Introducing FedLoan Servicing

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Introducing FedLoan Servicing
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Overview

• About FedLoan Servicing
• Put Process Overview
• Borrower Processing
• School Processing

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About FedLoan Servicing

• Division of Pennsylvania Higher Education
  Assistance Agency (PHEAA)/American Education
  Services (AES)
• Established to service loans owned by the
  Department of Education (USDE)
• One of four servicers selected by the USDE
• Not-for-profit agency
• Over 40 years of experience in financial aid and
  student loan servicing

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Loan Purchase Commitment Program

• Lenders can Put loans to the USDE after the loan
  is fully disbursed
• USDE is now the owner/holder of the loan
• Loans will be serviced by one of the USDEs four
  servicers
• Guarantor and original servicer of the loan have
  no involvement in the loan after the loan is Put,
  but it remains a FFELP loan

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Loan Distribution

• Federal Student Aid (FSA), an office of the USDE,
  determines loan allocation
• Reducing borrower risk
• Keeping loans with original servicer, when
  possible
• Future, performance-based distribution
• School satisfaction
• Borrower satisfaction
• FSA satisfaction
• Number of borrowers in default
• Total volume in default

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Borrower Process Overview

• Borrower communication
• Letter from original servicer
• Letter from FedLoan Servicing
• Borrower tools
• Account Access at myfedloan.org
• Online Payments
• Direct Debit
• Electronic Billing
• YouCanDealWithIt.com
• Importance of NSLDS

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myfedloan.org
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Account Access Home
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View Loan Details
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Postpone Payments
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Online Deferment or Forbearance Eligibility Quiz
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youcandealwithit.com
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School Process Overview

• Loan Changes
• Refunds
• Modifications
• School tools
• Online Account Information
• Full Loan Portfolio Listing
• 3-Step Default Prevention Letter Series

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Accessing School Tools
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FedLoan Servicing School Access
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Online Student Information
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Online Repayment Summary
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Online Repayment Detail
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Accessing Reporting Tools
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Full Loan Portfolio Listing
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3-Step Default Prevention Letters
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FedLoan Servicing System Access

• Obtaining a FedLoan Servicing ID
• Remote Access Agreement
• Request for Authoritative Source Status Form
• Establishing an Authoritative Source

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Questions?

• If you or anyone at your institution would like
  more information about FedLoan Servicing, please
  call 800.655.3813 or email SchoolSupport_at_myfedloan
  .org.
• If your student borrowers need assistance, they
  can call 800.699.2908 or follow the 'Contact'
  link at myfedloan.org.