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Edfinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008

You may be able to deduct up to $2,500 of the interest you pay each year on qualified student loans, which could reduce your taxable income on your federal tax return.

Form 1098-E is a Student Loan Interest Statement for borrowers who have paid $600 or more in eligible student loan interest during the calendar year.

You may be able to deduct an amount lower than $600. Consult your tax advisor if you have questions.

The amount of interest paid on your student loan account is provided to you by the end of January the following year. Depending upon your loan program and the amount of interest paid, an IRS 1098-E, or Student Loan Interest Statement, may be available through  your online account, mailed to you, or the information may be available on your January billing statement.

You will receive a notification via your chosen method of correspondence (mail or through  your online account) confirming the change to your account, or there will be a denial letter that indicates your next steps.

You can view all available forms by visiting:

StudentAid.gov Forms Library

Auto Pay allows you to have your monthly student loan payment deducted automatically on your due date from a designated checking or savings account.

Learn more about Auto Pay

If a payment due date falls on a weekend or holiday, it’s possible that the payment may experience a delay when extracting from your account at your financial institution.

These payments will be posted effective as of the due date and no late fees will be assessed. Please allow up to 3 business days for your payment to post.

You can make changes to your Auto Pay by signing in to  your online account and selecting Auto Pay from the navigation menu. There, you can change bank account information, add an additional amount to apply monthly, or cancel your Auto Pay.

Each loan that you take out has its own “tradeline” (indicating an account or line of credit) that is reported to the nationwide consumer reporting agencies. Depending on the number of loans you received, you may see several tradelines that will each display separately on your credit report. Note: The numbers associated with the tradelines are not the same as your account number.

We begin reporting within 90 days of the loan entering our system.

Learn more about credit reporting

You can order your free credit report online.

Go to AnnualCreditReport.com

Rehabilitation is an option for bringing a defaulted federal student loan back into good standing.

To rehabilitate your Direct Loan or FFELP loan, you must agree to a reasonable and affordable payment plan (as determined by the holder of the defaulted loan).

A rehabilitation agreement may entitle you to have the default status reported by the guarantor or the Department of Education removed from your credit report.

Rehabilitation does not remove accurate delinquency information reported by the lender or servicer prior to the loan defaulting.

Certain eligible events, like being on an in-school deferment, receiving unemployment benefits/government assistance, or other select qualifications will clear any previous negative reporting if the qualifying period for the event occurred at the same time as the negative reporting period. If you believe information has been incorrectly reported by Edfinancial to a consumer reporting agency (CRA), you may dispute your credit reporting.

Learn More About Submitting a Credit Dispute

Important: We are unable to accommodate requests for goodwill adjustments to remove accurate negative credit reporting. According to the Fair Credit Reporting Act (FCRA), Edfinancial is obligated to report true and accurate information to the CRAs and is unable to remove negative credit reporting if the account was past due and reported accurately.

Depending on your circumstances, you may be eligible to have your loan forgiven or discharged. For a complete list of the available loan forgiveness, cancellation, and discharge options, visit:

Student Loan Forgiveness

If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for discharge of your federal student loan. Loan discharge is the removal of your obligation to repay your loan under certain circumstances.

Learn more about Closed School Discharge

PSLF is a federal program that forgives the remaining balance on your Direct Loans if you work full time for a qualifying employer (a government or not-for-profit organization) while making 120 qualifying payments under qualifying repayment plans.

Learn more about PSLF

Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.

Learn more about TLF

Borrower Defense to Repayment (Borrower Defense) is a discharge program for Federal Direct Loan borrowers who believe their school misled them or lied to them about something that was central to their decision to enroll. Under the Borrower Defense regulations, this is called a “misrepresentation.”

If you are seeking more information regarding this discharge program, such as your eligibility, you may visit the Borrower Defense page at StudentAid.gov. Additionally, you can contact the Borrower Defense Hotline directly at 1-855-279-6207.

In the event of disability or death, federal student loans may be discharged (canceled).

Learn more about discharge and cancellation

Federal student loans in the student’s name generally have an automatic initial in-school period while the student is enrolled at least half-time, followed by a grace period. During both, payments are not required.

Interest may also accrue while in-school or during the grace period on certain loans, as provided in each loan’s promissory note.

Even if you aren’t required to, making payments while you’re in school can help you in the long run. Any payments you make can save you money over the life of the loan.

Federal student loans can be eligible for an In-School Deferment if you are enrolled at an eligible school at least half time, meaning payments won’t be required while you’re enrolled.

If you’re eligible for an In-School Deferment and your school reports enrollment data to the National Student Loan Data System (NSLDS), we should receive your information automatically and update your status accordingly.

