Electronic Payment Authorization

Date of Most Recent Update: April 4, 2023

You certify that you are the holder of the bank account used to make your electronic payment. You authorize Edfinancial Services, LLC, and its respective subsidiaries, affiliates, agents, successors, assignees, or service provider(s) (collectively, “Edfinancial”) to initiate electronic debit entries to your bank account for the one-time payment amount and date you scheduled, based upon the information you have entered into your student loan account at Edfinancial.StudentAid.gov. You also authorize the financial institution (“BANK”) for the bank account you selected to debit these entries from your bank account. Electronic payments can be canceled through your Edfinancial.StudentAid.gov account as follows:

Scheduled payments which can be canceled will appear in the Recent Payments section of your Edfinancial.StudentAid.gov account with a status of “Pending” followed by a clickable “X” icon to cancel the payment. Edfinancial in its sole discretion may make this cancelation feature available beyond the time frames noted above. Dates and times are based on Eastern Time, United States. This authorization shall remain in effect until Edfinancial or BANK have received notification from you of its termination in such time and in such manner as to afford Edfinancial or BANK a reasonable opportunity to act on it, or until your loan account has been paid in full, or until Edfinancial or BANK has sent you ten (10) days written notice of Edfinancial’s or BANK’s termination. If you choose to terminate this authorization to debit your account, you will notify BANK in accordance with your agreement with BANK. You understand that your termination of this authorization will not relieve you of your obligation to make your loan payments when due.

Limitations on This Service

By using this service, you understand that you are submitting a request to make a one-time payment on the loan(s) specified from the account entered during the submittal process. By doing so, you are not enrolling your loan(s) in Edfinancial’s Auto Pay feature. Please note, if you are making a one-time payment, your current billing method will remain unchanged. You remain responsible for the timely payment of your student loan regardless of your use of electronic payments or traditional payment methods. It is solely your responsibility to monitor your student loan account for the purpose of making sure timely payment was made on the account.

Special Note re Auto Pay

You may have already requested that Edfinancial execute recurring electronic ACH debit entries to your bank account (“Auto Pay”). If your loan(s) is currently enrolled in Auto Pay while using this one-time payment authorization service, your monthly payment will continue to be deducted from your bank account as originally agreed upon under the terms and conditions of Auto Pay.

Disclaimer of Liability

You agree to indemnify and hold Edfinancial harmless from any and all damages or harm resulting from the unauthorized access to your bank account number and ABA routing number resulting from your failure to comply with the Edfinancial.StudentAid.gov Terms of Use. Edfinancial is not responsible or liable for any direct, indirect, incidental, consequential, special, exemplary, punitive or other damage related to your use of electronic payments at Edfinancial.StudentAid.gov.

General Terms of Use

By accepting this Electronic Payment Authorization, you also accept the general Terms of Use for Edfinancial.StudentAid.gov. If you do not agree to be bound by the Electronic Payment Authorization and the Terms of Use, you will not be able to continue here and will need to make your payment another way.