Fedloan Servicing

Myfedloan Payments

With this platform you have access to myfedloan payment offers several options to help you save money and pay off your loan faster. There are no fees or penalties for paying off your loan early.

See the options below: (expand to view requirements)

Making payments in myfedloan

MyfedLoan offers several options to help you save money and pay off your loan faster. There are no fees or penalties for paying off your loan early. (Scroll down for more information)

Myfedloan payments

myfedloan servicing

  • 0.25% auto-debit deduction

    When you choose automatic debit, MyfedLoan offers you a 0.25% discount on your interest rate. In addition, automatic payments ensure that your payments are made on time.

  • Pay ahead

    Pay more than the minimum each month. This will lower the total interest you pay over the life of the loan.

  • Targeted payments

    First, you can choose which loan you want to pay off. If your income exceeds the minimum payment, you can direct additional funds. You can use it to get the loan with the highest interest rate or the highest balance.

  • Extra payments

    When you have a little extra money, you can manually enter a second monthly payment. This will also help you lower your interest and shorten your repayment period.

Apply for additional MyfedLoan payments for your student loan

There are no penalties for early repayment of federal or private education loans. However, if you want to be strategic about your loan payments, you need to understand how your loan servicer applies the additional payments.

For example, if you don’t specify that you want MyFedLoan Servicing to apply the extra payment to a specific loan, you can apply a portion of the amount to each student loan serviced.

The best option may be the loan with the highest interest rate (to save you the most money) or the lowest balance (to help you pay off one of your loans as quickly as possible) for any overpayments.

You can get MyFedLoan service by email, mail, or fax, which includes instructions on how to handle all overpayments. You can also arrange to pay online at MyFedLoan and specify a specific loan to pay.

Myfedloan payment in advance

Please note that if you make additional payments that are not earmarked, they may become "advance payments," which is possible because MyFedLoan Servicing may apply your payment to future invoices instead of paying the current gold credit balance. In this case, your future invoices may reduce the amount you paid in advance.
However, even if you have paid in advance, the direct payment will continue in the usual manner. For example, if you take a direct deduction of $300 a month and pay an unearmarked payment of $300 this month, you may not owe any money next month. However, next month you will still make a direct debit of $300 as if you had not paid in advance. MyFedLoan’s Prepayment page gives some examples to help you understand how your extra payment will affect your credit balance and future bills or debits.