If your school has not updated the NSLDS, you can submit an In-School Deferment form so we can apply the deferment to your account, or you can update your enrollment information through StudentAid.gov.

For more information, or to apply, please download the In-School Deferment in the Loan Deferment and Forbearance section from the link below:

Studentaid.gov Forms Library

If you have a Parent PLUS loan and the benefitting student is enrolled at an eligible school at least half-time, you may qualify for a Parent PLUS Borrower Deferment. For more information or to apply, please download the Parent PLUS Borrower Deferment in the Loan Deferment and Forbearance section from the link below:

Studentaid.gov Forms Library

You can then upload it to us via  your online account.

Income Driven Repayment (IDR) plans often provide a lower monthly payment compared to other plans as they are based on your income and family size rather than your loan balance. If your situation changes you can request to have your IDR plan recalculated or switch to a new IDR plan.

You can apply online via StudentAid.gov/IDR. Follow the steps under “New IDR Applicants” to get started.

Income Driven Repayment plans must be renewed annually. If you need to renew your IDR plan or have it recalculated due to a change in your financial situation, you may do so at StudentAid.gov/IDR. Follow the steps listed under “Returning IDR Borrowers” to get started.

If you’re eligible for a deferment or forbearance, you can temporarily suspend your payments. Keep in mind, each of these options have their pros and cons, and in most cases, interest will accrue during your period of deferment or forbearance. This means your balance will increase and you’ll pay more over the life of your loan.

Learn about deferment and forebearance

A deferment is a federal student loan entitlement that allows you to temporarily postpone payments.

You may be eligible if you’re unable to make payments while you’re in school, unemployed, experiencing economic hardship, or serving active duty in the military. Additional types of deferment that are less common may be available, depending on several factors.

For eligible subsidized federal loans, you may not be responsible for interest that accrues during the deferment. For non-subsidized loans, you’re responsible for the interest that accrues during deferment, and in most cases, interest will be capitalized (added to the principal balance) at the end of the deferment, increasing your total balance, and potentially your monthly payment amount.

Forbearance allows you to postpone your payments temporarily and are offered to assist you in times of need.

You’re responsible for the interest that accrues while a loan is on a forbearance.

Learn about deferment and forebearance

You can end your forbearance at any time – just contact us.

Federal student loans can be eligible for an In-School Deferment if you are enrolled at an eligible school at least half time, meaning payments won’t be required while you’re enrolled.

If you’re eligible for an In-School Deferment and your school reports enrollment data to the National Student Loan Data System (NSLDS), we should receive your information automatically and update your status accordingly.

If your school has not updated the NSLDS, you can submit an In-School Deferment form so we can apply the deferment to your account, or you can update your enrollment information through StudentAid.gov.

For more information, or to apply, please download the In-School Deferment in the Loan Deferment and Forbearance section from the link below:

StudentAid.gov Forms Library

We encourage you to make any payments you can during a deferment. Any payments you make can save you money over the life of your loan.

You can send us a payment via your preferred method of payment. Logging in to  your online account is typically the easiest way to make a payment.

We encourage you to make any payments you can during a forbearance. Any payments you make can save you money over the life of your loan.

You can send us a payment via your preferred method of payment. Logging in to  your online account is typically the easiest way to make a payment.

Keep in mind that interest will continue to accrue while in forbearance which could affect your repayment plan installment amount in the future. You can always make payments of any amount while in forbearance to reduce the impact of accrued interest if you are able.

Interest begins to accrue on the day of disbursement and continues to accrue daily on your unpaid principal balance until the loan is paid in full.

The borrower is generally not responsible for the interest on Direct Subsidized and FFELP Subsidized Loans during in-school and grace periods, or during other deferment periods.

Refer to each loan’s promissory note for specific information regarding interest accrual and any applicable federal interest subsidy.

Most student loans (including all federally guaranteed loans) use a method of interest accrual known as “simple interest.” The interest on your student loan(s) is calculated using the simple daily interest method and is based on the outstanding principal balance. Interest accrues daily on your loan(s) and the interest accrues separately from your principal balance. When a payment is received, it is applied to accrued interest first, and the remainder of the payment is applied to the principal balance. The amount of interest assessed on each payment may vary depending on variables such as the number of days between payments and whether all outstanding interest was fully satisfied by the last payment received.

To calculate your interest accrual, use the following formula:

• (Current Principal Balance x Interest Rate) ÷ 365.25 = Daily Interest Accrual Daily
• Interest x Number of Days since Last Payment = Total Outstanding Accrued Interest*

*Assuming your last payment satisfied all the outstanding interest on your account

Example

Mr. Smith has a $15,000.00 loan with a 6.8% interest rate. He made a payment 15 days ago which satisfied all outstanding interest on his loan. If he were to make a $150.00 payment today, how would his payment be applied?

