[ Skip to content ]

Frequently Asked Questions

General Information

Who is Edfinancial Services?

Edfinancial Services is your student loan servicer. We are here to answer your questions, help you with repayment plans, and process your student loan payments. We've been in the student loan industry for over 25 years, striving to find a better way every day to deliver exceptional student loan servicing for students and families nationwide. It is our mission to do the right thing for our customers and each other.

What are the phone numbers and hours of operation for Edfinancial Services?

Hours of Operation for Customer Service:
Monday through Thursday, 8:00 a.m. to 8:30 p.m. ET
Friday, 8:00 a.m. to 6:00 p.m. ET

Direct Loans
Use for account numbers beginning with "F"
Toll Free (general inquiries and phone payments):
1-855-337-6884
FFELP & Private Loans
Use for account numbers beginning with "C"
Toll Free (general inquiries):
1-800-337-6884
Toll Free (phone payments):
1-866-709-0202

Please visit our contact us page for more information.

How do I access my account online?

You may view your loan information and make payments online through Manage My Account. You must first register as a new user and log in to your online account to access your information. Once you have logged in through Manage My Account, you may "Sign up for eStatements" to have access to your billing statements and other correspondence.

What's the difference between federal student loans and private student loans?

Federal student loans are guaranteed by the federal government through the Direct Loan, FFELP, or Perkins Loan program. Federal loans include Subsidized and Unsubsidized, Parent PLUS, GradPLUS, and Consolidation loans which come with flexible repayment terms to help students of various economic backgrounds gain access to higher education.

Private loans are not guaranteed by the federal government. They are similar to bank loans and their interest rates may be based on a variable index, such as Prime or LIBOR. The interest rate for private loans will depend on the borrower's, and sometimes the co-borrower's, credit history. Private loans are intended to close the gap between the amount students can borrow under the federal student loan programs and the cost of higher education.

How do I know which loan type I have?

Not sure of your loan type? Read more. You can also view a centralized listing of all your federal student loans via the National Student Loan Data System (NSLDS) at www.nslds.ed.gov.

You may have a Federal Family Education Loan Program (FFELP) or private loan if you previously visited Edfinancial.com for your online account access or received your correspondence from Edfinancial Services (prior to 2012) or know that you borrowed from a private lender (you may have chosen a lender from a list when you originated your loan).

You may have a Direct Loan if you received a welcome letter from Edfinancial Services instructing you that we are now servicing your "Federal Direct Loan."

Can I apply for more loans through Edfinancial Services?

Edfinancial does not originate federal student loans.

If you need a federal student loan to attend school, you must first complete the Free Application for Federal Student Aid (FAFSA®) at www.fafsa.ed.gov. You will need an FSA ID to sign your FAFSA electronically or make corrections to your FAFSA and, if you do not already have an FSA ID, you may apply for one once you begin the FAFSA process. You must complete the FAFSA each year you wish to be considered for federal student loans. Based on the results of your FAFSA, your school will send you a financial aid offer (or "award letter"), which may include federal student loans. Your school will tell you how to accept all or a part of the loan(s). Before you receive your loan funds, you will be required to complete entrance counseling and sign a Master Promissory Note (MPN). Contact the financial aid office at the school you are planning to attend for details regarding the process at your school.

How can I authorize Edfinancial Services to release information about my account to a third party?

Please complete the Third Party Authorization "Information Release" form and return to Edfinancial Services. Please note this form only authorizes the release of information; it does not give authorization to make changes on the account such as requesting deferments, forbearances, or due date changes. Only the borrower, their Power of Attorney, Plenary Guardian, or an endorser/cosigner can request these changes to an account.

How can I obtain a letter regarding my account for my mortgage company?

You may print a loan summary letter via your online account. Simply log into Manage My Account and select "Inbox and Documents" under the "Documents" menu.

My last name changed. How can I update this?

