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FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and Nelnet.
However, FedLoan stopped servicing federal student loans after December 2022 and the Department of Education then transferred the loans it was servicing to Nelnet, Edfinancial, Aidvantage or MOHELA.
President Joe Biden announced a first-of-its-kind federal student loan cancellation plan Aug. 24 that would wipe out up to $20,000 worth of federal student loans for millions of Americans. The ...
It was created in 1963 by an Act of the Pennsylvania General Assembly, and engages in loan guaranty, loan servicing, financial aid processing, outreach and other student aid programs. It was announced on July 8, 2021 that the agency and the United States Department of Education would not continue their relationship, effective on December 14, 2021.
June 14, 2022 at 7:50 AM. EdFinancial is a federal student loan servicer that works with the U.S. Department of Education to manage and process federal student loans. EdFinancial has been in the ...
The Federal Student Aid (FSA) director Richard Cordray approved the agreement in October 2021, which impacted 5.6 million student loan borrowers. Maximus created a new federal loan servicing unit, known as Aidvantage, and said in a statement, “This is a defining moment for student borrowers…it is imperative we get it right.”
If you’re wondering how to tell if your student loans are federal, you can log into the Federal Student Aid website using your FSA ID to see a list of all federal student loans in your name. On ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]