EdFinancial Student Loan Forgiveness

By Mentor Staff | Edited By Mentor Staff

Updated On September 9, 2022

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If EdFinancial is your student loan servicer, you may wonder how to get Edfinancial student loan forgiveness. Edfinancial is a major student loan servicer for federal and private student loans. This guide will tell you everything you need to know about how to get student loan forgiveness if you have student loans with EdFinancial.

Here’s what you should know about EdFinancial student loan forgiveness. In this guide, we will discuss:

Top Picks For Student Loan Refinancing

October 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.40% - 8.40%
3.99% - 8.24%
3.40% - 8.40%

View Details

on SoFi's website

Overview

Variable APR:
3.40% - 8.40%
Fixed APR:
3.99% - 8.24%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on Earnest's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on NaviRefi's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.48% - 7.24%
4.29% - 7.29%
2.48% - 7.29%

View Details

on ELFI's website

Overview

Variable APR:
2.48% - 7.24%
Fixed APR:
4.29% - 7.29%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 11.72%
2.59% - 8.74%
2.49% - 11.72%

View Details

on Splash's website

Overview

Variable APR:
2.49% - 11.72%
Fixed APR:
2.59% - 8.74%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 25 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
3.84% - 10.07%
4.49% - 10.11%
3.84% - 10.11%

View Details

on Citizens' website

Overview

Variable APR:
3.84% - 10.07%
Fixed APR:
4.49% - 10.11%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.50% - 6.30%
3.99% - 6.40%
2.50% - 6.40%

View Details

on Laurel Road's website

Overview

Variable APR:
2.50% - 6.30%
Fixed APR:
3.99% - 6.40%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
4.13% - 7.39%
2.99% - 9.93%
2.99% - 9.93%

View Details

on LendKey's website

Overview

Variable APR:
4.13% - 7.39%
Fixed APR:
2.99% - 9.93%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
3.94% - 9.08%
3.94% - 9.08%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
3.94% - 9.08%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

What is EdFinancial?

Based in Knoxville, Tennessee, EdFinancial is a major student loan servicer with over 25 years of experience. EdFinancial is a student loan servicer for both private and federal student loans for millions of student loan borrowers.

Like Aidvantage, MOHELA and Great Lakes, EdFinancial acts as customer service on behalf of lenders such as the U.S. Department of Education.

If you have Edfinancial student loans, you should know that the Consumer Financial Protection Bureau, or CFPB, sanctioned Edfinancial earlier this year for “making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them.”

How to get EdFinancial student loan forgiveness

How do you get EdFinancial student loan forgiveness? If you have federal student loans with EdFinancial, there are many options to get student loan forgiveness. That said, EdFinancial doesn’t offer specific programs for student loan forgiveness. However, if EdFinancial is your student loan servicer, you can qualify for student loan forgiveness through various federal programs. For example:

These five federal student loan forgiveness programs are available to student loan borrowers with federal student loans. Each program has its own requirements and offers either partial student loan forgiveness or total student loan cancellation. Make sure you review all the requirements for each program. For example, if you have FFELP Loans or Perkins Loans, you may need to do a Direct Loan Consolidation before you can qualify for student loan forgiveness.

EdFinancial student loan forgiveness options

If you have federal student loans and EdFinancial is your student loan servicer, there are several options to get student loan forgiveness. Before student loan payments restart, you should have a game plan for student loan repayment, whether it’s student loan forgiveness or student loan refinancing, for example.

Income-Driven Repayment

There are several income-driven repayment plans, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE) and Income-Contingent Repayment (ICR).

After 20 years (undergraduate student loans) or 25 years (graduate student loans) of monthly student loan payments, student loan borrowers can qualify for student loan forgiveness on their remaining federal student loan balance. President Joe Biden proposed a new student loan forgiveness plan, which would include lower monthly student loan payments and earlier student loan forgiveness.

Apply for an income-driven repayment plan: To enroll in an income-driven repayment plan, contact EdFinancial or your student loan servicer.

Public Service Loan Forgiveness

Public Service Loan Forgiveness is a federal program that helps student loan borrowers who work for a qualified non-profit or public service employer get total federal student loan forgiveness. Borrowers must meet several requirements, including enrolling in an income-driven repayment plan and making 120 monthly student loan payments.

Apply for public service loan forgiveness: To apply for public service loan forgiveness, contact EdFinancial, your student loan servicer or the U.S. Department of Education.

Borrower Defense To Repayment

Borrower defense to repayment is an option for student loan forgiveness for millions of student loan borrowers. If your college or university closed or misled you, and you have EdFinancial student loans, you could qualify for partial student loan forgiveness or total student loan forgiveness.

Apply for borrower defense to repayment: To apply for borrower defense to repayment, you can apply directly through the U.S. Department of Education.

Total and Permanent Disability

If you have a total and permanent disability, and you have EdFinancial student loans, the federal government can forgive your student loans.

Apply for total and permanent disability: To apply for total and permanent disability, you can apply directly through the U.S. Department of Education.

Teacher Loan Forgiveness

Teacher Loan Forgiveness is a program for student loan forgiveness of federal student loans. If you have EdFinancial student loans and want to get student loan forgiveness, you could be eligible if you meet several requirements. For example, you could earn up to $17,500 of student loan forgiveness if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency.

Apply for teacher loan forgiveness: To apply for Teacher Loan Forgiveness, you can apply directly through the U.S. Department of Education.

Biden student loan forgiveness: EdFinancial student loans

President Biden announced historic student loan relief for millions of student loan borrowers. Biden’s plan included both wide-scale student loan forgiveness and a final extension of the student loan payment pause. If you have EdFinancial student loans, here’s how to qualify for $10,000 of student loan forgiveness:

  1. Federal student loans: you must have a federal student loan that is owned by the federal government. For example, eligible federal student loans include Direct Loans such as Direct Subsidized Loans, Direct Unsubsidized Loans and Direct Consolidation Loans. Importantly, the U.S. Department of Education doesn’t own all federal student loans. For example, many FFELP Loans and Perkins Loans are owned by third-party investors as well as colleges and universities, respectively.
  2. Income Requirement: You must have earned up to $125,000 annually during the Covid-19 pandemic. Your family income must be less than $250,000.

If you received a Pell Grant to attend college, then you could get up to $20,000 of student loan forgiveness.

How to contact EdFinancial customer service

There are various ways to contact EdFinancial customer service to get student loan forgiveness. If EdFinancial is your student loan servicer, you can contact EdFinancial to learn more about options for student loan forgiveness.

EdFinancial Phone Number: 1-855-337-6884 (Direct Loans); 1-800-337-6884 (FFELP and Private Loans); Toll Free: 1-800-337-6884 (Military Servicemembers)

EdFinancial Hours of Operation: EdFinancial Hours of Operation: Monday – Friday from 8:00 a.m. to 11:00 p.m. eastern and Saturday from 10:00 a.m. to 2:00 p.m. eastern

EdFinancial Website: edfinancial.com

EdFinancial Login: You can login to EdFinancial with this link at EdFinancial.com.

EdFinancial Email: You can email Edfinancial through the Email Us feature in the Help Center on the EdFinancial website.

EdFinancial Fax Number: 1-800-887-6130

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