Please mail, fax, or email a copy of your name change documentation along with your account number and a written request to change the name on your account. Acceptable documentation includes a copy of a court order, marriage certificate (or divorce decree), an updated copy of your driver's license or social security card, or Certificate of U.S. Naturalization. You may also upload your documentation in your secure online account by logging into Manage My Account.

Why does my consolidation loan look like two loans?

A Federal Consolidation Loan is one loan but, in order to accommodate the possibility of you receiving interest benefits on the subsidized portion of your consolidation loan, Edfinancial loads the loan with separate servicing records for the subsidized and unsubsidized portion of the consolidation loan.

Where should I send documentation to request a repayment plan change or submit income documentation?

Use this address to send a letter or to submit documents to Edfinancial Services.

For timely posting, please do NOT mail payments to this address.

Direct Loans
Use for account numbers beginning with "F"

Edfinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008
Fax: 800-887-6130 (toll free)
Fax: 865-692-6348

FFELP & Private Loans
Use for account numbers beginning with "C"

Edfinancial Services
P.O. Box 36014
Knoxville, TN 37930-6014
Fax: 800-887-5936 (toll free)
Fax: 865-692-6386

*You can view your account number from the Home screen in Manage My Account.

You may also upload your documentation in your secure online account by logging into Manage My Account.

I have been contacted by and/or have heard about companies that offer assistance with student loan debt. These companies claim to help negotiate my payments or reduce or forgive my debt for a fee. What should I do?

You must research the company carefully to ensure the offer is legitimate. Please keep in mind that you can always call your student loan servicer to inquire about available repayment options including the ones that may reduce your monthly payments considerably based on your income. You don't have to pay someone for this assistance.

What if I have been impacted by a disaster?

If you are a federal student loan borrower who has been impacted by a federally declared natural disaster, you may be eligible for assistance such as temporarily postponing your payments. Visit our Disaster Assistance page for more information.

Billing and Statements

If you are having trouble making your payments, consider your repayment options. You may have different repayment plans and deferment or forbearance options available to help you manage your student loan debt.

Will I receive a monthly statement?

Yes. Edfinancial mails monthly statements approximately 20 days before your due date. If you do not want a paper bill, you also have the option to choose electronic billing ("e-correspondence") or automatic debit ("KwikPay").

If you are a borrower on automatic debit, you will not receive a monthly paper statement.

If you are in school, grace, deferment, or forbearance, you may not receive a monthly statement although you can still check your account, view your principal and interest balance, and make payments through Manage My Account.

If I did not receive my statement, am I still responsible for making my monthly payment?

If your account is in repayment, you are always responsible for making timely payments, whether or not you receive your statement in the mail. If you fail to make your monthly payments, you may incur late fees* and negative credit reporting.

*The U.S. Department of Education does not assess fees for late payment of Federal Direct Loans.

If you are having trouble making your payments, consider your repayment options. You may have different repayment plans and deferment or forbearance options available to help you manage your student loan debt.

If I am in school, grace, deferment, or forbearance and I receive a statement, do I need to make a payment?

If your federal student loans are in one of these statuses, you are not required to make payments. You can, however, make payments on your loans at any time to apply towards any outstanding interest and to reduce your principal balance.

Some private loans will require payments while the student is in school. If you have a private loan and are not sure if payments are required while in school, check the terms of the promissory note or contact us.

Will I receive monthly statements if I return to school?

If you return to school and your federal loans are placed in a deferment status, you will no longer receive monthly statements although you can still check your account, view your principal and interest balance, and make optional payments through Manage My Account.

Why do I receive more than one monthly statement?

Generally, if you have multiple loans with the same due date you will receive one monthly billing statement. In rare occasions, two or more loans may have different due dates. If you would like to receive one statement, simply contact us to request combined billing.

I received my monthly bill, but the amount due is zero. What's going on?

