However, we have other options available to assist you with your student loan payment. Forbearance … If you can start paying... Forbearance for federal student loans ends Dec. 31, 2020. Although I intend to repay my loan(s), due to my current financial situation, I am unable to afford the monthly payments on my student loan(s). You will not have to make payments on your loans through January 31, 2021. Additional information can also be found at Edfinancial.com/COVID-19. To qualify, you must have enough forbearance time remaining to bring your account current. During forbearance, payments are temporarily postponed or reduced. In-School Deferment or Unemployment Deferment). It was established in 1987 to work as a student loan servicer for the southeastern region. No interest will accrue while the 0% interest rate reduction is in effect (March 13, 2020 through January 31, 2021). This forbearance postpones payments during times of financial difficulty for a period of six months in the future and up to one year at a time, and the maximum total forbearance time can be up to four years depending on your lender. If the 12-month extension date is prior to 03/31/21, then we have extended the deadline so that no recertification is required prior to 03/31/21. 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 students and families nationwide. Visit StudentAid.gov/coronavirus for updates. If you need to make lower monthly payments, we recommend that you repay your loan(s) under one of the following income-driven plans. Makes your loan current, getting you out of the late payment cycle This postpones repayment for borrowers who are: * If you are attending at Title IV school at least halt-time, you may apply for an In-school Deferment. Dec. 31, 2020: Federal student loan forbearance is set to end Due to the coronavirus pandemic, the government announced earlier this year that it was offering an automatic halt for repayment on all federally-held student loans — initially until Sept. 30, … Example: If your IDR recertification was due on May 15, 2020, the new recertification date is May 15, 2021. Good news! No action will be required from you to receive this interest rate reduction. Although EdFinancial hasn’t been an authorized servicer for federal loans for that long, it has a history in the student loan industry. By submitting this form, I authorize Edfinancial Services to grant a Temporary Hardship Forbearance on all of my loans which fall under the guidelines for federally insured loans. If monitoring reveals possible evidence of criminal activity, such evidence may be provided to law enforcement personnel. Next Gen is intended to streamline the process of securing and repaying federal student loans. If you would like to defer repayment, log into Manage My Account to explore your options or to apply. Additional information can also be found at Edfinancial.com/COVID-19. Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. EdFinancial Services, which has its headquarters in Tennessee, offers student loan servicing for some of the biggest lenders in the country. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. The qualifications for forbearance are based either on your income or circumstance (e.g. Conclusion. Full-time, half-time, or less than half-time enrollment is determined by your institution and must be clearly expressed on any enrollment verification provided by the school in order for this deferment to apply. EdFinancial has the responsibility of approving students for forbearance and deferment. Although I intend to repay my loan(s), due to my current financial situation, I am unable to afford the monthly payments on my student loan(s). This period can last up to 12 months, but the interest for your principal debt will continue to accumulate during forbearance. Example: If your next IDR recertification was originally scheduled to occur on February 15, 2021, it is now scheduled for February 15, 2022. This period can last up to 12 months, but the interest for your principal debt will continue to accumulate during forbearance. This forbearance is for borrowers who are completing five years of qualifying service to receive the Teacher Loan Forgiveness. We will continue to monitor the situation closely and provide updates on this site if anything changes. We apologize for any inconvenience, and we hope you have a safe and happy holiday season. You can also contact us directly to request a deferment or forbearance. ... and they work hand in hand with the Department of Education to manage and monitor student loan payments. This deferment postpones payments while borrowers diagnosed with cancer undergo cancer treatment. As a loan servicing company, EdFinancial is supposed to offer help when dealing with your loan, and you must never feel victimized or harassed by them. Forbearance should be used only if you do not qualify for a deferment. You may or may not pay the interest while on forbearance, but you will still have to pay the full amount as soon as your payment resumes. The new servicer received and accepted the loan and reported it as a current loan. This deferment postpones repayment while you are unemployed or working less than 30 hours per week. You will need to submit an Employment Certification Form that includes this period to receive credit for your employment during this administrative forbearance period. EdFinancial student loan forgiveness Since EdFinancial services federal loans, the loan forgiveness programs awarded to federal borrowers apply here too. If you are enrolled in KwikPay®, our automatic debit program, no payments will draft through 01/31/21 unless you choose to opt out. If you need additional assistance after the initial 3-month forbearance, you may review other repayment options or request an extension of the forbearance. If you are having trouble making your payments, consider your repayment options. It’s been in business for more than 25 years. Pell grants, Subsidized and Unsubsidized Loans, etc). Here's What A Forbearance Does: Receive a reduced payment price point. Remember, you are a borrower of a federal student loan. Your servicer will contact you ahead of time to remind you that you will need to start making payments again. 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