PHEAA's FedLoan Servicing to Manage Public Service Loan Forgiveness Program
Employment Certification form is available at MyFedLoan.org
Harrisburg, PA (February 2, 2012)—FedLoan Servicing, the Pennsylvania Higher Education Assistance Agency's (PHEAA) federal student loan servicing entity, announced today that it has been selected by the U.S. Department of Education (the Department) to service loans under the William D. Ford Federal Direct Loan (Direct Loan) Program for borrowers who are eligible to participate in the Public Service Loan Forgiveness (PSLF ) Program.
The PSLF Program was established by Congress to encourage individuals to enter and continue in full-time public service employment by forgiving the remaining loan balance on their Direct Loans after the borrower has made 120 separate (not necessarily consecutive), on-time, monthly payments beginning any time after October 1, 2007.
After submitting a completed Employment Certification for Public Service Loan Forgiveness form to FedLoan Servicing, the borrower will be notified if the employment reported meets the qualifying employment standards for PSLF . FedLoan Servicing will provide the borrower with information to help them keep track of their qualifying employment as well as their qualifying payments on their Direct Loans.
After the borrower makes 120 qualifying payments, the borrower will need to submit the PSLF application to receive loan forgiveness. Examples of qualifying employers include state and local governments, non-profit organizations, and hospitals.
"Administering loan forgiveness for student loan borrowers who dedicate their careers to public service is an initiative that closely aligns with PHEAA's longstanding mission of public service," said Representative William Adolph, PHEAA Board Chairman. "We take great pride whenever we can successfully help borrowers reduce their college student loan debt."
The Department will only keep track of a borrower's progress toward meeting the PSLF eligibility requirements if the borrower submits the Employment Certification form to FedLoan Servicing. If the borrower does not periodically submit the form, the borrower will be required, when submitting an application for forgiveness, to submit an Employment Certification PSLF form for each employer that he or she wants considered for PSLF employment qualification.
"This new federal contract is a great example of the federal government recognizing that PHEAA is focused on helping student loan borrowers," said Senator Wayne D. Fontana, PHEAA Board Vice Chairman. "PHEAA's expertise in servicing loans for millions of federal student loan borrowers, combined with its long history as a public service provider for the Commonwealth, has helped position the agency as the ideal organization to administer this important new federal program."
Create an Account at FedLoan Servicing
The Pennsylvania Higher Education Assistance Agency (PHEAA) was founded in 1963 by the Pennsylvania General Assembly. The agency is in charge of the nation's higher education student financial aid programs, providing load guaranty, loan servicing, financial aid processing and other student aid programs to students and schools nationally. PHEAA, conducting operations as American Education Services and FedLoan Servicing, aims to lighten the financial burden of higher education for students, families, schools, and taxpayers. How to Create an Account at FedLoan Servicing?
- A computer with internet access.
- Your name.
- Date of birth.
- Your SSN No. or account No.
- A valid email address.
- Step-By-Step Guide
- Go to the FedLoan Servicing website at related link 1 below, and select the “Create an Account” link on the left of the page.
- Enter your personal information into the required fields, accept the Terms and Conditions and then click on the button marked “Continue”.
- Create a username and password for your account.
- Select site image and security questions.
- Verify your information to check if they are correct.
- Make a confirmation to complete the online account creation process.
- If you have any further questions regarding the account of FedLoan Servicing you may refer to the FedLoan Servicing FAQ at related link 2 below.
www.fedloan.org Servicing Loan – All About It
FedLoan Serving was created by the Pennsylvania Higher Education Assistance Agency (PHEAA) to conduct loan servicing operations for federal-owned loans. They provide customer service to student loan borrowers whose loan is owned by the U.S government.
www.myfedloan.org has created a portal for schools, borrowers and partners so as to give them opportunity to easily access their services such as signing in and accessing loan servicing, imaging and call-monitoring systems.
FedLoan Servicing unit services loans under its federal contract in order to reduce confusion among borrowers provide clarity to schools and allocation of staff that are responsible for servicing new direct loans.
The www.myfedloan.org portal is always dedicated and committed to attend to the needs of Federal Student Aid vendors and staff. With www.myfedloan.org you can do a lot of activities on your account. These include;
- Making online payments
- Updating your address whenever you want
- Checking your loan balance.
- Advance payments scheduling
- Viewing your payment history
For schools, www.myfedloan.org avails services that allow students to repay their loans while ensuring the default rates remain low.
www.myfedloan.com allows students to access a full suite of products and services by availing the school portal. This enables students to manage student repayment. This site is always dedicated to help each of the borrowers achieve successful repayment.
On this site, you are able to find forms for students who really need to successfully manage loan repayment.
You can also have the chance to check out free publications on this site and get tips on how to set up a default prevention plan.
FedLoan Servicing is also committed to provide schools with high quality training and as a result they have developed a program known as FiveStar Training. This training involves various training options and topics whereby you are given a chance to pick the subject matter and level of information you need. Some of the training options include;
- Listen to an event recording or attend a webinar for high level details.
- View their presentation handouts.
- Watch their tutorials for clear instructions on specific tasks.
- Utilize their various toolkits to create awareness campaigns.
FedLoan has developed a public service loan forgiveness toolkit for the borrowers so as to ensure they utilize it to educate and inform students as well as alumni on the public service forgiveness toolkit.
They have also developed another customized quarterly communication tool known as FedLoan Servicing Bulletin which enables students to get an overview of their portfolio.
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