How many payments can you miss before Edfinancial reports to the credit bureaus? You can miss three monthly payments before Edfinancial reports the delinquency to the three major credit bureaus. When that happens, your report will show three late payments per loan — a result that can do serious damage to your credit score.
If you keep missing payments, your loan will eventually default, and you’ll be at risk of wage garnishment and tax refund offset. Your name will also be added to the CAIVRS report, which will stop you from getting an FHA mortgage until you bring your loans back into good standing. Read more about “How do I get my student loans out of default?”
Where is my Edfinancial account number? Your Edfinancial account number is on your billing statement, just above your name. It’s also visible on the home screen of the “Manage My Account” screen of your account after you log in to your Edfinancial online account. If you don’t have access to those things, you can call Edfinancial at 1-855-337-6884 and ask the representatives for your student loan account number.
How to pay a lump sum to Edfinancial? You can make a lump sum payment to Edfinancial by mail or through your online account. But if you want to pay less than the current loan balance, you’ll first need to default, which means you’ll need to miss nine monthly payments and trash your credit score in the process. Edfinancial will refuse to shave any money off the loan amount until then. Read more about “Can you settle student loans in good standing?”
After you default, your federal loans will be moved to the Education Department’s Default Resolution Group. Once there, you can contact DRG to negotiate a lump-sum student loan payoff. Keep in mind you won’t be able to settle student loans for pennies on the dollar — at least not for federal student loans.
How long do I have to repay Edfinancial loans? You’ll keep making payments to Edfinancial until you pay the balance in full, the loan is forgiven, or your accounts are moved to a different servicer.