December 18, 2021

How to Remove Late Student Loan Payments From FedLoan

Chipper Help

Whether because of financial hardships or otherwise, late student loan payments can happen to anyone. Thankfully, removing late student loan payments from FedLoan is possible through FedLoan Servicing. Find out how you can remove your late student loan payments and improve your credit.

Check Your Credit Report

Check your credit report and confirm whether the late payments are from FedLoan Servicing. You can get a free credit report from Annual Credit Report.

Once you’ve confirmed whether your FedLoan student loans are late and then proceed to the following strategies to remove the late payments from your record.

Reach Out to FedLoan Servicing

Catching up on any missed payments is the best way to remove late student loans. Typically, you have 30 days before FedLoan Servicing marks your payments as late on your credit report. Try to pay off any student loans you missed once you have the money to cover your late payments.

Contact FedLoan Servicing to repay any loans you failed to pay on time. You still have a month to catch up. You can also sign up for autopay features to avoid missing future payments. Should you sign up for autopayments, consider setting a specific monthly due date that works for you.

When Are Student Loan Payments Late?

Your FedLoan Servicing account marks your student loan payments as late when you don’t pay on schedule. This mark will cause your account to default or become delinquent.

With a delinquent account, you still have 30 days to catch up on your payments. This timeframe gives you time to prevent a long-term impact on your credit report.

Your student loans become defaulted when they have been delinquent for 270 days. Defaulted accounts can damage your credit report, preventing you from getting the best rates in future loans.

Fresh Start Initiative: What it means for you

With the Fresh Start initiative coming when repayment starts again on September 1st, defaulted federal student loan borrowers will be restored to good standing. This instantly enables borrowers to have regained access to Income-Driven Repayment programs, potentially qualify for a loan forgiveness program, and have all negative dings removed from their credit report regarding student loans. This Fresh Start will be financial relief for 7.5 million student loan borrowers.

This is a great opportunity for borrowers to regain control of their monthly payments and get on track for faster debt repayment. Chipper offers assistance enrolling into different repayment plans, qualifying and applying to eligible forgiveness programs, and enables users to use tools like Round-Ups and Rewards (Coming Soon) to easily pay down debt an average of 3 years faster for the typical student loan borrower.

Dispute Your Late Payments

You can file a dispute with FedLoan Servicing if you believe your late payments are inaccurate on your records. Here are the steps you can follow:

  1. Download and print the FedLoan Servicing credit dispute form.
  2. Fill out the dispute form. Be sure to complete all relevant fields, including:
  3. Your FedLoan Servicing account number
  4. Social Security number
  5. Specific details about your claim
  6. Fax your completed dispute form to (717) 720-1628. Or, mail it to:

FedLoan Servicing Credit P.O. Box 60610 Harrisburg, PA 17106-0610

Be sure to keep a copy of your completed dispute form for your records. Also, include any supporting information when submitting your dispute. You might include a copy of the credit report you are disputing and a payment history to prove you are paying on time.

FedLoan typically responds within a month. You can file a complaint with the Consumer Financial Protection Bureau (CFBP) if they don't give a timely reply. This process can be time-consuming and frustrating when dealing with different documents. Chipper is creating Credit Insights, a product to help borrowers manage their credit while paying down student loan debt, to make sure all late payments are removed during the Fresh Start.

When Are Student Loan Payments Late?

Your FedLoan Servicing account marks your student loan payments as late when you don’t pay on schedule. This mark will cause your account to default or become delinquent.

With a delinquent account, you still have 30 days to catch up on your payments. This timeframe gives you time to prevent a long-term impact on your credit report.

Your student loans become defaulted when they have been delinquent for 270 days. Defaulted accounts can damage your credit report, preventing you from getting the best rates in future loans.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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