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Loan Payoff Information

Ready to pay off your loan? Need a payoff quote? Have other questions about the payoff process? Whether you're ready to pay off your loan or simply want to add an extra $20 a month to your minimum monthly payment, everything you need to know about paying off your loan faster and paying less in interest can be found here.

Payoff Quotes

We have several convenient options to obtain loan payoff information:

Manage My Account (MMA)

The quickest and easiest way to retrieve a payoff quote or to pay off your loan(s) is by logging into Manage My Account. You'll then need to determine the date on which you would like to pay your loan(s) in full.

Payoff Quote - Same Day

View the current day's total payoff amount in the "Account Details" section of the "Home" page of MMA. IMPORTANT: This amount is only valid if the payment is submitted before 4:00 pm EST.

Need your payoff quote in writing? From the MMA "Home" page, select "Documents," then choose the "Mortgage Verification/Loan Summary" option to view/print the letter. The "Current balance" amount listed in the "Account Summary" section of the letter represents the current day's total payoff amount.

Payoff Quote - 1-30 Days in the Future

If you need a payoff quote for 1-30 days in the future, you can find the amount by selecting "Make A Payment" from the "Home" page of MMA. Click on "Payoff Quote" under the "Payment Amount" field. You will then select the desired number of days for the payoff quote. NOTE: If you're mailing a payoff payment, we recommend selecting a date approximately 10 days in the future to allow for mail delivery time.

Billing Statement

The loan group and/or account payoff amount can be found on your current billing statement. Please note the payoff amount is only valid through the due date listed on your statement, due to daily interest accrual.

Phone

You may call our Integrated Voice Response (IVR) system by dialing 1-855-337-6884; choose option 1 (to Make a Payment) and then choose option 5 (to Calculate a Payoff).

How to Submit a Payoff Payment

After obtaining your payoff quote, the next step is to submit a payment to Edfinancial via one of the following methods:

Manage My Account

Log into MMA and select "Make A Payment" from the "Home" page to submit a one-time payment with your bank routing and account number.

  • You have the option to make a payment to pay your entire account in full, or you can pay off a specific loan group by expanding your loan details and entering the amount for the loan you wish to pay off.

  • Enter the payoff quote you received for the corresponding date and follow the steps to submit your payment.
  • If you are repaying your loan(s) via automatic debit, your payoff payment must post 3 business days prior to the next scheduled payment draft date in order to prevent the payment from being drafted.

Mail

You can mail a check or money order to our payment address to pay your account in full. Please ensure you include your account number and send it to the correct address to avoid delays in the processing of your payment.

If you are repaying your loan(s) via automatic debit, your payoff payment must post 3 business days prior to the next scheduled payment draft date in order to prevent the payment from being drafted.

Important: To avoid significant delays, it is very important to mail your payments to the correct address. Your payment mailing address may be different, depending on your loan program. Please check your billing statement, log into your online account, or contact us to get the correct payment mailing address for your loans.

Phone

Payoff payments can be submitted via phone by calling us at 1-855-337-6884 and choosing option 1.

If you are repaying your loan(s) via automatic debit, your payoff payment must post 3 business days prior to the next scheduled payment draft date in order to prevent the payment from being drafted.

How to Verify Your Loan is Paid in Full (PIF)

We will notify you in writing with a paid in full letter approximately 45 days after the loan(s) is updated with a zero balance. If you need written confirmation of your account balance, you can log into MMA and view/print a Loan Summary letter after the final payment has posted to your account. From the MMA "Home" page, select "Documents," then choose the "Mortgage Verification/Loan Summary" option to view/print the letter.

How to Save on Interest and Pay Off Your Loan Faster

Discover how much faster you can pay off your loan(s) by making extra payments. The quicker you pay down your principal balance, the more interest you can save in the long run. You'll also pay off the account faster.

It's easier than you think! Use our Repayment Calculator to see how much faster you can pay off your loan(s) by paying an extra amount. You will need some basic loan information to use the calculator:

  • Loan Balance and Interest Rate - In MMA, your loan balance(s) and interest rate(s) can be found in the "Loan Details" section. This information can also be found on the Loan Summary letter.

  • Repayment Term - You can view your current repayment schedule in MMA by choosing "Documents," then "Payment Schedule" to view your loan group(s) repayment terms.

Loan Payoff FAQs

Once my loan is paid in full, how will that be reported the credit bureaus?

After your loan reaches a zero balance from a payoff payment, that loan will be reported as "Paid In Full" to the nationwide consumer reporting agencies at the end of that month.

I paid off my entire account balance last night via Manage My Account. When I looked back at the account today, it still shows a small balance. Why?

Electronic payments submitted after 4:00 pm EST will be made effective for the next business day, resulting in an additional day of interest accruing on the account.

Will Edfinancial accept a 'compromise' or 'settlement' amount of less than the outstanding principal and interest to close out my account?

Unfortunately, we are unable to accept settlements. You are responsible for repayment of the principal balance and any outstanding interest.

I paid my account in full yesterday, but I am still signed up for automatic debit payments. Will my payment still draft?

It depends on your due date. If your payoff payment posts at least 3 business days before your due date, we should not draft funds.

If I had negative credit reporting from Edfinancial, will that be removed now that my loan is paid in full?

No, all credit reporting history will remain the same in accordance with the Fair Credit Reporting Act.

I submitted a payoff payment online via Manage My Account on Friday. It's now Monday and my payment is not reflecting on my account. Why?

All payments take one to two business days to process. If the payoff payment was made on Friday before 4:00 pm EST, then it will be posted with Friday's date and the account will be paid in full as soon as the payment finishes processing.

When will my loan be paid off?

You can find this by viewing your payment schedule through your online account at MMA. Select the "Documents" tab, then "Payment Schedule" to view your current repayment schedule based on your minimum monthly payment. The first payment due date and number of months required to pay your loan(s) in full will be listed under the "Repayment Schedule and Terms" section for each loan group.