Calculate his Daily Interest Accrual to determine how much interest is due on his loan today:

• 6.8% (0.068) x $15,000 ÷ 365.25 = $2.7926
• $2.7926 x 15 = $41.889 (rounded to $41.89)

Mr. Smith’s $150.00 payment would first satisfy the outstanding interest balance of $41.89. The remaining $108.11 would be applied to his principal balance of $15,000.00.

This formula says to multiply your current principal balance by the interest rate and then divide the result by 365.25. The result is your daily interest accrual, or how much interest you would pay for one day. You can multiply this number by a specific number of days to calculate your interest accrual over a certain amount of time.

Example

• Current principal balance: $20,000.00
• Interest rate: 4.50%
• Days of interest needed: 30

Just plug in the numbers to calculate the approximate 30-day interest accrual: [(20,000 x .045) ÷ 365.25] x 30 = $73.92. You may view your unpaid accrued interest via  your online account.

For more information detailing how different monthly payment amounts affect the amount of interest you pay over the life of your loan(s) visit the StudentAid.gov Loan Simulator.

Interest rates on federal student loans are set by Congress. The interest rate may be variable or fixed for the life of the loan, depending on the terms of your promissory note.

For variable rates, Congress sets the formula tied to a financial index that is used to periodically adjust your rate.

Learn more about student loan interest

If your payments are currently suspended due to deferment, it will benefit you to continue making payments on the interest that accrues to avoid capitalization. To determine the amount of unpaid interest, log in to  your online account and view your loan details. If you have several groups, you can select each group to see group-specific accrued interest.

Any payment you make will, per regulation, be applied first to outstanding interest, unless late fees* are assessed, then your principal balance. Interest accrues daily; therefore, the amount of unpaid accrued interest changes daily. Any amount paid above interest accrued and late fees (if applicable) will be automatically applied to the principal balance.

*The U.S. Department of Education does not assess fees for late payment on federally owned loans.

Interest accrues daily; therefore, the amount of unpaid interest changes daily. Your current principal balance, interest rate, and the number of days between payments determines the amount of interest that accrues each month.

You may be able to deduct up to $2,500 of the interest you pay each year on qualified student loans, which could reduce your taxable income on your federal tax return.

Form 1098-E is a Student Loan Interest Statement for borrowers who have paid $600 or more in eligible student loan interest during the calendar year.

You may be able to deduct an amount lower than $600. Consult your tax advisor if you have questions.

The amount of interest paid on your student loan account is provided to you by the end of January each year. Depending upon your loan program and the amount of interest paid, an IRS 1098-E, or Student Loan Interest Statement, may be mailed to you, or the information may be available on your January billing statement. Your reported tax information can also be accessed through  your online account. Your tax advisor can provide additional information about your student loan interest.

Learn more about tax information

You can easily print a letter to show a landlord or mortgage company how much you owe on your student loans by logging into  your online account, selecting “Common Forms” in the navigation, then selecting “Printable Account Letter”.

You may view your loan information and make payments online through  your online 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 your online account, you may sign up for eDelivery to have digital access to your billing statements and other correspondence.

You are eligible for the Military No-Interest Accrual (MNIA) benefit while you are serving active duty or National Guard duty, during war, other military operations, or certain national emergencies, located in a hostile area that qualifies you for special pay (“MNIA Qualifying Duty”).

During MNIA Qualifying Duty, you do not have to pay interest on your Direct Loans made on or after October 1, 2008, for up to 60 months.

Learn about options for military service personnel

Interest on student loans obtained prior to your military service is capped at 6% during periods of active duty. This applies to all federal student loans, but may also apply to some private student loans and other loans.

If a loan was obtained after the date you began military service, it is not eligible for the SCRA 6.00% interest rate cap. For eligible loans, you are eligible for the reduced rate from the date you began your military service through the date that you leave military service; as long as the period of service is greater than thirty days. Past due accounts are eligible for SCRA benefits; however, the interest rate change will not reduce any delinquency.

Learn about options for military service personnel

There are more benefits beyond SCRA and the Military No-Interest Accrual that may help you as a service member.

For example:

HEROES Act Waiver

While you are on active duty, the U.S. Department of Education waives many documentation requirements attached to program benefits.

Student Loan Repayment Program

Borrowers are eligible if they are participating in a program that would qualify them for partial repayment of their loans by the Department of Defense.

Military Service Deferment

You may be eligible for a deferment during active duty or post-active duty.

