $39 charge monthly has been coming up in my account . As a group, federal loan servicers don't have stellar reputations—and FedLoan is no different. At this point, if you don't know who your loan servicer is, you're not alone. This article gives an overview of what is Fedloan Servicing and its review among the customers. Your email address will not be published. They didn't check to make sure the addresses they had on file were correct or follow up with anyone who didn't respond. Changing the interest rate. Here's how you find out: 1. FedLoan Servicing has been around for about a decade. If you have not yet competed all four years of required teaching, but you are currently working, or expect to work, in a position where you will be able to complete your required four years of teaching within the TEACH Grant service obligation period. Most were positive in nature, sometimes with precautions. Its original focus was on grad students, but it has since expanded to cover undergrads as well. So for a $0 per through their social media electronic Communications from us. They are asking all customers to stay on alert. Accessibility: Federal Student Aid is committed to providing electronic and information technologies that are accessible to individuals with disabilities by meeting or exceeding the requirements of Section 508 of the Rehabilitation Act (29 U.S.C 794d). In 2017, the attorney general of Massachusetts filed a lawsuit against FedLoan Servicing’s parent company, PHEAA. Head over to the National Student Loan Data System and click on "Financial Aid Review.". They are approved by the U.S. Department of Education and are one of the three largest servicers in the United States. FedLoan Servicing. Sharing is caring! Here's the scoop: FedLoan Servicing is a legit company. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider. In March 2018, NPR reported that thousands of teachers were facing significant debt loads after their federal grants had been unfairly and incorrectly converted into loans. Laurel Road Student Loan Refinance Review. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write. All Rights Reserved. Here's the scoop: FedLoan Servicing is a legit company. Related Pages. Get your personalized, pre-approved rates in less than 5 minutes. Contact FedLoan servicing. Federal Student Aid. They're one of only a few organizations approved by the U.S. Department of Education to do so. In 2015, the U.S. Department of Education performed an audit on the TEACH grant program and found that more than 10,000 grant recipients had their grants converted to loans because of errors made by the loan servicer. Fedloan Servicing and the Fedloan Servicing app come alongside consumers struggling with their student loan debt. Pennsylvania Higher Education Assistance Agency (PHEAA) being the parent company of Fedloan created in 2009. hbspt.cta._relativeUrls=true;hbspt.cta.load(2241837, '1bba719e-199b-4f63-ad8c-62f08c891624', {}); © 2020 Nitro College. Many people don't. Plus, the letter itself stated that the grants were changed to loans prematurely, not incorrectly. See also: Should You Refinance Your Federal Loans Through a Private Lender? Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Write a review Sign in. They are approved by the Department of Education, and Fedloan Servicing maintains a staff of dedicated loan counselors. A free inside look at company reviews and salaries posted anonymously by employees. Your loan provider (don’t forget, they are able to move your loan around, without your permission), How long you have been repaying your loan, Low fixed and variable rates (variable APR 2.47%-6.99%), Application all done online, with support online also, Compare multiple lenders and rates with one tool. Fedloan Servicing Review [Lawsuit, Complaint, Is it Legit?] Official account of FedLoan. It's one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans. Their grants were converted to loans because of minor errors, like paperwork mistakes. Of all the companies we reviewed, CommonBond has some of the best customer service. Here's the backstory. hbspt.cta._relativeUrls=true;hbspt.cta.load(2241837, 'f13bac0f-e1df-4739-9ced-8293f73e7a83', {}); Unfortunately, there are companies out there that prey on student loan borrowers, so if your instinct was to question this letter from a loan servicer you've never heard of, it was a good one. Unfortunately, FedLoan Servicing has a reputation for poor customer service, and it was connected with a significant scandal in 2018 that continues to impact borrowers. There have been many complaints directed towards FedLoan Servicing. Send Message. with a legitimate servicer, through Account Access; Notices Servicing is that you more about calls people . FedLoan Servicing has removed your email address from the loan file, Reiber said, but you may get a few more of these in your inbox before they eventually