Is there a Fedloan Servicing Scam?

If you are someone who is looking for some student loan services that you can avail online, then you might have probably encountered about the Fedloan servicing scam. But is there any truth to this? Read on to find out more.

What Is Fedloan Servicing?

The Fedloan servicing was set up in order to help the Department of Education in providing student loans that are owned by the federal government. This was run by the Pennsylvania Higher Education Assistance Agency or PHEAA. Basically, the main goal of this program is to offer help to students with financial means, so those who cannot afford to go to school can benefit from this program. This program is approved by the US Department of Education so there is no truth about all those talks regarding the Fedloan servicing scam. The PHEAA is committed to supporting students who are in need financially, thus, they offer their loan services in the easiest and most convenient way possible.

Right to Know

In order to assist those who have lots of doubts regarding the services that the Fedloan servicing provides, they can refer to the website of Fedloan, which can be accessed through www.myfedloan.org, and on the page, you will find the “Right to Know” section. The PHEAA adheres to the “Right-to-Know Act”, where they are willing to provide public records regarding their Fedloan servicing operations. So instead of reading about all the Fedloan servicing scam issues online, it is best that you go directly to PHEAA and request for whatever information you will need. There is a procedure that you can follow on the site on how to request for information.

No Fees Involved

In order to avoid being a victim of a Fedloan servicing scam, it is a good idea to be aware that you should not be charged for any fee when taking advantage of the services offered by the government, including that of Fedloan servicing.

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