Best Way to Get a Student Loan is With FedLoan Services
The fedloan servicing is actually a service that provides student loan. This basically means that it helps the borrower in collecting any loan payments and also signing up for various alternative plans of repayment in regards to the department of education. It is also known to manage the public service loan forgiveness program of the government.
In short, fedloan servicing stands for PHEAA (Pennsylvania higher education assistance agency). The PHEAA is also known to run the American Education service which basically is known to manage the private loans which are made under the loan program of federal family education. Fed loan along with AES is known to be one of the largest portfolios for giving students loan in the US. If a person has been assigned to work there and a student is having trouble in making any loan payments then contacting the said company with the help of the fedloan phone number that is provided in the site.
Benefits of using fed loan servicing
see also: The Best Ways of Loan Repayment
The benefits that fedloan provide are as follows:
- Firstly, it provides SCRA which stands for service members civil relief act, interest rate cap. The interest on the student loans is obtained much prior to the military service which is limited to around 6% during the periods of active duty. The limitation in the interest rate is also known to apply on any of the loans that may have been taking for private education.
- Secondly, it is known to provide military service deferment. The person can postpone any of their student loan repayments in certain periods in active duty. Active duty involves examples like during the war, national emergency, military operations and even following immediately after the active duty.
- Thirdly, it provides public service loan forgiveness. A person can qualify for the forgiveness of any remaining balance of their direct loans when they have made around 120 qualifying payments. After the month of October 1st year being 2007, while being employed in public service which also includes military service.
- Another benefit is that it provides deferment after active duty, this basically means that the sure can postpone their repayments while they prepare to return to the school following their active duty.
- Another benefit includes 0% interest rate. This basically means if the person is servicing in a hostile area that qualifies them for special pay. They do not have to pay the interest on direct loans which are made on or after the month October 1 year being 2008. This applies up to 60 months.
- Lastly, it provides the benefit of repayments based on income. The repayment plans are completely based on the monthly income that the user gets under these said plans the person can qualify for a 0 to the low payment amount, having the possibility of being forgiven on the remaining balance in the future.
Thus, from the above discussion, we get to know all the benefits that come along with taking student loans with the help of FedLoan services. It is student friendly and understands all the problems which students face while taking loans.