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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 U.S. Department of Education. For more information, please visit Studentaid.gov/coronavirus.

COVID-19 Emergency Information Regarding Department of Education (ED) Owned 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

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law, providing relief measures 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 starting on March 13, 2020. On August 24, 2022, the COVID-19 emergency relief measures were extended through December 31, 2022. No action will be required from you to receive this interest rate reduction. The 0% interest rate will remain in effect through December 31, 2022. Any unpaid interest that accrued prior to March 13, 2020, will remain on the account.

COVID-19 Emergency Forbearance

Under the CARES Act and the recent April 6, 2022 extension, all payments due on federally held student loans will be paused through December 31, 2022. In order to pause payments, we have applied a non-capping administrative forbearance to your account. This means that no interest will be capitalized (or added to your principal balance) when the payment pause ends. This forbearance (payment pause) will be automatically applied through December 31, 2022, on all federally held student loans, with some exceptions. *

What does this mean for you? 

  • You do not need to request the administrative forbearance (payment pause); 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 December 31, 2022.

  • No interest will accrue while the 0% interest rate reduction is in effect (March 13, 2020, through December 31, 2022).

  • You will not receive monthly billing statements while you are on the payment pause.

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

  • If you are enrolled in KwikPay®, our automatic debit program, no payments will draft through December 31, 2022, 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 December 31, 2022, it is a great time to make payments to continue to reduce your principal balance.

  • If you made a payment on or after March 13, 2020, 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, you will not be required to recertify your income before the end of the COVID-19 emergency relief period. As part of the payment pause, your recertification date has been pushed out from your original recertification date. You will be notified of your new recertification date before it is time to recertify. Please let us know if your contact information has changed so that we can notify you in the future. 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 would ensure you’re set up with an affordable payment ahead of schedule.
  • 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 payment pause 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 https://studentaid.gov/idr.

*Exceptions: If you are currently in school, or in one of the following statuses, the payment pause 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 payment pause, you will still receive the 0% interest rate reduction through at least December 31, 2022. Additionally, if your loans have not entered repayment yet, but will enter repayment prior to December 31, 2022, your loans will be placed on the payment pause at that time.

Time Spent in Forbearance May Count Towards Forgiveness Programs

Good news! Time spent in this forbearance (payment pause) 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. 

Paused payments count toward IDR forgiveness and PSLF as long as you meet all other qualifications. You will receive credit as though you made on-time monthly payments in the correct amount while on a qualifying repayment plan.

To see these qualifying payments reflected in your account, you must submit a PSLF form certifying your employment for the same period of time as the suspension. Your count of qualifying payments toward PSLF is officially updated only when you update your employment certifications. 

For more information about PSLF, please visit https://studentaid.gov/PSLF

On October 6, 2021, the U.S. Department of Education announced a temporary period during which you may receive credit for payments that previously did not qualify for PSLF or Temporary Expanded PSLF (TEPSLF). This waiver is only available through October 31, 2022. To learn more about this limited PSLF waiver, please visit https://studentaid.gov/pslfwaiver.

How to Opt Out of the Payment Pause

If you would like to opt out of the administrative forbearance (payment pause), 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. 

If you have Federal Family Education Loans (FFEL) and/or Perkins Loans, you may be able to consolidate these loans into a Direct Consolidation Loan, which would allow you to take advantage of the 0% interest waiver and payment suspension currently offered through December 31, 2022, on Department of Education-held loans. Loan consolidation provides access to additional forgiveness options and repayment plans but may result in the loss of certain benefits so we encourage you to visit https://studentaid.gov/manage-loans/consolidation to learn about the pros and cons of consolidating your FFEL loans.

On October 6, 2021, the U.S. Department of Education announced a temporary period during which you may receive credit for payments that previously did not qualify for PSLF or Temporary Expanded PSLF (TEPSLF). This waiver is only available through October 31, 2022. To learn more about this limited PSLF waiver, please visit https://studentaid.gov/pslfwaiver.

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 page 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.