If you paid more than the amount due on your student loans, it's possible that you are "paid ahead" on your account. Note that being paid ahead has no effect on how your payments are applied to the principal and interest balance - it simply means you are not required to make a payment; however interest continues to accrue daily.

Payments are always applied first to any outstanding interest and any remaining amount is applied to the principal balance. If you pay more than your minimum monthly payment, any amount received in excess of the outstanding interest is applied to the principal balance. You may also receive a bill for the next month which is less than your normal installment amount. If the amount you paid in excess of the amount due is enough to satisfy the next month's payment, your next month's payment due will be zero.

If you are in paid ahead status with no payment due, you can continue to make payments as you would normally. Interest will continue to accrue on your outstanding balance even though you are paid ahead. If you are paid ahead and on automatic debit, your payments will continue to be drafted each month.

A benefit of being paid ahead is that it can give you a financial cushion. Not having to pay your student loan bill one month might be helpful if you have some additional or unexpected expenses that month.

Payments, Interest and Fees

How is student loan interest calculated?

Most student loans (including all federally guaranteed loans) use a method of interest accrual known as "simple interest." The difference between simple interest and compound interest (the type of interest that accrues on most major credit cards) is that simple interest is only calculated on the principal balance, not on the previously accrued interest.

To calculate your daily interest accrual, use the following formula: (Current Principal Balance x Interest Rate) ÷ 365.25 = Daily Interest.

This formula says to multiply your current principal balance by the interest rate and then divide the result by 365.25. The result is your daily interest accrual, or how much interest you would pay for one day. You can multiply this number by a specific number of days to calculate your interest accrual over a certain amount of time.

Example:

Current principal balance: $20,000.00
Interest rate: 4.50%
Days of interest needed: 30

Just plug in the numbers to calculate the approximate 30-day interest accrual: [(20,000 x .045) ÷ 365.25] x 30 = $73.92. You may view your unpaid accrued interest via Manage My Account.

What does it mean when interest is capitalized? When does it occur?

Interest accrues daily on your loan including times when a payment is not required to be made on a loan such as deferment, forbearance, grace, and in-school statuses. Accrued interest is usually capitalized (added to the principal balance) when the loan goes into repayment thereby increasing the total outstanding balance due and the amount of interest which accrues daily.

Because interest continues to accrue on the principal balance if a payment is not made, any future interest that accrues after capitalization will be based on the new outstanding principal amount (previous principal balance plus capitalized interest). Therefore, capitalization increases the total cost of your loan.

You can avoid the cost of capitalization by making payments during any period when they are not due. For certain federal student loans, including unsubsidized, Parent PLUS and GradPLUS loans, federal law permits unpaid interest to be added (capitalized) to your principal balance at certain times during your loan term. These times where unpaid interest may be capitalized can include after your grace period, at the end of deferment, and at the end of forbearance.

For private loans, consumer law permits unpaid interest to be capitalized at the frequency stated in the terms of the agreement that you signed when you obtained the loan.

I'd like to make a payment only to interest. How can I do that?

If your payments are currently suspended due to deferment or forbearance, it will benefit you to continue making payments on the interest that accrues to avoid capitalization. To determine the amount of unpaid interest, first log into Manage My Account and select "Current Balance." The amount of unpaid accrued interest is listed under "Accrued Interest." If you have several groups, you can select each group to see group-specific accrued interest.

Any payment you make will, per regulation, be applied first to outstanding interest, unless late fees* are assessed, then your principal balance. Interest accrues daily; therefore, the amount of unpaid accrued interest changes daily. Any amount paid above interest accrued and late fees (if applicable) will be automatically applied to the principal balance.

*The U.S. Department of Education does not assess fees for late payment of Federal Direct Loans.

What fees could potentially be added to my account?

Some lenders charge a late fee* if you do not make your payment on time. Usually, these fees are charged as a percentage of your monthly payment. Many lenders provide for a grace period before they charge a late fee. For example, if the lender's grace period is five days, a late fee would be charged six days after the payment is due, if a payment has not been received.

