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FedLoan question

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FedLoan question

Quick question...do they have a payment grace period? I went to make my payment today on the due date and apparently you cannot make weekend payments. Nothing on my bill states this. (I've never heard of a place not giving credit for a weekend payment when the due date falls on it.) So, I had to opt for tomorrow. I want to make sure this won't hurt my numbers. I've worked too hard on them. Thank you!!
Cap1 Secured ($500) - Sony/Sync ($2400) - BCE AMEX ($15000) - Citi DC ($3100) - Uber Barlayscard ($500) - Hilton Honors AMEX ($5000) - Best Buy Citi Visa ($3000)

Mar 2018 EQ 759 - - Apr 2018 TU 775 / EX 763
Message 1 of 5
4 REPLIES
New Contributor

Re: FedLoan question


@dsotm76 wrote:
Quick question...do they have a payment grace period? I went to make my payment today on the due date and apparently you cannot make weekend payments. Nothing on my bill states this. (I've never heard of a place not giving credit for a weekend payment when the due date falls on it.) So, I had to opt for tomorrow. I want to make sure this won't hurt my numbers. I've worked too hard on them. Thank you!!

Wow, I have FedLoan too and never noticed they didn't take payments on the weekends -- I am on direct debit. Thank you for posting this! What an antiquated business practice. They are nowhere near as easy to work with as my previous servicer.

 

Here is all I could find on their website, which doesn't mention a grace period at all. You may need to call first thing tomorrow. https://myfedloan.org/borrowers/payments-billing/payment-processing

 

Thanks for posting back with what you find out.

 

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815 [Starting Point on MyFico]
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Message 2 of 5
Contributor

Re: FedLoan question


@kimbersleep wrote:


Wow, I have FedLoan too and never noticed they didn't take payments on the weekends -- I am on direct debit. Thank you for posting this! What an antiquated business practice. They are nowhere near as easy to work with as my previous servicer.

 

Here is all I could find on their website, which doesn't mention a grace period at all. You may need to call first thing tomorrow. https://myfedloan.org/borrowers/payments-billing/payment-processing

 

Thanks for posting back with what you find out.

 


Thank you for your comment.  I'm glad that my post was able to shed some light on the fact that weekend payments aren't considered.  I'll be on the phone with them this morning since nothing on my bill states that they don't take weekend payments and the due date fell on one.  Not to mention, the only paperwork I've received from them has been two bills.  I was really irritated last month that they won't take a debit card as payment.  It has to be a bank account with a routing number.  I don't like that at all.  :-/

Cap1 Secured ($500) - Sony/Sync ($2400) - BCE AMEX ($15000) - Citi DC ($3100) - Uber Barlayscard ($500) - Hilton Honors AMEX ($5000) - Best Buy Citi Visa ($3000)

Mar 2018 EQ 759 - - Apr 2018 TU 775 / EX 763
Message 3 of 5
Contributor

Re: FedLoan question

In following up, I spoke with Deanna pretty early this morning.  She stated that as long as the account is not more than 90 days past due, negative reporting to the credit agencies will not happen.  Given that mine is only a day because they don't accept weekend payments, there shouldn't be an issue at all.  You can believe that I will be monitoring my reports just to make sure.  :-)

Cap1 Secured ($500) - Sony/Sync ($2400) - BCE AMEX ($15000) - Citi DC ($3100) - Uber Barlayscard ($500) - Hilton Honors AMEX ($5000) - Best Buy Citi Visa ($3000)

Mar 2018 EQ 759 - - Apr 2018 TU 775 / EX 763
Message 4 of 5
Established Member

Re: FedLoan question

Yes, I almost think they do this on purpose. It's 2018! If you schedule automatic monthly payments, I've heard they've deducted the amount quite a few times and you may never get it back. There's no winning sometimes.
I find the easiest thing is to schedule your payment a few days ahead in case it falls on a weekend and/or bank holiday. Glad it worked out! Other than keeping an eye on your credit reports, if you have qualifying payments also check to see if your payment will qualify for that month.
Message 5 of 5