Federal Student Loans

Federal student loans differ from private student loans in that the federal government subsidizes the Direct Loans you may have received while attending an accredited university in the United States.

A subsidy is taxpayer dollars used to promote a particular agenda, typically set by Congress.  The farming industry receives subsidies which allows U.S.-based farmers to compete with farmers in other countries, for example, particularly when conditions here do not match conditions there.

To locate your federal student loans, go to www.nslds.ed.gov and enter your PIN (personal identification number) which you created when you first filled out the FAFSA (Free Application for Federal Student Aid).  If you do not remember your PIN number, you can go to www.pin.ed.gov to retrieve it.

Once you access www.nslds.ed.gov, you should print out your loan information and keep it in a safe place (or make a screenshot of it and save it on your computer).  myedaccount.org has general information about federal student loans and debt. myedaccount.com appears to have sold its loan portfolio to other servicers.  Go to www.nslds.ed.gov to find your information and contact your new loan servicer right away.

Most federal student loan payments were previously made at www.dl.ed.gov which was the Direct Loan site for the Department of Education with the U.S. Government.  In 2011, this system changed and payments for your Direct Loans (or Stafford Loans) began to be “serviced” by private companies.  These “loan servicers” take payments and keep track of your student loans on behalf of the federal goverment.

Be careful to evaluate all of your options before changing plans or consolidating your loans.  You may give up certain rights (such as loan cancellation) if you consolidate your loans into one loan, for example.

Myedaccount.Org provides general information which should not be relied upon without the help of an attorney or other professional.