*The U.S. Department of Education does not assess fees for late payment of Federal Direct Loans.

Can I pay more than my minimum scheduled monthly installment amount each month?

Yes. If you want to pay more than your minimum scheduled monthly installment amount each month, simply enter the additional amount to be debited in the "Additional Amount" field when setting up KwikPay (automatic debit) in Manage My Account (MMA). The "Total Monthly KwikPay Amount" will include the "Additional Amount." If you are already on KwikPay, you may edit your settings via MMA. Note that the extra amount will be automatically applied proportionately to all loans and cannot be targeted to a specific group.

If you wish to make extra payments without KwikPay, you may do so manually online through Manage My Account (MMA). You can also target payments toward a specific group in MMA. If you wish to be billed for a higher payment, you may contact us to request a shortened repayment term (note that by requesting a reduced term, you will be required to pay the disclosed installment amount).

NOTE: If you are on KwikPay and you target an extra payment to one or more group(s), it may pay that group ahead (i.e. you may advance the due date of that group) and affect the application of future payments. If you have multiple groups and are on KwikPay, our servicing system will attempt to keep the due dates of your groups aligned. If a group is paid ahead, future payments will be applied to the other groups rather than to each group's minimum installment. If you wish that an extra payment not pay ahead your account, please contact us after an extra payment is made to request that we remove the paid ahead status. If you are paying more than twice the amount of a group's installment, you may select the "do not advance due date" option within Manage My Account to prevent the group from being paid ahead. If the subsidized and unsubsidized portions of your consolidation loan are grouped together, you can contact us to request the extra payment to be targeted to either the subsidized or unsubsidized portion.

Credit Reporting

I only have one account with Edfinancial Services, but there are multiple loans showing on my credit report. Why?

Although you only have one account with us, each loan that you take out has its own "tradeline" (i.e. account or line of credit) that is reported to the nationwide consumer reporting agencies. Depending on the number of years that you were in school, you may see several loans that will each display separately on your credit report. If you consolidate your loans, your previous loans' tradeline will reflect a $0.00 balance and should be reported as refinanced, and you will have a new tradeline for both the subsidized and unsubsidized portion of the consolidation loan.

I have paid off my loan, but it is still showing on my credit report. Why?

Education loans will typically remain on your credit history for seven years from the last reported date. The status or reason for loans paid in full include: paid in full by the borrower, claim paid, paid due to consolidation, and paid due to transfer. Example: If your loan was paid in full in March 2012, the final report of paid in full will most likely remain on your credit history until February 2019.

Will switching repayment plans or using a deferment or forbearance hurt my credit history?

The type of repayment plan you use to repay your student loan is not reported to the credit bureaus. Using a deferment or forbearance for your student loans should not adversely affect your credit history. Making a late payment or not making a payment at all will hurt your credit history. Requesting a deferment or forbearance to clear delinquency on your account retroactively will not always remove negative credit history that has already been reported.

My address changed, and I didn't receive a bill for several months. I brought the account current when I realized what happened. Can you clear the delinquency that was reported?

No, we are unable to remove anything that was reported accurately on your credit. In this case, you are still responsible for any monthly payments on your student loan even if you do not receive a bill. Sometimes, deferment or forbearance can clear delinquency from credit, but those situations require you to meet specific qualifying criteria. If your address changes, please notify Edfinancial Services as soon as possible to ensure you continue to receive your monthly statements. To notify Edfinancial Services of an address update, log into Manage My Account (MMA) or contact one of our customer service specialists by phone or email.

I had a deferment/forbearance placed on my loan, and I am still showing as delinquent for the months that it covered. Why?

Deferments and forbearances can allow you to bring your account current without making a payment to do so, but they do not always clear up negative credit reporting that already occurred. Certain eligible deferment periods, such as an in-school deferment, will clear any previous negative reporting if the qualifying deferment period occurred at the same time as the negative reporting period. Forbearances, even if applied retroactively, rarely clear prior negative reporting.

