For Private Student Loans, you can locate your lenders by going to AnnualCreditReport.com.
Which loan types do you have?
Federal Direct Loan Program (FDLP)
As of July 1, 2010, all federal student loans are funded by the federal government through the Federal Direct Loan Program (FDLP). Loan types include Direct Subsidized, Direct Unsubsidized, Direct Parent PLUS, Direct Graduate Student PLUS (Grad PLUS) loans, and Direct Consolidation loans. These student loans have low interest rates and flexible repayment terms to help students of various economic background gain access to higher education. There are a limited number of organizations designated by the U.S. Department of Education to service these loans.
Federal Family Education Loan Program (FFELP)
FFELP loans were available through private lenders prior to July 1, 2010 (you may have chosen a private lender from a list when you originated your loan) and were guaranteed by the federal government. FFELP loan types include Subsidized and Unsubidized Stafford, Parent PLUS, Grad PLUS, and Consolidation loans. FFELP loans have similar terms and conditions to Direct Loans, but there are some differences in repayment plans, loan forgiveness programs, borrower benefits, and interest rates.
Under SAVE, your remaining balance will be forgiven after 20 or 25 years (you may qualify for forgiveness after 20 years if the loans being repaid under the SAVE plan include only loans you received to pay for undergraduate study, whereas you may qualify for forgiveness after 25 years if the loans being repaid under ...
You can access your federal student loan information—including your loan and/or grant amounts, outstanding balances, loan statuses, disbursem*nts, and servicer information—by logging in to your StudentAid.gov account. You can contact your servicer directly with questions regarding your federal student loans.
In fact, EdFinancial Services was sanctioned by the CFPB in 2022 for providing false information or misrepresenting eligibility conditions for student loan forgiveness to borrowers. As a penalty, the company was ordered to pay $1 million and required to supply affected borrowers with correct loan information.
Edfinancial is not a student loan lender but rather a student loan servicer. If you take out a federal student loan, the U.S. Department of Education will assign you to one of the student loan servicers that oversee federal student loans.
Your loans should automatically qualify for forgiveness after you've spent 20 or 25 years in repayment. Reach out to your loan servicer about any steps you may need to take.
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