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Student Loan Consolidation
On This Page A Direct Consolidation Loan may help make payments more manageable by combining several federal student loans into one loan with one monthly payment. You may apply for a Direct Consolidation Loan offered by the U.S. Department of Education and choose a servicer, like Edfinancial Services, and a repayment plan, such as an […]
SAVE FAQs
Frequently Asked Questions How do I submit my request for SAVE? The quickest and easiest way to submit your request for SAVE is to complete the Income-Driven Repayment Request at StudentAid.gov. If you are unable to complete the online request, you can get a copy of the paper request form on our Forms page. Will […]
Income-Contingent Repayment (ICR)
On This Page Eligible Borrowers: Any Direct Loan borrower with an eligible loan type may choose this plan. Monthly Payment: Your monthly payment will be the lesser of 20 percent of discretionary income, or the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income. […]
Pay As You Earn (PAYE)
On This Page Eligible Borrowers: You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. You must have a high debt relative to your income. Monthly Payment: Your monthly payments will be 10 percent of discretionary income, […]
Saving on a Valuable Education (SAVE) Plan (formerly the REPAYE program)
On This Page Eligible Borrowers: Any Direct Loan borrower with an eligible loan type may choose this plan. Monthly Payment: Your monthly payments will be 10 percent of discretionary income until changes in the Summer of 2024. Starting in the Summer 2024, borrowers on the SAVE plan will have their payments on undergraduate loans cut […]
Credit Reporting
We are required to report information concerning the repayment status of your student loan(s) each month to the nationwide consumer reporting agencies (also called “credit bureaus”). These companies track borrower credit information and share it with credit card companies, financial organizations, and others that need it. We work with the following three credit bureaus. Equifax TransUnion […]
Income-Based Repayment (IBR)
On This Page Eligible Borrowers: You must have a high debt relative to your income. Monthly Payment: Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first loans), but never more than you would have paid under the 10-year Standard Repayment Plan. Payments are recalculated […]
Welcome Video Transcript
View video on YouTube Transcript: Edfinancial Welcome Video [background music] [Edfinancial Services logo] Your student loan servicer Welcome [fade to new screen] Headquartered in Knoxville, Tennessee Welcome [slide to new screen] [animated cartoon graphic of person working at a computer] We’ve been providing outstanding service to student loan customers for over 30 years [Edfinancial logo] […]
New to Edfinancial
Your Student Loan Servicer Edfinancial Services is your student loan servicer. We are here to answer your questions, help you with repayment plans, and process your student loan 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 […]
Interest Rates for Federal Student Loans
On This Page Interest rates are subject to change on July 1st of each year. All federal student loans first disbursed on or after July 1, 2006 have a fixed interest rate for the life of the loan. Below are charts detailing the changes in the FFEL and Direct Loan interest rates since July 1, […]