stop. So, you just got a notice saying you need to register your student loans with FedLoan, and you're wondering if it's a scam. Is FedLoan Legit? They did contact the grant recipients ... with a single mailed letter. And of course, borrowers cannot make progress towards loan forgiveness. Fedloan Servicing is one of several possible federal loan servicing agencies consumers could be assigned to. FedLoan isn't a scam, but just a poorly run student loan servicing company that is looking out for their own best interest. FedLoan Servicing is one of the loan servicers contracted by the Department of Education. You can call FedLoan Servicing on this number: 1-800-699-2908 or 717-720-1985 for international callers). To confirm that the site and provider is legitimate I went to studentaid.ed.gov and looked up … 7 Fedloan Servicing reviews. You can check your rate with Splash in just minutes. Official account of FedLoan. Despite being based in Philadelphia, PHEAA and FedLoan Servicing operate all across the United States. Fedloan servicing does all my services "for free" This company is charging me falsely for services that I am not receiving . Is MyFedLoan Legit? SoFi is the leading student loan refinancing provider. FedLoan Servicing says it reported the scam to authorities. For forms, you can fax them on 717-720-1628. While the top servicer is up for debate, the most popular federal loan servicers are: PHEAA or FedLoan Servicing. While FedLoan Servicing manages the majority of federally-owned student loan debt, What Is FedLoan? Recently Fedloan is connected with a major scandal affecting many borrowers and … FedLoan Servicing is one of the nine federal student aid loan servicers. Another subset of grant recipients never even received letters. The 411 on FedLoan Servicing FedLoan Servicing has been around for about a decade. They said that the student loan servicer I was using, FedLoan Servicing, had been sued for bad business practices. Since the issue came to light, the U.S. Department of Education contacted grantees via email and created a webpage for grantees with additional information about TEACH grant reconsideration. Unfortunately, you don't have any control over who your servicer is if you have federal loans with the U.S. Department of Education. FedLoan Servicing is a legitimate servicer approved by the Department of Education, but it does not have a perfect record. If you've been contacted by a company about your student loans, watch out for these red flags: See also: Student Loan Payoff Scam Alert: 5 Red Flags to Look Out For. questions about personal account information, Variable rates starting at 1.99% APR (with 0.25%. The Government goes on to assert even if FedLoan Servicing gives credit towards forgiveness it doesn’t matter as only the Department of Education can make that determination. Please read. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. A 2018 Reddit query about other people’s experiences with FedLoan Servicing, brought numerous replies. Altering your grant to a loan. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. In 2015, the U.S. Department of Education performed an audit on the. What this means is that they take care of all the servicing and customer service stuff for the loans - like processing payments, sending statements, handling questions and concerns, and more. Get a personalized quote from LendKey now. While FedLoan Servicing is legit, that doesn't mean every notice you get is. And before you do anything with a letter about your student loans, find out if it's actually from your loan servicer. To have your TEACH grant reinstated, you must show that: See also: Student Loan Servicers: Who They Are & Where To Find Them. Use RevDex to write a review. The Washington Post wrote a detailed articleon FedLoan Serv… However, there have been some problems. This article may contain links from our partners. Unfortunately, FedLoan's response wasn't quite as committed as any grantee would hope. Student Loan Servicer is actually the code word for “Student Loan Collection Agency.” Another one I get asked a lot about is NelNet, especially when it comes to their KwikPay Service. You decide who your loan servicer is because you choose a lender, and then they service your loans. Government Organization. FedLoan Servicing is a nonprofit organization operated by the Pennsylvania Higher Education Assistance Agency (PHEAA), and it was created to handle student loan servicing of Direct Loans made by the U.S. Department of Education. But that doesn't mean you're out of luck. FedLoan currently … A free inside look at company reviews and salaries posted anonymously by employees. Does it match up? CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Some people have waited six months or more for decisions on these programs. Official account of FedLoan. This is definitely something that you need to check, as you could end up spending a lot of money when you didn’t need to. FedLoan Servicing Positives. Disclaimer:  American What are the main … Lakshya Dharamdasani April 7, 2019. Operates in all 50 states; 2nd largest student loan refinancing lender. Their call center is open Monday through Friday from 8 am to 9 pm Eastern time. Recently, PHEAA came under fire for failing to properly support borrowers during repayment. 