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Urgent: PHEAA No Longer A Federal Loan Servicer

The Pennsylvania Higher Education Assistance Agency (PHEAA) announced it will not accept an extension of its federal student loan servicing contract when it expires December 14th. PHEAA, also known as MyFedLoan Servicing, it one of the largest student loan servicers, and therefore likely impacts many of you.

Expect your loans to move to another servicer in the coming months. The other prominent student loan servicers are Navient, Nelnet Servicing, and Great Lakes Educational Loan Services.

MyFedLoan is also the administrator of PSLF. If you are on the PSLF track, this update will impact you.

To mitigate against any issues that may arise, please begin downloading and saving your repayment history as soon as possible. Hopefully it will be a seamless transfer to another servicer, but we would rather be safe than sorry. Because the amount of qualifying payments you have made is so important to achieving tax-free forgiveness under PSFL, it really is important that you do this in a timely manner. We would hate to see anyone not get the forgiveness they deserve because of a slight mix-up.

Regardless, your history will not go away. Our urgency is more due to the difficulties in tracking down your repayment history. Having the information readily available will assist with the transition.

In the meantime, please monitor your inbox for any further information. We will do our best to keep you updated, but your servicer may provide information before we become aware of it.

Also, please turn in your employer certification form as soon as possible and ask your employer not to delay in signing them. We do not want any qualifying payments to fall through the cracks.

There may be other changes coming from other servicers in the coming months, so even if MyFedLoan Servicing/PHEAA is not your servicer, please be on the lookout for updates.

A reminder, this does not change the PSLF program. It is still around, and it is still alive. If you have any concerns about the future of the program, please reach out to us and we can clear up any unsavory rumors you may have heard.

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