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 U.S. Department of Education. For more information, please visit StudentAid.gov/Coronavirus.
COVID-19 Emergency Information Regarding Department of Education (ED) 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) received a temporary 0% interest rate effective 03/13/20. On December 4, 2020, the Secretary of Education extended the temporary 0% interest rate through 01/31/21. No action will be required from you to receive this interest rate reduction. The 0% interest rate will remain in effect through 01/31/21. Any unpaid interest that accrued prior to 03/13/20 will remain on the account.
COVID-19 Emergency Forbearance
Under the CARES Act and the recent December 4, 2020 extension, all payments due on federally held student loans will be suspended (stopped) through 01/31/21. 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 01/31/21 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 January 31, 2021.
No interest will accrue while the 0% interest rate reduction is in effect (March 13, 2020 through January 31, 2021).
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 01/31/21 unless you choose to opt out.
You may still choose to make a payment at any time. Since interest is not accruing on your account through January 31, 2021, 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 – 03/31/21, your recertification deadline has been extended by 12 months. 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. You are not required to renew or recertify your IDR plan at this time; however, if you want to follow your regularly scheduled renewal date, this ensures you’re set up with an affordable payment ahead of schedule.
- Example: If your IDR recertification was due on May 15, 2020, the new recertification date is May 15, 2021.
- Example: If your next IDR recertification was originally scheduled to occur on February 15, 2021, it is now scheduled for February 15, 2022.
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 and you re-enter repayment, 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:
If you do not receive the administrative forbearance, you will still receive the 0% interest rate reduction through 01/31/21. Additionally, if your loans have not entered repayment yet, but will enter repayment prior to 01/31/21, 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.
Payments you would have made but are no longer required to make will count toward IDR forgiveness.
Payments you would have made but are no longer required to make will count toward PSLF if you have a non-defaulted federally-held loan and work full-time for a qualifying employer during the administrative forbearance. You will need to submit an Employment Certification Form that includes this period to receive credit for your employment during this administrative forbearance period. For more information about PSLF, please visit StudentAid.gov/PSLF.
How to Opt-Out of Administrative Forbearance
If you would like to opt-out of the administrative forbearance, please send us an email or call us at 1-855-337-6884.
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 your 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% interest rate reduction or suspension of payments under the CARES Act or extension. 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. If you need additional assistance after the initial 3-month forbearance, you may review other repayment options or request an extension of the forbearance.
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:
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.
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.