Get Smart Guide to Student Loan Debt

 

General Repayment Information

 

Have you graduated or dropped to below half-time enrollment? If so, you are in repayment.

  • Make sure your loan servicer has all your current information such as address, phone number, etc. Usually the biggest problem when going into repayment is that the servicer cannot get in touch with the student.
  • Edamerica's Student Loan Consolidation Program is a convenient, affordable way to repay your student loans. Under federal guidelines, Edamerica pays off existing student loans and consolidates them into one monthly payment on a single new loan. The program allows you to take advantage of four different repayment options designed to provide you with the lowest possible monthly payments. For more information, call 1-800-337-1009.

 

Are you having difficulty making payments? You may be eligible for the following programs:

Before you do anything, contact your loan servicer. They need to be aware of the situation so they can give you the appropriate information.

 

  • Deferment: A deferment allows you to temporarily delay repayment of your student loans for a specified period of time. There are many different situations that would make a student eligible to defer their payments. The most frequently used deferments are because of unemployment, enrollment in school or economic hardship. Contact your loan servicer for more information.
  • Forbearance: A forbearance is an option available to students that are not eligible for a deferment. If you are financially unable to make your student loan payments, you may be eligible for this temporary suspension or reduction of payments. A forbearance may be granted if federal student loan debt exceeds 20% of the borrower's gross income. Forbearance will not eliminate any prior derogatory credit history. Contact your servicer for more information.

 

The most important point is that you communicate with your loan servicer about any difficulties you are having making your loan payments.

Contact Edamerica
800.337.1009 or email us

 

 

 

Top ten list for taking control of your student loan debt

  1. Keep good financial records.
    Get organized and keep all your student loan documents together - now and after graduation.
  2. Stay in touch with your loan provider.
    Address change? New phone number? Your lender needs to know!
  3. Know what you owe.
    As long as your lender has your current contact information, you will receive periodic updates detailing your outstanding balance, payment due dates, etc.
  4. Open your mail and read it.
    Don't assume correspondence from your lender is junk mail. Read everything - even the fine print.
  5. Take advantage of flexible repayment options.
    Level, graduated, income-sensitive and extended repayment plans are available - work with your lender to determine which option best meets your needs.
  6. Make monthly payments on time.
    Many lenders offer incentives for timely payments - particularly via auto-debit.
  7. Pay online.
    You're net-savvy - use it to your advantage. Lenders encourage paperless billing & payments and often reward participating borrowers.
  8. Consider consolidation.
    Consolidating multiple student loans into one loan simplifies payments and could save you money.
  9. Avoid default.
    You may be able to defer or suspend your monthly payments depending on your circumstances. Defaulting on your student loan will ruin your credit history!
  10. Beware of credit cards.
    It may seem like easy money, but double digit interest rates and late fees can wreck your budget and damage your credit rating!

 

 

 


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P.O. Box 36014, Knoxville, TN 37930-6014