Do you have a student loan owned by the Federal government and is FedLoan your loan servicer? Then this write up is for you as I provide in detail FedLoan Payment Options in the subsequent paragraphs.
As a borrower, you must make sure to pay back your loan no matter what to avoid putting yourself in an avoidable mess. FedLoan, which is one of the top student loan servicers in the US has made it easier for borrowers to make payments without much stress. As a result, they have about seven (7) payment options you can choose from to make payments.
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About FedLoan Servicing
FedLoan Servicing is an experienced student loan servicer in the U.S established over 50 years ago by the Pennsylvania Higher Education Assistance Agency (PHEAA). It was established to assist the U.S Department of Education to service student loans owned by the Federal government and has been doing that expertly since.
It is one of the few student loan servicers that have been mandated to assist in servicing students loans owned by the government.
Now check out the FedLoan Payment Options below and choose the payment method that suits you.
FedLoan Payment Options Available To Borrowers
There are a number of ways to pay back your student loan to FedLoan. They include;
- Direct Debit
- Via Phone
- FedLoan Mobile App
- Via Mail
- Set Up Advance Payments
- Pay by Third-Party Bill-Pay Services
Pay Via Direct Debit
Direct debit is the best payment option one can use to pay back their student loans promptly to avoid late payments. With direct debit, you set up for automatic payments on each due dates where deductions will be made automatucally from your savings or checking account without having to effect payment manually by yourself each time.
This makes it impossible to be guilty of late payments as payments are applied on due dates. It doesn’t matter if your due date falls on a weekend, all that is required of you is to ensure that there are enough funds in your account before due dates. And you also get a 0.25% reduction in interest rate if you choose this payment option.
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Pay Via Phone
It is also possible make payments via phone at your own convenience to any time of the day and it’s quite straightforward. Simply call FedLoan on 1.800.699.2908 to speak to a CRM who will take you through the process or use their automated phone system to make payments.
This payment option allows you to schedule payment at most 60 days ahead. Just make sure you have information such as FedLoan Servicing account number, date of birth, bank routing number and account number before you call.
You can log in to your account online (sign up if you don’t already have an account) and easily make payments from your comfort zone at any time of your choosing. With this option, you can choose to make one-time payment or set up a recurring payment plan so that you wouldn’t have to worry about missing due dates.
Payments made via Online usually takes up to two days to reflect in your account.
FedLoan Mobile App
Another reliable and flexible payment option is via the mobile App which allows you to make payment on your mobile device anytime and anywhere. You’ll need to enter your banks routing number and your account number when making payment.
You can download the Mobile App easily on Apple Store and Google Play.
Pay Via Mail
FedLoan Servicing also allows borrowers to pay their student loans via mail. However, payments made via mail usually take a few days to get to FedLoan. Hence the best thing to do is to always send payments at least 5 or 7 days before your due date to avoid late payment because payments are only applied to your account on the date they receive your mail and not when you sent it.
All you have to do is to send your check or money order which must be payable to FedLoan Servicing to the address below;
Department of Education
P. O. Box 790234
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Set Up Advance Payments
You can also set up for advance payments via the account access and via phone. It helps you to make multiple payments in a month.
Pay By Third-Party Bill-Pay Services
Last but not least payment option is to pay by Third-Party Bill-Pay Services. You can use the bill-pay service of your bank to conveniently make payments to FedLoan.
However, you must ensure that you give them the correct address in order for payments to be received promptly.