When it comes to managing federal student loans in the United States, many borrowers are familiar with the name MyFedLoan. Whether you’re fresh out of college or well into your repayment plan, understanding what MyFedLoan is—and how it works—can make a big difference in how smoothly you manage your student debt.
The Role of MyFedLoan
Here’s what MyFedLoan typically did for borrowers:
- Processed monthly payments
- Offered income-driven repayment plans
- Provided access to deferment or forbearance options
- Tracked PSLF payments
- Answered questions about loan balances and interest accrual
Borrowers could access their MyFedLoan account online to view their loan status, make payments, apply for repayment plans, or request forgiveness options.
The Transition Away from MyFedLoan
As of 2022, the Department of Education began transitioning away from MyFedLoan as a federal loan servicer. This decision came after FedLoan Servicing’s parent company, PHEAA (Pennsylvania Higher Education Assistance Agency), announced it would not renew its federal loan servicing contract.
Since then, many borrowers previously managed by MyFedLoan have had their loans transferred to other servicers such as MOHELA, Aidvantage, and Nelnet. If your loans were with MyFedLoan, you should have received notifications about the transfer and instructions on how to access your new loan servicer’s portal.
What Borrowers Should Do Now
If you were a MyFedLoan customer, here are some steps to stay on top of your student loans:
- Check your email and physical mail for updates from the Department of Education and your new loan servicer.
- Create an account with your new loan servicer, if you haven’t already.
- Download your payment history from MyFedLoan if you haven’t yet—especially important for PSLF tracking.
- Double-check your loan balance and status to ensure all information transferred correctly.
- Stay updated through official government sites like StudentAid.gov.
Final Thoughts
Although MyFedLoan is no longer servicing federal student loans, its impact on millions of borrowers remains significant. If you were once a MyFedLoan user, make sure you stay informed and proactive in managing your loans under your new servicer. Navigating student debt isn’t always easy, but the right knowledge and steps can help keep you on the path to financial freedom.
