It’s that time… You’ve graduated college and forbearance is over. That means one thing: it’s time to pay your student loans. Hopefully you’re ready.
Once you’ve got the notice to repay your MyFedLoan student loan, through the Pennslyvania Higher Education Assistance Agency, follow these simple steps to make your first payment.
Login to MyFedLoan
First things first, head over to https://www.myfedloan.org/ to sign in to your FedLoan Servicing account.
Once you’re logged in, you should see your Account Summary. This will give you a summary of your payments and loans with the federal government.
Make your student loan payment
On the Account Summary screen, click the Make a Payment button.
That should bring you to the payment screen:
By default, the minimum payment amount will be entered in the Payment Amount field. You can pay more if you’d like.
Next, enter the Payment Date. You can choose a date anytime between now and the payment due date.
I have my banking information saved from a previous payment (as you can see above). If you haven’t made a payment before, you’ll see fields to enter your bank’s routing and account number so they can make an Electronic Funds Transfer (ETF).
Once you’ve done that, click Make a Payment. Confirm the payment and then you’ve successfully made your first student loan payment. Congrats!
PRO TIP – Set your federal student loan payments up for auto pay and you’ll save 0.25% in interest. That may seem small but can make a big difference over the life of your federal student loan.