Billing and Statements

Yes. Your Edfinancial monthly statement will be sent at least 21 days before your due date. If you do not want a paper bill, you also have the option to choose electronic correspondence.

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  your online account.

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 federally owned 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 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.

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  your online account.

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.

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 on the loan and any remaining amount is applied to the principal balance on the loan. 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 a 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.