How do I apply for a new loan?
Apply for new Stafford loan
New Stafford loans are awarded by the financial aid office at your school based on the Student Aid Report (SAR) that is generated by the Free Application for Federal Student Aid (FAFSA) and the Cost of Attendance at the school. The first step in the process is to fill out the Free Application for Federal Student Aid (FAFSA) online at or at the financial aid office at your school. Make sure to list the school(s) you wish to attend on the FAFSA so that those schools will receive your Student Aid Report (SAR). The school will use that information to create an award letter for you. You may then accept any awards you would like to use, including grants, scholarships and loans. Advise the financial aid office of your lender choice and allow the school to contact the lender to set up any loan disbursements. You will need to make sure you have a Master Promissory Note on file with your lender and complete federally mandated student loan entrance counseling through your school along with any other school specific requirements in order to have the funds sent to the school.
Apply for new Parent PLUS loan
The first step in applying for the PLUS loan is for the parent to obtain a pre-approval. They can do this by calling Edamerica at 800.337.1009, or by applying online.
Once all of the information has been submitted, he/she will either be approved or denied. If approved, he/she will be sent an approval letter along with an application. If denied, a denial letter will be sent and the student may be eligible to receive additional unsubsidized Stafford loans in their own name. The school will be notified of the outcome as well. If the student wishes to accept the unsubsidized loan, they may contact the financial aid office at the school.
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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.
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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.
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I need help logging into my account. Why do I have to enter so much information?
EdFinancial Services has recently improved the way you will login to your online account. For added safety and security of your personal information we are now asking that you set up a new unique username and password to access your online information and make a payment. When visiting www.edfinancial.com please click on Check Your Account or Pay Now and then click Create An Account to set up your 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 changes 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.
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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 consolidating your student loans which results in a lower monthly payment or applying for a deferment or forbearance.
A deferment is an loan-specific status change which 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. The form can be downloaded here or en Espanol aqui.
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 smail mail that we have updated your account. The form can be downloaded here or en Espanol aqui.
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 to 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. Download the form here or en Espanol aqui.
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 one 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 however, you will need to request a beginning and end date for the forbearance. If your loans are delinquent and you are unsure of the date, you can request that it begin from the date of delinquency. The end date that you request can not be more than 12 months from your begin date (for example, if you request a beginning date of 3/5/06, the latest end date for the forbearance would be 3/4/07).
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 "on forbearance." 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 does capitalize to the principal balance.
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What is consolidation?
By consolidating your student loans, youl obtain a single payoff loan for the total amount of all of your outstanding student debt, which results in a lower monthly payment and an extended repayment term. In order to consolidate your loans with Edamerica, you can either complete an application online or we can send you a consolidation package to fill out and return to us with any additional loans added to the form. Once we receive the form(s), it will take about 30-45 days to process so you may need to make payments on your other loan(s) until you receive the disclosure statement advising that the consolidation process has been completed.
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