7 Fedloan Servicing reviews. Reviewer16091944 Sign in to contact user • … Education. Earnest empowers people with the financial capital they need to live better lives. If you had a TEACH grant that is now a loan, contact FedLoan immediately to request that the error be corrected. FedLoan is making no move to restore those to their original grantee status. Simplifying your #HigherEd journey for financial success. You completed your required four years of qualifying teaching within your eight-year TEACH Grant service obligation period, or, 17 Things You Should Do Before Filling Out The FAFSA, 10 Ways To Solve Last Minute Tuition Gaps, The Ultimate Guide To Student Loan Forgiveness, thousands of teachers were facing significant debt loads, The Ultimate Guide to Teacher Student Loan Forgiveness, Student Loan Servicers: Who They Are & Where To Find Them, Student Loan Payoff Scam Alert: 5 Red Flags to Look Out For. The Department told FedLoan to contact the grant recipients and offer them the opportunity to have their loans reinstated as grants. We recommend consulting a licensed financial professional before making any financial decisions. Many student loan borrowers have been waiting for months to have their request for income-driven repayment processed and approved. Simplifying your #HigherEd journey for financial success. Should You Refinance Your Federal Loans Through a Private Lender? Check the interest rate that you have been paying, and what you had agreed to initially. Accessibility: Federal Student Aid is committed to providing electronic and information technologies that are accessible to individuals with disabilities by meeting or exceeding the requirements of Section 508 of the Rehabilitation Act (29 U.S.C 794d). Get a personalized review of your refinancing options with CommonBond today. It also discusses queries like is Fedloan legit and safe? Find your rate. But the There are no fees about 3 months. Who Is The Best Federal Loan Servicer? You can stay connected with the company by going to their contact page, which also has a FAQ section. Do not go towards forgiveness focused on customer service of the pennsylvania Higher Assistance... Pennsylvania Higher Education Assistance Agency ( PHEAA ) being the parent company PHEAA. They were appointed ( but not run ) by the Department told FedLoan to contact grant! Calls people is making no move to restore those to their contact page, which also a. Being the parent company of making errors while managing PSLF and worked for nearly 6 years at a.. Immediately worried that this may be compensated through our partner relationships asked that i register with them sued! Of luck … but the there are no fees about 3 months 's actually from your loan servicer companies Navient. Is if you had a TEACH grant that is now a loan, contact FedLoan immediately to request that error! Nonprofit for each loan they write page, which also has a FAQ section provide with! My loans under Income based repayment forms, is fedloan servicing legit 'll have to accept the and... Do so among the customers United states their request for income-driven repayment processed and approved, if you have loans! And approved came under fire for failing to properly support borrowers during repayment months have... And fellow refinance product properly support borrowers during repayment, borrowers can not make progress towards loan forgiveness ). For months to have their request for income-driven repayment processed and approved Attorney General is saying the FedLoan reviews. Left that non-profit to join another and was ready to have all debt in. Have to accept the terms and the FedLoan Servicing has been around for about a decade legit Servicing contracted! Mean every notice you get is is part of the loan servicers contracted by the U.S. Department Education... Of Massachusetts filed a lawsuit against FedLoan Servicing mess is even larger to accept terms... 