My spouse and I are divorced, and I am no longer required to make payments toward our Spousal Consolidation Loan. Will this loan affect my credit if my former spouse doesn't make his/her payments?

Both parties are liable for the loan even if the court declares one party to be solely liable. If your former spouse doesn't make payments, the delinquency will be reported on your credit history as well as your former spouse's credit history. Also, any person who is an endorser on a loan is liable and could have negative reporting due to delinquency on an account.

What if certain information really does not belong on my credit report?

If you have researched and discovered that student loan information truly does not belong on your credit report, you can contact the three credit bureaus either online or by calling their toll-free numbers to dispute the information. The process can take up to two months to be completed, but the incorrect items should be removed from your credit history. Click the name of a credit bureau for more information about credit disputes:

My loan defaulted, but I made payment arrangements to get it out of default. Now it is showing up three times on my credit report. Why?

Each loan has a tradeline on your credit report. When a federal student loan defaults, it is transferred to the guarantor or to the U.S. Department of Education for continued collection, which creates a new tradeline. Once the loan is rehabilitated and taken out of default, the loan may return to Edfinancial Services where a third tradeline is opened for current reporting.

I have heard that if I continue to dispute the information on my credit, that the items will eventually be removed. Is this true?

No, this is not true. If the information reported on your credit history is inaccurate, it will be updated with the first dispute that you file. Data furnishers are required to report the account information accurately and in an unbiased manner.

Taxes

How do I find out about my tax information?

You may be able to deduct interest paid on eligible student loans on your federal income taxes. The amount of interest paid on your student loan account is provided to you by the end of January each year. An IRS 1098-E, Student Loan Interest Statement may be mailed to you or the information may be available on your January billing statement or online, depending upon your loan program and the amount interest paid. Your reported tax information can also be accessed through Manage My Account.

If you have any questions about allowable deductions for the interest or origination fees paid on your loan(s), please contact a tax professional or the Internal Revenue Service (IRS) toll free at 1-800-829-1040 or visit www.irs.gov.

What types of tax benefits are available for education-related expenses?

Please see this IRS publication Federal Tax Benefits for Education for more information on the Hope Tax Credit, American Opportunity Credit, Lifetime Learning Credit, Student Loan Interest Deduction, and other tax benefits available to parents and students.

E-correspondence

What is e-correspondence?

E-correspondence allows you to receive electronic communications regarding your account which will reduce the amount of paper correspondence you receive by conventional postal delivery services and save trees at the same time!

How do I sign up for e-correspondence?

In order to sign up for e-correspondence, log into Manage My Account and select "Sign up for eStatements" on the home page. Check the box to agree to the terms and conditions and click the green button to "Sign Up." You will then be able to receive electronic communications from Edfinancial Services in your "Inbox."

I already have an online account. How is e-correspondence different?

Online account access provides you with useful tools and information such as:

  • Loan details including interest rate and repayment terms
  • Online payment access
  • Calculators and helpful articles about student loans
  • Loan balance and payment history
  • Information on repayment plans, deferment and forbearance

E-correspondence is an additional process that allows Edfinancial Services to electronically send you communications that may include payment confirmations, information about your repayment options, and required annual privacy policy notices. If you have not already signed up for "eStatements," you may do so by logging into Manage My Account.

What are my legal rights concerning e-correspondence?

We are required by law to provide certain information to you in writing; this means you have a right to receive that information on paper. We may provide this information to you electronically after you have reviewed the Disclosure and given consent to receive this information electronically. You may opt out of e-correspondence at any time by contacting us to withdraw your consent.

Repayment Options

How do I request to change my repayment plan?

Log into Manage My Account and select "Payments" in the top navigation to explore various repayment options and to see if you qualify for a reduced payment. You may visit our forms page to obtain a paper repayment change application. You may also contact us for assistance.

