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Frequently Asked Questions

General Information

I’m new to Edfinancial, where do I start?

Please visit our Welcome page which includes an introductory video and information specific to various scenarios – whether you are a student, parent borrower, in your grace period, or in repayment.

What are your phone numbers and hours of operation?

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.

Can I apply for more loans through Edfinancial Services?

Edfinancial does not originate federal student loans. To learn how you can apply for federal student loans, visit www.studentloans.gov.

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 "Loan Summary/Mortgage Verification" under the "Documents" menu.

My last name changed. How can I update this?

Please upload a written request to change the name on your account and a copy of your name change documentation via your secure online account by logging into Manage My 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 mail or fax your documentation along with your account number and a written request.

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

Visit our Contact Us page for information specific to your loan type. Save time and upload documents online by visiting Manage My Account and selecting "Upload Documents" under the "Documents" menu.

I’ve heard of companies that might help me lower my monthly payment or reduce or forgive my student loan debt. Is this a good idea?

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 or contact us to see if you qualify.

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.

Learn more about billing and statements
Is my loan activity reported to the credit bureaus?

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.

Learn more about credit reporting

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.

Learn more about tax information

Payments, Interest, and Fees

How will my payments be applied?

All payments are applied first to outstanding interest, unless late fees* are assessed, and the remainder of the payment is applied to the principal balance. If you make a payment greater than the minimum amount due, the additional amount will be applied to your principal balance after all outstanding interest and fees, if applicable, are satisfied. Learn more about payments to specific loans or loan groups, interest, and payment amounts.

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

Can I make payments via automatic debit?

Yes, KwikPay® allows you to make your student loan payments by automatically deducting them each month from a checking or savings account that you designate. Learn more about automatic debit or ways to make a payment.

Can I postpone payment of my loan?

Deferment and forbearance are temporary suspensions of repayment. If you are unable to make payments in any amount, deferment or forbearance may be the right option for you.

Learn more about deferment and forbearance
How do I qualify for loan forgiveness?

Depending on your circumstances, you may be eligible to have your loan forgiven or discharged. You may review a complete list of the available loan forgiveness, cancellation and discharge options on our website or you can visit www.studentaid.gov/forgiveness.

I have questions about paying off my loan or finding my loan payoff amount.

Ready to pay off your loan? Need a payoff quote? Have other questions about the payoff process?

Learn more about loan payoff information

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!

You can sign up by logging into Manage My Account and selecting "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 us 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 us 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.

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 daily, 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.

Learn more about repayment options