With Edamerica, you can...
- enjoy exceptional customer service for federal student loans via Edfinancial Services
- receive combined billing for convenience
- review account status and make payments online
- call 1-800-337-1009 for a 24-hour voice response system
- click on Edlive to chat online with a friendly, helpful representative
Customer Service Hours of Operation:
- Monday through Thursday, 8:30 a.m. to 9:00 p.m. EST; and
- Friday, 8:30 a.m. to 6:00 p.m. EST.
Contact us toll-free at 1-800-337-1009
Lender # 831453
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Edamerica does not sell its loans in the open market or to any other lenders. Edamerica partners with Edsouth, its business partner and nonprofit secondary market, and Edfinancial Services, its designated servicer. Edamerica typically sells loans to Edsouth within 60 days of final disbursement. All loans are serviced by Edfinancial Services for the life-of-the-loan and never sold to any other party or transferred. Because all loans are serviced by Edfinancial Services from origination through final payment, the process is seamless to the student, without any effect to the back-end benefits offered. The student will be notified by letter of the change in ownership of their loan from Edamerica to Edsouth; however, the point of contact will not change.
Due to recent legislation and an unprecedented liquidity crisis, many lenders, including Edamerica, have been forced to change their business models. In order to continue to make new loans to students and parents, lenders are relying on the Department of Education and the U.S. Treasury for funding, rather than on the student loan secondary markets that traditionally purchased and held student loans. On May 7, 2008, the Ensuring Continued Access to Student Loans Act (ECASLA) was signed into law, thus creating the PUT Program. This legislation authorizes the U.S. Department of Education to purchase federal student loans from lenders to ensure on-going liquidity and availability of funds for student loans. The purpose of the program is to provide lenders with the means to continue offering student loans to students. Edamerica has signed up to participate in the PUT Program under ECASLA, which means selling loans to the U.S. Department of Education. We consider the PUT Program a viable alternative to our regular business model. If the economy does not take a turn for the better in the near future, and the financial markets do not return to normal operations, we will continue to take advantage of the PUT Program offered under ECASLA. Borrowers will be notified by letter of any change in ownership of their loan from Edamerica to the Department of Education.
At this time the Department of Education has its own service provider to service loans that they purchase through the PUT Program. One of the most anticipated decisions right now is the selection of other loan servicers to take part in the servicing of the loans sold to the U.S. Department of Education under the PUT Program. At this time a final decision has not been made. We hope to be able to service those loans. Borrowers would substantially benefit from this decision because they would be able to retain Edfinancial Services as the single point of contact for their loans.
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