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EdFinancial Student Loan Forgiveness
Updated On September 5, 2023
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
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:
- What is EdFinancial?
- How to get EdFinancial student loan forgiveness
- EdFinancial student loan forgiveness options
- Biden student loan forgiveness: EdFinancial student loans
- How to contact EdFinancial customer service
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:
- Income-Driven Repayment
- Public Service Loan Forgiveness
- Borrower Defense To Repayment
- Total and Permanent Disability
- Teacher Loan Forgiveness
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:
- 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.
- 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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