How do I find out about my tax information?
The amount of interest paid on your student loan account throughout the year can be found via the online account access system at www.edfinancial.com. After logging into your account, choose the option “View Your Reportable Interest/Income” to see the amount of interest paid during the 2006 year that may be used for tax purposes. An actual 1098e form is rarely required for tax filing, but we will be happy to provide you with another copy upon request.
How do I make a payment on my loan(s)?
Payments made on Edamerica student accounts are processed by Edfinancial Services, our student loan servicing partner. You will currently not be able to use your Edamerica.net username and password to make payments, but may use the Edfinancial Services online payment system by
clicking here.
I need help logging into my account. Why do I have to enter so much information?
Edfinancial Services wants to ensure the privacy of your information when using your online account. For added safety and security of your personal information we ask that you set up a unique username and password to access your online information and make a payment. When visiting www.edfinancial.com please click on My Account or Pay My Bill Online and then click Create An Account to set up a new username and password. In order to access your online account, you will have to create a new account the first time you use the new system even if you have used the previous online service. These features will assist us in protecting your identity by not requiring that you submit either your social security number or account number each time you access your account.
What do I do when I can't make the monthly payments on my student loans?
If you can't make your payments, your options include changing your repayment plan or applying for a deferment or forbearance.
Different flexible repayment plans, including graduated, extended, and income sensitive, exist to help you manage paying back your student loans. Read more about these plans and view example payments on our Student Loan Repayment Options page.
A deferment is a loan-specific status change that causes your student loan payments to be placed on hold for a period of time due to specific circumstances. Depending on your loan type, the government may pay the interest on your loan(s) during a deferment. Some deferment options are listed below.
Economic hardship deferment
An economic hardship deferment requires copies of your most current pay stubs that show a month of income. If you are not employed and are not registered with an unemployment office, you may apply for an economic hardship deferment but will need to indicate that you are not working full-time and have zero income. This deferment will be placed on your account for one year. You can download the form here.
In-school deferment
We can apply an in-school deferment to your account once we receive verification of your enrollment from the school you're attending letting us know that you are attending on at least a half-time basis. The school must state your enrollment status and your date of enrollment. You can download the form for this deferment here, fill it out and have the registrar’s office certify it and send it in to us. We will back date the deferment to the beginning of your enrollment. It takes approximately two business days for the deferment to be recognized by our system. At that time we will notify you via regular mail that we have updated your account. You can download the form here.
Unemployment deferment
An unemployment deferment requires that you be registered with your local unemployment office (though you do not have to receive unemployment benefits to be eligible), and that you submit a current copy of your unemployment registration with the deferment request form. This deferment lasts for 6 months; at the end of the six-month period, you may reapply for another unemployment deferment if you have not yet found work. You can download the form here.
Temporary hardship forbearance
If you do not think you are eligible for a deferment, you may request a temporary hardship forbearance. This does not require any additional documentation to be submitted and can be placed on your account for up to one year, or until any date you request if less than one year from the request date.
If you would like to request a forbearance, you can do that by emailing us; you will, however, need to request a beginning and ending date for the forbearance. If your loans are delinquent and you are unsure of the beginning date, you can request that it begin from the date of delinquency. The ending date that you request can not be more than 12 months from your beginning date. For example, if you request a beginning date of 3/5/09, the latest ending date for the forbearance would be 3/4/10.
You may only request a temporary hardship forbearance for up to three (3) consecutive years. Your interest will accrue on both the unsubsidized and subsidized loans while your loans are in a forbearance status. We will notify you quarterly of the interest accrued, and you may make payments at any time during the forbearance without being required to make any future payments during the forbearance. Please keep in mind that any unpaid interest remaining at the end of the forbearance is capitalized (added) to the principal balance.
How do I apply for a new loan?
Private student loans can fill the gap to help families meet the cost of higher education. Private loans are variable rate, credit-based loans and should only be applied for after all sources of federal financial aid, including federal Stafford, PLUS and GradPLUS loans have been exhausted.
To learn more about private loans and apply online, visit our private loan information page.