Log into Manage My Account

If I requested a change to my repayment plan, how will I know my request was approved?

If your account is placed on a new repayment option, you will receive a notice by mail or email regarding the details of your new repayment schedule.

If I change my repayment plan, will the total amount I have to repay stay the same?

In general, the lower your monthly payment, the more interest you will pay over the life of your loan(s). Student loans accrue interest on a daily basis, so the longer you take to pay it back, the more interest you will accrue. You can use this repayment calculator to determine the amount of interest you would repay under various repayment plans.

Automatic Debit Payments

When will the first payment be debited on KwikPay?

We will notify you by mail or by email of the date on which KwikPay will begin drafting. The date depends on your current monthly due date and the date you sign up for KwikPay. Your loan may be placed on a forbearance until your first payment is scheduled to draft. Note that your payment will only be drafted if your account is in repayment and will not draft if your account is in a deferred status.

Can I register for KwikPay if my account is past due?

Yes. In most situations, we will place a General/Hardship Forbearance on your account to bring it current prior to the first KwikPay debit. Unpaid interest will be capitalized (added to your principal balance) at the expiration of the forbearance. You will not be eligible for a General/Hardship Forbearance if you have exhausted the maximum of 36 months of forbearance time. We will notify you when your account has been set up for KwikPay or if your account did not qualify. Note that your payment will only be drafted if your account is in repayment and will not draft if your account is in a deferred status. Please continue to make your payments, either online, by mail, or by phone, until payments begin drafting automatically.

Can I pay more than my normal payment amount when paying with KwikPay?

Yes. If you would like to pay more, simply enter the additional amount to be debited in the "Additional Amount" field when registering or when editing your KwikPay settings in the Manage My Account borrower portal. Note that the extra amount will be automatically applied proportionately to all loans and cannot be targeted to a specific group. If you wish to make extra payments toward a specific group, you may do so manually online through Manage My Account.

NOTE: If you target an extra payment to one or more group(s), it may pay that group ahead (i.e. you may advance the due date of that group) and affect the application of future payments. If you have multiple groups and are on KwikPay, our servicing system will attempt to keep the due dates of your groups aligned. If a group is paid ahead, future payments will be applied to the other groups rather than to each group's minimum installment. If you wish that an extra payment not pay ahead your account, please contact us after an extra payment is made to request that we remove the paid ahead status. If you are paying more than twice the amount of a group's installment, you may select the "do not advance due date" option within Manage My Account to prevent the group from being paid ahead.1If the subsidized and unsubsidized portions of your consolidation loan are grouped together, you can contact us to request the extra payment be targeted to either the subsidized or unsubsidized portion.

What if I want to cancel or change my existing KwikPay settings?

You can cancel or make changes to KwikPay at any time by logging into your online account at Manage My Account. In the navigation menu at the top of the page, select "Payments" then "KwikPay."

The ability to cancel or change a payment scheduled for automatic debit will depend on your current monthly due date and the date you are canceling or changing KwikPay. We must receive notification at least ten (10) business days prior to the payment's due date to allow adequate time for processing a cancellation or change. You will receive a confirmation letter that indicates the date of the cancellation or change. You are responsible for remitting any payments that are not automatically debited due to your requested cancellation or change.

What happens if my KwikPay scheduled payment falls on Saturday, Sunday, or a holiday?

Your payments are generally drafted on your due date but if that date falls on a weekend or holiday, the payment will be deducted the next business day.

What if I don't have enough money in my bank account on the day you debit my KwikPay payment?

We will attempt to draft the payment and your bank may reject the request due to insufficient funds. You will then need to manually make that payment to keep your account current. Multiple occurrences of insufficient funds may result in the termination of your KwikPay agreement, additional fees and/or loss of an interest reduction incentive.

How will my KwikPay payment be applied?

