FedLoan Servicing is not the only company that faced legal problems due to its service practices. In January 2017, the Office of Consumer Financial Protection (CFPB) and the Attorneys General of Washington and Illinois sued Navient for alleged deceptive and illegal practices. myfedloan 2019
The ED investigates student loan borrowers about their satisfaction with their administrator and compares the payment rates of each student loan administrator. Use this data to determine how many loans you will allocate to each company.
Based on the most recent results of the June 2017 survey of satisfaction of the borrower, FedLoan Servicing had a satisfaction rate of 65.50%. Overall, it tied for sixth place out of the nine student loan officers that were compared. Nelnet was second (behind Great Lakes) with a satisfaction rate of 70.25%, and Navient ranked last with a satisfaction rate of 59.25%.
Direct debit. If you register for direct debit, FedLoan Servicing can electronically withdraw your payment from your account each month. The use of direct debit also allows you to qualify for a reduction of 0.25% interest rate. After sending a direct debit application, be sure to continue making payments using another method until FedLoan Servicing verifies the connection (MyFedLoan reviews say this may take a while). Otherwise, you may end up losing a payment by accident. Also, if you had a direct debit from a different loan servicer and your loans were transferred to FedLoan Servicing, you must reapply for the direct debit.
Pay online. You can log in to your MyFedLoan account and schedule a payment. You can also save your bank account information to facilitate the process in the future. If your due date falls on a weekend, be sure to schedule your payment for the business day before your due date to avoid a late payment.