The first thing to know is that you can't directly refinance your EdFinancial loans directly with EdFinancial. If you are unable to determine your loan status, or you have questions about your status, please contact us. 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. As part of these efforts, the Department of Education in June announced contracts with five student loan servicers: EdFinancial Services, F.H. This deferment postpones payments while borrowers diagnosed with cancer undergo cancer treatment. 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. Under the CARES Act and the recent December 4, 2020 extension, all payments due on federally held student loans will be suspended (stopped) through 01/31/21. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. We appreciate your patience. Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. Contact your student loan servicer to determine your eligibility. It must be applied for a minimum of 30 days. This postpones repayment for borrowers who are: * If you are attending at Title IV school at least halt-time, you may apply for an In-school Deferment. Pell grants, Subsidized and Unsubsidized Loans, etc). * A Title IV school is one that grants federal funding (i.e. All rights reserved. This is however only available for federal student loans only. Borrowers with loans owned by the U.S. Department of Education (ED) automatically receive a new interest rate of 0% from March 13, 2020, through January 31, 2021. If monitoring reveals possible evidence of criminal activity, such evidence may be provided to law enforcement personnel. If the 12-month extension date is prior to 03/31/21, then we have extended the deadline so that no recertification is required prior to 03/31/21. A4: Loan status information will be included when we transfer a student or parent borrower’s Direct Loans from the Direct Loan Servicing Center (ACS) to ESA/Edfinancial. Engaged full-time in a rehabilitation training program. Such monitoring may result in the acquisition, recording, and analysis of all data being communicated, transmitted, processed, or stored in this system by a user. During forbearance, payments are temporarily postponed or reduced. We are closely monitoring the latest updates from government and health organizations and will post any updates that may impact you on this page. Commercially held student loans do not qualify for the temporary 0% interest rate reduction or suspension of payments under the CARES Act or extension. The guise was that Wachovia was selling my loans to them and they would be offering me a consolidation to coincide with the transfer. After college, I was sent to Iraq with a National Guard Unit. Speak with a customer service representative by calling. Here is a list of student loan servicers for federal student loans that the U.S. Department of Education owns. Deferment is generally a better option than forbearance because if you qualify for deferment, your subsidized loan interest will be paid by the federal government. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the President on March 27, 2020, in response to the COVID-19 emergency. 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. Next Gen is intended to streamline the process of securing and repaying federal student loans. There are quite a few different student loan forgiveness programs available, which can be daunting to sort through, but you should absolutely spend the time to do it. If you have commercially held loans (account number begins with 'C'), view the options available for your loan type below under COVID-19 Emergency Information Regarding Commercially Held Student Loans. If your income has been impacted by the COVID-19 emergency, you may apply to recalculate your IDR monthly payment now, so that when the administrative forbearance ends and you re-enter repayment, your monthly payment amount will reflect your current income situation. ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. ... and they work hand in hand with the Department of Education to manage and monitor student loan payments. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. Edfinancial Services is one of nine companies that service federal student loans by collecting and tracking 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. If you need to make lower monthly payments, we recommend that you repay your loan(s) under one of the following income-driven plans. We are here to answer your questions, help you with repayment plans, and process your student loan payments. 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. Since interest is not accruing on your account through January 31, 2021, it is a great time to make payments to continue to reduce your principal balance. This deferment postpones repayment while you are unemployed or working less than 30 hours per week. Log into Manage My Account to explore your options or to apply. Under these plans, you may qualify for a low or zero payment amount with the possibility of forgiveness of the remaining balance in 20-25 years. Log into Manage My Account to view your loan information, including your loan status. *. In order to suspend payments, we will be applying a non-capping administrative forbearance, which means that no interest will be capitalized (or added to your principal balance) when the forbearance ends. The 0% interest rate will remain in effect through 01/31/21. You will not have to make payments on your loans through January 31, 2021. Please contact usto request this forbearance. You are not required to renew or recertify your IDR plan at this time; however, if you want to follow your regularly scheduled renewal date, this ensures you’re set up with an affordable payment ahead of schedule. Unauthorized access, use, misuse, or modification of this computer system or of the data contained herein or in transit to/from this system constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to civil and criminal penalties. 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. If monitoring reveals possible evidence of criminal activity, such evidence may be provided to law enforcement personnel. Forbearance And Deferment. If you are a borrower in repayment who was adversely affected by a disaster and is having trouble making payments on a federal student loan, you qualify for administrative forbearance of loan repayment for a period of up to three months. Payments you would have made but are no longer required to make will count toward IDR forgiveness. Here's What A Forbearance Does: Receive a reduced payment price point. federal student loans. During forbearance, payments are temporarily postponed or reduced. Unauthorized access, use, misuse, or modification of this computer system or of the data contained herein or in transit to/from this system constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to civil and criminal penalties. We apologize for any inconvenience, and we hope you have a safe and happy holiday season. You can visit StudentAid.gov to see a list of our trusted federal student loan servicers, all of which are fully vetted. Private Student Loans. You can also contact us directly to request a deferment or forbearance. You have a network of support to help you succeed with your federal student loan repayment. It’s been in business for more than 25 years. I placed my student loans in forbearance. We appreciate your patience. This forbearance will be automatically applied through 01/31/21 on all federally held student loans, with some exceptions. Dec. 31, 2020: Federal student loan forbearance is set to end Due to the coronavirus pandemic, the government announced earlier this year that it was offering an automatic halt for repayment on all federally-held student loans — initially until Sept. 30, … Postpones repayment while you are unable to determine your loan ( s ) attending. 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