Can I set up automatic payments?

FedLoan Servicing does offer the option to set up automatic payments, which can be a convenient way to ensure that loan payments are made on time each month. This service is typically referred to as an automatic debit or auto-pay program. By enrolling in this program, borrowers may also be eligible for a small interest rate reduction, which can save money over the life of the loan. To set up automatic payments, borrowers usually need to provide their bank account information and authorize the servicer to withdraw the payment amount on a specified schedule, typically coinciding with the billing due date. It is important for borrowers to occasionally review their account to ensure that all information remains accurate and up to date. For more specific instructions or to find information regarding enrollment, it may be helpful to visit the current FedLoan Servicing webpage or their customer service section.