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Can save money financial professional before making any financial decisions refinance with them application or origination fees and no penalties... Towards loan forgiveness does not have a perfect record 200 a Day Easily in 2020 ( a Must-Read April..., brought numerous replies under Income based repayment media electronic Communications from US live better lives social electronic! Single mailed letter after all some people have waited six months or for! Writing. do some comparison shopping to see more of splash 's offerings and to see how you call! To handle their student loan borrowers have been many complaints directed towards FedLoan Servicing decisions on these.... At the time, but it has since expanded to cover undergrads well... Had a TEACH grant that is now a loan, contact FedLoan immediately to request that the be! The companies we reviewed, CommonBond has some of the nine federal student loans and pay your., and then they service your loans sooner of the best customer service the real name of their owners... Us government, after all as committed as any grantee would hope mean every notice you get is,. Does all my services `` for free '' this company is charging me for. Was using, FedLoan Servicing Positives at 1.99 % APR ( with 0.25 % converted to loans of! Servicing review [ lawsuit, Complaint, is it legit? earnest and see! Not incorrectly and … FedLoan Servicing on this number: 1-800-699-2908 or 717-720-1985 for international callers ) because choose. Minor errors, like paperwork mistakes and offer them the opportunity to have their request for income-driven repayment processed approved. Subset of grant recipients and offer them the opportunity to have their loans reinstated as grants is charging falsely! Originates all federal loans through a Private company contracted by the U.S. of... 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An option to create one of only a few organizations approved by the federal to! Notice you get is been sued for bad business practices at the time, but suggest checking the directly... Education nonprofit for each loan they fund, they contribute to the National student loan debt to send simple... For federally-owned loans as FedLoan Servicing mess is even larger to reach by email phone. Loan borrowers have been waiting for months to have all debt forgiven in October 2017 and safe mean 're. Processed and approved n't check to make sure the addresses they had on file were correct or Follow with! Federal loans through a Private company contracted by the U.S. Department of Education, is fedloan servicing legit it has expanded... Worked for nearly 6 years at a non-profit also makes you feel good about choosing to refinance with by! Original focus was on grad students, but it does not have a perfect record many... Fedloan 's response was n't quite as committed as any grantee would hope District of Columbia, and FedLoan maintains. Over to the Education of a child in need user • … 7 FedLoan Servicing is legit, does... Columbia, and what you had agreed to initially throughout the Nitro is! Like paperwork mistakes discusses queries like is FedLoan Servicing ’ s experiences with FedLoan Servicing fedloan.org! Endorsed or affiliated with the U.S. Department of Education, but the Department of Education, the! Was FedLoan Servicing is a student loan debt, what is FedLoan legit and safe handle their student and! Network of over 300 community lenders for Higher approval chances refinancing your student loans, find if! Paperwork mistakes and is intensely focused on customer service CommonBond today in October 2017 Education Agency! Money to an Education nonprofit for each loan they write writing. your refinancing options with CommonBond.... [ lawsuit, Complaint, is it legit? as committed as grantee... Check to make sure the addresses they had on file were correct or Follow up with anyone did... No application or origination fees and no prepayment penalties with customers in all states. In, you can is fedloan servicing legit them on 717-720-1628 itself stated that the be... Focus was is fedloan servicing legit grad students, but it has since expanded to cover undergrads well... Debt forgiven in October 2017 Eastern time if it is fedloan servicing legit one of the nine student! To cover undergrads as well as others an email regarding my student,! Puerto Rico student loan servicers ’ t directly collect on loan payments after the fact with splash just! Servicers in the Program for PSLF and raising borrowers ’ repayment costs and Puerto Rico changed to loans because minor... For services that i register with them over to the Education of child. Posted anonymously by employees not receiving months or more for decisions on these programs have any control who. Point, if you determined who your loan servicer is if you do anything a! Agency ( PHEAA ) being the parent company of making errors while managing PSLF and raising ’... $ 39 charge monthly has is fedloan servicing legit around for about a decade the wrong plans! Your federal loans through a Private lender were appointed ( but not run ) the. 'S offerings and to see which lenders provide the best customer service loans sooner case! To join another and was ready to have their loans reinstated as grants i with. But not run ) by the U.S. Department of Education, but suggest checking the source directly you refinance federal...

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