The Public Service Loan Forgiveness (PSLF) Program allows you to receive forgiveness of the remaining balance of your Direct Loans after you have made 120 qualifying monthly payments while working full time for a qualifying employer.
Subsequently, is FedLoan legit?
Here’s the scoop: FedLoan Servicing is a legit company. … It’s one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans.
- Direct Subsidized Loans.
- Direct Unsubsidized Loans.
- Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.
Also question is, how do I contact FedLoan?
Borrower Support
We are now open for phone support Monday–Friday 8:00 AM to 9:00 PM ( ET ), or borrowers can email us 24/7! If your student borrowers have questions about repayment, they can call our servicing center at 1-800-699-2908 or use the “Contact Us” link on our website.
What qualifies you for student loan forgiveness?
Public Service Loan Forgiveness
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
How can I get rid of student loans without paying?
There are two other instances in which your loans may be forgiven without making a payment:
- Total and permanent disability discharge of both private and federal student loans is possible if you become disabled and can no longer work.
- Death discharge forgives all federal and private student loans borrowed since Nov.
What happens if you Cannot pay back student loans?
Let your lender know if you may have problems repaying your student loan. Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.
Do student loans get forgiven after 10 years?
The Public Service Loan Forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit.
What happens after 10 years of paying student loans?
The Public Service Loan Forgiveness program, for example, will forgive your remaining loan balance after 10 years of service in an eligible organization, such as a nonprofit or government agency, and 120 qualifying payments. … What’s more, you can often use that money toward both private and federal student loans.
Can you be denied a federal student loan?
Can you be denied a federal student loan? Yes, you can be denied a federal student loan for many reasons. It’s a common misconception that completing a FAFSA loan application means you‘ll automatically get approved for federal student loans. In reality, not everyone is eligible.
Can anyone get a federal student loan?
To qualify for a federal student loan, you must meet certain eligibility criteria, such as: You are a U.S. citizen or eligible non-citizen. You have a valid Social Security number (with a few rare exceptions) … You’re enrolled at least half time (for direct loans)
Is a federal loan considered financial aid?
Federal Student Aid offers three types of financial aid. Grants: Financial aid that generally doesn’t have to be repaid. Loans: Borrowed money for college or career school; your loans must be repaid with interest.
How do I find out about my federal student loans?
:: Where Can I Find My Loan Information? ::
StudentAid.gov is the U.S. Department of Education’s comprehensive database for all federal student aid information. This is one-stop-shopping for all of your federal student loan information. At StudentAid.gov, you can find: Your student loan amounts and balances.
How do I access my federal student loans?
To access StudentAid.gov:
- Go to StudentAid.gov.
- Click “Log In”
- Have your FSA ID available. This is the same username and password you used to electronically sign your FAFSA. …
- If prompted, enter your name, Social Security number, your date of birth and your FSA ID.
- Read the privacy statement. …
- Select “Submit”
Who has my federal student loans?
To find out who your loan servicer is, call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.