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Important Updates on COVID-19 and Your Student Loans

Providing assistance to our customers and employees during the COVID-19 emergency is our top priority at this time. We are closely monitoring the latest updates from government and health organizations and will post any updates that may impact you on this page.

Disclaimer: This information is subject to change, based on future guidance from the Department of Education. For more information, please visit StudentAid.gov/Coronavirus.

COVID-19 Emergency Information Regarding Federally Held Student Loans

NOTE: Account numbers beginning with ‘F’ are federally held student loans. 

If you have commercially held loans (account number begins with 'C'), view the options available for your loan type below under COVID-19 Emergency Information Regarding Commercially Held Student Loans.

Temporary Interest Rate Reduction

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the president on March 27, 2020 in response to the COVID-19 emergency. Under the CARES Act, all federally held student loans (including Parent PLUS loans) will receive a temporary 0.00% interest rate effective 03/13/20. No action will be required from you to receive this interest rate reduction. This interest rate change has been implemented and backdated to begin 03/13/20. The 0% interest rate will remain in effect through 09/30/20. Any unpaid interest that accrued prior to 03/13/20 will remain on the account.

COVID-19 Emergency Forbearance

Under the CARES Act, all payments due on federally held student loans will be suspended (stopped) through 09/30/20. In order to suspend payments, we will be applying a non-capping administrative forbearance, which means that no interest will be capitalized (or added to your principal balance) when the forbearance ends. This forbearance will be automatically applied through 09/30/20 on all federally held student loans, with some exceptions. *

What does this mean for you? 

  • You do not need to request the administrative forbearance; we will automatically apply it to your account as directed by the U.S. Department of Education. 

  • You will not have to make payments on your loans through September 30, 2020.

  • No interest will accrue while the 0.00% interest rate reduction is in effect (March 13, 2020 through September 30, 2020).

  • You will receive a confirmation letter via your preferred correspondence method in the next few weeks.

  • You will not receive monthly billing statements while you are on the administrative forbearance.

  • You may request to opt out of the forbearance (tell us to end it) at any time. 

  • If you are enrolled in KwikPay®, our automatic debit program, no payments will draft through 09/30/20.

  • You may still choose to make a payment at any time. Since interest is not accruing on your account through September 30, 2020, it is a great time to make payments to continue to reduce your principal balance.

  • If you made a payment on or after 03/13/20 and would like a refund, please contact us. We will submit a refund request for you.

  • If you are currently on an Income-Driven Repayment (IDR) plan, and your annual recertification deadline falls between 03/13/20 – 09/30/20, your recertification deadline has been extended by 6 months. You are not required to renew or recertify your IDR plan at this time; however, if you have time and want to apply to recertify your IDR plan, we are accepting applications for processing now.

  • If your income has been impacted by the COVID-19 emergency, you may apply to recalculate your IDR monthly payment now, so that when the administrative forbearance ends in September and you re-enter repayment in October, your monthly payment amount will reflect your current income situation. You may apply for an immediate recalculation of your IDR plan income online at StudentAid.gov.

*Exceptions: If you are currently in-school, or in one of the following statuses the administrative forbearance will not be applied:

  • Grace period,

  • In-school deferment,

  • Bankruptcy status, or

  • In the process of applying for Total and Permanent Disability (TPD).

If you do not receive the administrative forbearance, you will still receive the 0.00% Interest Rate Reduction through 09/30/20. Additionally, if your loans have not entered repayment yet, but will enter repayment prior to 09/30/20, your loans will be placed on the administrative forbearance at that time.

Time Spent in Forbearance May Count Towards Forgiveness Programs

Good news! Time spent in this forbearance as a result of the COVID-19 emergency will still count as qualifying months towards loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) forgiveness, provided that you satisfy all other eligibility requirements for the applicable forgiveness program.

COVID-19 Emergency Information Regarding Commercially Held Student Loans

NOTE: Account numbers beginning with ‘C’ are either commercially held federal student loans or private student loans. If you account begins with 'C' and you are not sure what type of loan you have, you may contact us at 1-800-337-6884.

COVID-19 Emergency Forbearance

Commercially held student loans do not qualify for the temporary 0.00% interest rate reduction or suspension of payments under the CARES Act. However, we have other options available to assist you with your student loan payment. 

There are numerous repayment plans available, including Income-Based Repayment (IBR), as well as deferment and forbearance options to temporarily suspend payments. In addition, we can offer a 3-month COVID-19 Emergency Forbearance upon request. Please contact us to request this forbearance option if you have a commercially held federal student loan. 

Private Student Loans

If you have a private student loan serviced by Edfinancial Services and need assistance, please contact us to speak with a customer service representative (1-800-337-6884). 

Do You Have Other Questions? Contact Us

We want to assure you we are here for you. If you’ve been impacted by COVID-19 (directly or indirectly) and want to take this time to review your repayment plan options, we can assist you. You can get more information on these options through any of the methods below:

Operational Updates

Our call center is open and we do not anticipate any service interruptions at this time. We will continue to monitor the situation closely and provide updates on this site if anything changes. 

Please note that you may experience longer wait times than usual during the COVID-19 emergency. Thank you for your understanding during this time. 

Manage My Account and our automated voice response phone system are available 24/7.


If you have any questions or concerns, please don’t hesitate to contact us or speak with a customer service representative at 1-855-337-6884.

Please visit this page for additional updates.