Edamerica provides you with low-cost student loan options.

We offer big savings on FFELP (Federal Family Education Loan Program) loans as well as private student loans. Our vision is to create access to higher education so students can realize their dreams in life.

* Auto-debit repayment benefits are effective for loans first disbursed on or after May 15, 2008.

Parent PLUS Loans

  • 0% to 1% default fee - based on guarantor 
  • 0.25% interest rate reduction for auto-debit with continuous on-time payments
  • Quick and easy online application with instant credit decision

 

Federal PLUS Loan Repayment Example

Loan Amount Term Interest Rate Estimated Monthly Payment
$ 5,000 10 years 8.5% - Fixed $ 61.99
$ 5,000 15 years 8.5% - Fixed $ 50.00
$ 10,000 10 years 8.5% - Fixed $ 123.99
$ 10,000 15 years 8.5% - Fixed $ 98.47
$ 20,000 10 years 8.5% - Fixed $ 247.97
$ 20,000 15 years 8.5% - Fixed $ 196.95

 

The average PLUS loan borrowed for the 2006-2007 school year (July 1, 2006, through June 30, 2007) at North Country Community College was $5,573.00.

 

 

Repayment and Interest Rate Details

Federal PLUS loans have a standard 10 year repayment term.  There is no penalty for early repayment or prepayment.  Various deferment and forbearance options, including full deferral of payments while your child is in school at least half-time, are available; visit www.edamerica.net for more information.

Federal PLUS loans first disbursed on or after July 1, 2007, have a fixed interest rate of 8.5%.  All PLUS loans will have a 3% mandatory origination fee deducted from the loan proceeds upon disbursement.

With Edamerica, you can...
  • enjoy life-of-loan servicing on federal student loans via Edfinancial Services
  • review account status and make payments online
  • call 1-800-337-1009 for a 24-hour voice response system
  • use our Edlive service to chat online with a friendly, helpful representative

Toll-free # 800.337.1009, Lender # 831453

Edamerica does not sell its loans in the open market. Edamerica partners with Edsouth, its non-profit funding source and primary secondary market, and Edfinancial Services, its designated servicer. Generally, Edamerica sells loans to Edsouth within 60 days of final disbursement. All loans are serviced by Edfinancial Services for the life-of-the-loan.

Because all loans are serviced by Edfinancial Services from origination through repayment of the final payment, the process is seamless to the borrower, without any effect to the back-end benefits offered. The borrower will be notified by letter of a change in ownership of the loan from Edamerica to Edsouth; however, the point of contact will not change.

 

 

 

Other Helpful Information

Edamerica is not affiliated with any other lender. 

Payments received more than 15 days past the due date are subject to a late fee of 6% of the minimum amount due.  Accounts that are 90 days past due are reported to at least one of the national credit bureaus.  Accounts that are 270 days past due are considered in default.

All repayment benefits are terminated if loans are consolidated.  Student loan consolidation is the combining of one or more student loans into one new loan.  There is no penalty for early repayment.  All benefits associated with the original loan(s) do not apply to the consolidation loan.

All repayment benefits are terminated upon loan delinquency or default.  Interest rate reductions are only effective during periods of active repayment.  We reserve the right to discontinue or modify benefit programs at any time without notice.  Any termination or modification will not affect the terms of loans previously made.  Specific terms and conditions apply; call 800.337.1009 for more information.
 

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