All payments are applied to any fees due first, then to interest, then principal unless your current repayment plan is Income-Based Repayment (IBR). During IBR, your payments would first be applied to interest, then to fees, then to principal. If you send in a payment greater than the minimum amount due, the additional amount will be applied to your principal balance after all outstanding fees and interest is satisfied. If you have multiple loans, the payment will be applied according to each loan's monthly installment amount.

NOTE: If you target an extra payment to one or more group(s), it may pay that group ahead (i.e. you may advance the due date of that group) and affect the application of future payments. If you have multiple groups and are on KwikPay, our servicing system will attempt to keep the due dates of your groups aligned. If a group is paid ahead, future payments will be applied to the other groups rather than to each group's minimum installment. If you wish that an extra payment not pay ahead your account, please contact us after an extra payment is made to request that we remove the paid ahead status. If you are paying more than twice the amount of a group's installment, you may select the "do not advance due date" option within Manage My Account to prevent the group from being paid ahead.1 If the subsidized and unsubsidized portions of your consolidation loan are grouped together, you can contact us to request the extra payment be targeted to either the subsidized or unsubsidized portion.

Can I designate how to apply my KwikPay payment to my loans?

No. Payments are distributed across all of your active loans according to each loan's monthly installment amount.

NOTE: If you target an extra payment to one or more group(s), it may pay that group ahead (i.e. you may advance the due date of that group) and affect the application of future payments. If you have multiple groups and are on KwikPay, our servicing system will attempt to keep the due dates of your groups aligned. If a group is paid ahead, future payments will be applied to the other groups rather than to each group's minimum installment. If you wish that an extra payment not pay ahead your account, please contact us after an extra payment is made to request that we remove the paid ahead status. If you are paying more than twice the amount of a group's installment, you may select the "do not advance due date" option within Manage My Account to prevent the group from being paid ahead.1If the subsidized and unsubsidized portions of your consolidation loan are grouped together, you can contact us to request the extra payment be targeted to either the subsidized or unsubsidized portion.

Can I make additional one-time payments while on KwikPay?

Yes. You can make one-time payments at any time online, through the mail, or over the phone.

NOTE: If you target an extra payment to one or more group(s), it may pay that group ahead (i.e. you may advance the due date of that group) and affect the application of future payments. If you have multiple groups and are on KwikPay, our servicing system will attempt to keep the due dates of your groups aligned. If a group is paid ahead, future payments will be applied to the other groups rather than to each group's minimum installment. If you wish that an extra payment not pay ahead your account, please contact us after an extra payment is made to request that we remove the paid ahead status. If you are paying more than twice the amount of a group's installment, you may select the "do not advance due date" option within Manage My Account to prevent the group from being paid ahead.1If the subsidized and unsubsidized portions of your consolidation loan are grouped together, you can contact us to request the extra payment be targeted to either the subsidized or unsubsidized portion.

Why did my KwikPay payment amount for this month differ from last month's amount?

An adjustment may have been made on your account since last month's payment was drafted. For example, a loan may have been paid in full or if you are on the Graduated Repayment Plan, you may have graduated to the next payment level.

My KwikPay payment pulled from my bank account and has posted to my account, but my account is still past due. Why is this?

If your account was past due at the time you requested KwikPay, and it was not brought current with a forbearance, you may need to make a manual payment to bring your account current. Your bank may also reject a payment for non-sufficient funds or for an invalid account number which may cause your account to become past due. Any past due amount will not be drafted automatically and will need to be made manually either online, by mail, or by phone.

Why am I not able to edit my bank account information for KwikPay online at Manage My Account?

If you were already enrolled in auto-debit payments with the Direct Loan Servicing Center, the bank account information used was transferred to us, and your payments will continue to be automatically debited each month. However, this transferred bank account information does not appear in Manage My Account. If you would like to make changes to KwikPay, you must re-enter your banking information into Manage My Account.

If you change your banking information in Manage My Account at least ten (10) business days prior to the next payment due date, the new bank account information will be used for your future auto-debit payment(s) instead of the bank account information that was transferred to us from the Direct Loan Servicing Center.

