Repayment Process


Repaying your loan can be confusing. At IDAPP, we’re here to make things a little easier. It all starts with a grace period of six months for Stafford Loans. During this period, you’re not required to make any payments. The grace period begins on the day after your school status changes to less than half time, including leaving school entirely or graduating.

At the beginning of your grace period, your student loan servicer, Edfinancial Services, will send you an estimated repayment schedule, including your:

  • Account number
  • Monthly payment amount
  • Interest rate
  • Principal balance
  • Estimated interest charges
  • Number of payments
  • Due date
  • Payment mailing address

After six months, you’re required to make monthly payments on the principal and interest of your student loan. Use Edfinancial's Repayment Calculator to estimate your monthly payment amount.

Paying your loan faster.

Paying more than your required monthly payment can help you pay off your loan faster. At IDAPP, there’s no penalty for prepayment. When we receive your payment, we pay off the interest that has accrued first. Any additional amount received is applied to your principal. So the more you pay each month, the faster your principal is reduced.

How to deduct your interest.

The interest on your student loans is generally tax deductible. And you will receive a 1098-E form from us detailing the amount of the interest that is eligible for deduction in January.  You also can view or download this information from the same place you pay your bill online. All you have to do is log in.

While our customer service representatives are not able to assist on tax issues, there is plenty of help available from the IRS or certainly your tax advisor.

Timely payments.

There is no question college is time-consuming and demanding. But your loan payments are very important, too. We’ll do everything we can to help you make them in a timely manner. We’re here to help make it easier and more flexible.

Easy record-keeping.

Complete and timely record-keeping is an essential part of borrowing. We do everything we can to make it easy. And it can be all electronic – so you can keep records without keeping papers. You’ll keep your loan and credit history in good standing. And that’s really important since different companies may service your loan throughout its lifetime.

No question is out of the question.

We’re here to help. Any subject. Any time. From address changes to loan status to new lending rules. Simply call us at 800-337-6884 or email us. We’ll get you the right answer right away.