Learn about options for military service personnel

Upload:

1. Log into  your online account
2. Select “Inbox/Upload” from the menu

Mail:

Edfinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008

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

You may view your loan information and make payments online through  your online 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 your online account, you may sign up for eDelivery to have digital access to your billing statements and other correspondence.

If you’re having trouble logging in, you can navigate to Edfinancial.StudentAid.gov/MyAccount and select “Forgot Password” or “Forgot User ID” and follow the on-screen prompts. If you receive error messages, it may be because you have not created an account. If you are not receiving the emailed user ID help or temporary password, please check your junk or spam folders.

Parent PLUS borrowers are eligible for the following repayment plans:

• Standard Repayment Plan
• Graduated Repayment Plan
• Extended Repayment Plan

Note: Parent borrowers can become eligible for an additional repayment plan—the Income-Contingent Repayment Plan —by consolidating their parent PLUS loans into a Direct Consolidation Loan.

If you have a Parent PLUS loan and the student you took the loan out for is enrolled at an eligible school at least half-time, you may qualify for a Parent PLUS Borrower Deferment. You can download or print the Parent PLUS Borrower Deferment Request form from the Loan Deferment and Forbearance section at the StudentAid.gov forms library. Once completed, you can upload it to us via  your online account.

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 on federally owned loans.

You can view your payments through  your online account. Once logged in, you can go to your Account Summary to view recent payments and in your Account History you can view all payments made to your account.

Please allow at least 2 business days for processing from the scheduled date for electronic payments or the date delivered for mailed payments. Although a loan may appear past due while a payment is pending, once it’s processed your payment will be credited effective as of the scheduled electronic payment date or the date the mailed payment was received.

Online payments made by 11:59 PM ET will be credited effective as of the current date – including weekends and banking holidays.

If you’re enrolled in Auto Pay, please note that your payment will be effective on your due date.

Please allow time for mailing when reviewing your account for recently mailed payments, and keep in mind that mailed payments are only processed on business days.

You can view your past payments and account transactions through  your online account in your Account History.

You can view your history by each transaction, by all loans, or by loans individually (which includes the ability to track your unpaid principal).

You can also export your history into your computer’s spreadsheet software.

NOTE: Payments made before your account was moved to our new servicing system cannot be viewed online. Please contact us for information on any prior payment history that is not reflected in Account History.

If you are delinquent on your student loan payment for 90 days or more, your loan servicer will report the delinquency to the three major national credit bureaus. If you continue to be delinquent, your loan can risk going into default. Don’t ignore your student loan payments—defaulting on your loan can have serious consequences. Learn more on how to avoid default.

If you are having difficulty affording your monthly payment, contact us for more options.

Yes. Edfinancial mails monthly statements 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 view your principal and interest balance, and make payments through  your online account.

Learn more about billing and statements

Yes. Auto Pay 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 Auto Pay or ways to make a payment.

Income Driven Repayment (IDR) plans often provide a lower monthly payment compared to other plans as they are based on your income and family size rather than your loan amount. If your situation changes, you have options such as: having your IDR plan recalculated or switching to a new IDR plan.

You can apply online via StudentAid.gov/IDR. Follow the steps under “New IDR Applicants” to get started.

You can request a change to your repayment plan 30 to 45 days before entering repayment and anytime during repayment.

There are no fees to change a plan, and your credit won’t be negatively affected as long as you make your monthly payments on time.

To explore different repayment options and to see if you qualify for a reduced payment, you can use the Loan Simulator as studentaid.gov. You may also contact us for assistance.

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 Loan Simulator on StudentAid.gov to determine the amount of interest you would repay under various repayment plans.

Learn more about repayment options

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.

• Forward any documents you have received from the third-party debt relief company to us at CustomerResolutionsUnit@edfinancial.studentaid.gov. Please include any details you can, such as the company name or phone number(s) that contacted you.
• If you gave the third-party debt relief company your FSA ID log in information, you should reset your password by going to StudentAid.gov/fsa-id/sign-in, clicking “Forgot My Password” and following the on-screen steps.
• If you gave the third-party debt relief company your Edfinancial log in information, you should reset your password by going to Edfinancial.StudentAid.gov/MyAccount, clicking “Forgot Password” and following the on-screen steps.

If you feel you were misled by a third-party debt relief company, these resources may be helpful to you to file a complaint against that company:

• Federal Trade Commission (FTC)
• Your State Attorney General
• Consumer Financial Protection Bureau (CFPB)
• Better Business Bureau (BBB)
• Federal Student Aid (FSA) Complaint System
• Office of the Inspector General (ED OIG)