t’s been years since you’ve graduated and you are still paying for that shitty Movie Knowledge course that gave you 3 credits towards your bachelor’s degree that may or may not have gotten you your dream job.
“I love student loan debt!” – Said No One Ever
While you set politics aside, you realize the cost of college education is still horrendous and a problem. Sure, you can argue that one day schools may be online and you can avoid paying large sums of money just for college dorms and books and whatever the heck these fees are:
- Instructional Enhancement Fee
- Seismic Fee (at UCLA)
- Meal Plan Administrative Fee
- A Required Fee for Academics
Expenses pile up, and so does debt! For many students, FedLoan Servicing is a widely accepted loan service backed by the United States Department of Education. Meaning, it’s a big deal within the government! So many current (and past) students tend to pay these loans for years if not decades to come. It’s always a joy to log into FedLoan and see the stock photos of people smiling and enjoying repaying their loans for degrees that may or may not yield enough income to pay the loan off! (yay)
Top Student Loan Apps
FedLoan Servicing Tweets
Here are some tweets from actual students that may be paying off their loans and showing how fun it is to deal with their customer service:
You know things are bad when #FedLoan is recommending ‘just paying a little bit of your student loan payment each month, and then when you die the loan goes away’.
— 🌺 Talon (@thislizardlives) November 8, 2018
It happened to me as well. I wish someone would break into my
Fedloan account and pay the $40,000 I owe.
— Blossom4real (@1realblossom) March 18, 2018
FedLoan should sell giftcards. I️ would actually buy them for my friends this Christmas.🎄💸 #studentloans
— Pineapple Lawyer (@PineappleEsq) November 9, 2017
Fedloan just informed me I’ll be done paying off my student loans in 2026. Can’t wait.
— Coach Elliott (@Coach_AElliott) January 4, 2016
FedLoan and Student Loan Forgiveness (PSLF)
Starting in October of 2017, it turns out that FedLoan will be handling the issue of the Student Loan Forgiveness program otherwise known for short as PSLF.
Many issues have arisen from FedLoan Servicing and their 97% Negative Rating on the Better Business Bureau doesn’t necessarily help its cause. In one case, there have been charges filed for mishandled information regarding sensitive information within the service, yet the claim is ongoing.
But, if you are indeed looking for a Student Loan Forgiveness path, you may not be eligible for this type of track. We recommend you check to see if you may qualify by taking filling out this assessment tool!
At Least Use FedLoan’s Benefits
While the service may not be up to par, several options could help a current and prospective FedLoan borrower like:
- Credit Report Dispute Services
- Repayment Estimator Tool
- Easy Access to Tax Documents
- Deferment Options (Delay Payment)
- Loan Resources and Consolidation Availability
To best serve you in this aspect you should reach out the FedLoan’s Contact Information:
1200 N 7th St
Harrisburg, PA 17102
Fax Number (Umm…is this the 80’s?): 1-717-720-1628
FedLoan also sports a secure Email Service Dashboard
Time to Consolidate or Refinance?
These two terms change when you deal with different types of loans. But we’ll keep it simple:
Student Loan Consolidation:
Keep the same loan provider, in this case, a Federal Student Loan. But you will also bundle all of the Federal Loans you have taken out for College Education and group them (or consolidate) and get a newer single payment. Rates will vary depending on the size of the loan and other relative factors.
Student Loan Refinancing:
Take any student loan, single or bundled, and bring it to a newer private lending institution. You’ll probably have these businesses bid on your loan business if you try multiple options like the ones below, but you could save more money on a monthly basis with a newer rate. Keep in mind credit score matters.
Credit Tip:I know, I know, the term credit score appears. It’s the chicken or the egg here as many college students don’t have a substantial credit history to bargain with offers. Based on my experience, my credit experience got rolling after I took a secured credit card (which you pay a deposit to), and then after a year or two, I was eligible for mid-level credit cards. It’s super important to pay off credit cards monthly, if not daily so that you don’t accumulate more debt over time. Here are some other amazing tips you could look into for increased credit scores and ratings:
- Use Rent Reporters to Report RENT as a Credit-Based Payment
- Use an app like Debitize to ensure you pay off your credit card monthly
- Head over time Credit.com for potential Secured Credit Cards
Best Financial Apps to Consider
If you areFed up with any student loan service, you may want to check out a few of our approved partners below. Keep in mind, rates will vary between these companies, but they are all well recognized within the Student Loan and Refinancing field!
Perhaps you want to avoid refinancing a student loan and want to pay them off the old fashioned way:Through Frugal Living and One Step at a Time. If you’ve ever heard of Acorns, the app that will round up purchases ($2.75 spent, 0.25c Invested =$3.00 total), then take a look at ChangEd.
Here’s how it works:
- Sign Up for an Account
- Link your loans and banking info
- For every purchase you make you can round up extra money to pay off debt
- ChangEd will optimize based on interest and more!
- Pay $1/mo for the service
Because you’ll barely experience any major withdrawals from your checking or savings due to your spending habits, you’ll pay down student loan debt in a stress-free way. Interest rates can still sting you so it’s important to consider refinancing and other options but this one certainly is a solid addition to your money app folder!
Experts within the Student Loan refinancing field, Credible will help you through chat, telephone, email, text, Skype…you get the drift. They don’t host any specific loan offers themselves, but they know where to find the best loan for you. Here are some other benefits of going through them:
- Multiple lenders compete to get you the best rate
- No filling out duplicate forms
- Get actual rates, not estimated ones
- Doesn’t Affect Credit Scoring
- Finance almost any degree
- Flexible repayment plans
- San Francisco-based customer support seven days a week
- 3-way phone support connecting you and lenders
You’ll be able to find competitive interest rates through LendKey because they work with Credit Unions and banks that prefer to work with college students in getting their loans paid off! The advantage of working with a tech-savvy company like LendKey is because they cut through many fees and intermediaries to give you the best available rate for your refinancing! Reviews from the service said:
- “Great Customer Service”
- “Easy Step By Step Process”
- “Was able to consolidate two private loans and save a lot of money.”
- “Refinancing my Sallie Mae Loans was super easy and saved a lot of money with newer rate!”
- Better Business Bureau Rating of A+
We all can agree that most financial institutions outside of Fedloan repayments are way more flexible than we can imagine. Earnest is another financial institution that will help you refinance your student loan payments into a smooth and manageable interface.
With the ability to skip a payment and make it up later is a nice addition to this app. After all, the student may still be looking for work even after they’ve graduated.
Just like Earnest you have Upstart. While you may not find skip payment options here, you can find outstanding support and service from the Upstart team. Rates may also be competitive with the other apps mentioned above!
Let’s Reshift Student Loan Thinking
If you have problems with your Student Loans or if you are considering refinancing and consolidating, you have options out there. Sure, it will be a long time (potentially) to pay off these loans, and sometimes it may feel like the whole college experience was a waste of time, but you can’t change that. Think of this as a real-world learning experience on why it’s so important to be focused in college.
For more suggestions on student loan refinancing and other relative issues and topics, we definitely recommend taking a look at our friends at Student Loan Hero!