1. KwikPay will not debit if your account is paid ahead while your loan(s) are on a Revised Pay As You Earn, Income-Based, Income-Contingent, or Pay As You Earn Repayment Plan.

Deferment and Forbearance

Can I apply for a deferment or forbearance if my account is past due?

Most likely you can, although if you are in default you may not be eligible. Log into Manage My Account to explore your options or to apply. You can also contact us directly to request a deferment or forbearance.

How can I find out if my loan is in deferment or forbearance?

Log into Manage My Account to view your loan information, including your loan status. If you are unable to determine your loan status, or you have questions about your status, please contact us. Please note that if a deferment or forbearance was recently applied to your account, you will receive written confirmation of your deferment or forbearance status by mail or email.

Economic Hardship Deferment

This deferment will postpone payments during times of financial difficulty for a period of up to one year at a time, and the maximum total deferment time of three years. There are numerous ways to qualify, such as if you:

Are currently on a deferment with Direct or Perkins

Are receiving federal or state public assistance

Are serving in the Peace Corps

Meet specific income criteria for your household size

You may only be eligible for this deferment if all of your outstanding loans were made on or after 7/1/93.

In-School Deferment

This deferment postpones repayment while you are attending a Title IV school* on at least a half-time basis. Full-time, half-time, or less than half-time enrollment is determined by your institution and must be clearly expressed on any enrollment verification provided by the school in order for this deferment to apply.

* A Title IV school is one that grants federal funding (i.e. Pell grants, Subsidized and Unsubsidized Loans, etc).

Unemployment Deferment

This deferment postpones repayment while you are unemployed or working less than 30 hours per week. To receive this deferment, you must:

Certify that you are diligently seeking full-time employment at this time and registered with a public employment agency, or

Be receiving unemployment benefits and provide documentation of these benefits.

PLUS Borrower with Dependent Student Deferment

This deferment postpones payments for Parent PLUS loans while the student for whom they borrowed a PLUS loan is still a dependent and is either:

Enrolled at least half-time at an eligible school, or

Engaged full-time in a rehabilitation training program.

You may only be eligible for this deferment if all of your outstanding loans were made on or after 7/1/93.

Military Deferment

This deferment postpones payments during times the borrower is called to active duty, mobilized or deployed in support of an operation of national emergency. To qualify, you must provide either a deferment form completed by your commanding officer or supporting documentation showing your active duty, mobilized, or deployed status and the effective beginning and ending dates of service.

In-School Forbearance

This postpones repayment for borrowers who are:

Experiencing an excess debt burden (the payments of all Title IV loans equal or exceed 20% of the borrower's total monthly gross income)

Currently attending a non-Title IV school or Title IV school less than half-time*

Engaged in an internship or residency program

Performing the type of service that qualifies for partial repayment of loans under the Student Loan Repayment Program administered by the Department of Defense Serving in a service position for which they will receive a National Service Educational Award under the National and Community Service Trust Act of 1993.

* If you are attending at Title IV school at least halt-time, you may apply for an In-school Deferment.

PLUS Dependent In-School Forbearance

Available only to Federal Family Education Loan (FFEL) borrowers, this forbearance will postpone payments for Parent PLUS loans while the student for whom they borrowed a PLUS loan is enrolled in school.

Teacher Loan Forgiveness Forbearance

This forbearance is for borrowers who are completing five years of qualifying service to receive the Teacher Loan Forgiveness. To qualify for this forbearance, the payoff balance at the time of forgiveness must not exceed the forgiveness amount.

Temporary Hardship Forbearance

This forbearance postpones payments during times of financial difficulty for a period of six months in the future and up to one year at a time, and the maximum total forbearance time can be up to four years depending on your lender. It must be applied for a minimum of 30 days. To qualify, you must have enough forbearance time remaining to bring your account current.