Edamerica provides you with low-cost student loan options.

 

 

We offer big savings on FFELP (Federal Family Education Loan Program) 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.

Stafford Loans  

  • Quick and easy online application process
  • 0% to 1% default fee - based on guarantor
  • 0.25% interest rate reduction for auto-debit
  • 6.8% fixed interest rate for unsubsidized Stafford Loans for undergraduate students, and for all Stafford Loans for graduate students
  • 5.6% fixed interest rate for subsidized Stafford Loans for undergraduate students disbursed on or after July 1, 2009
  • 0.5% origination fee for Stafford Loans disbursed on or after July 1, 2009

 

Federal Stafford Loan Repayment Example

Loan Amount Term Interest Rate Estimated Monthly Payment
$ 5,000 10 years 6.0% - Fixed $ 55.51
$ 5,000 10 years 6.8% - Fixed $ 57.54
$ 5,000 15 years 6.0% - Fixed $ 50.00
$ 5,000 15 years 6.8% - Fixed $ 50.00
$ 10,000 10 years 6.0% - Fixed $ 111.02
$ 10,000 10 years 6.8% - Fixed $ 115.08
$ 10,000 15 years 6.0% - Fixed $ 84.39
$ 10,000 15 years 6.8% - Fixed $ 88.77
$ 20,000 10 years 6.0% - Fixed $ 222.04
$ 20,000 10 years 6.8% - Fixed $ 230.16
$ 20,000 15 years 6.0% - Fixed $ 168.77
$ 20,000 15 years 6.8% - Fixed $ 177.54

 

The average Stafford loan borrowed for the 2006-2007 school year (July 1, 2006, through June 30, 2007) at North Country Community College was $2,644.00.

 

 

Repayment and Interest Rate Details

Federal Stafford loans have a standard 10 year repayment term.  There is no penalty for early repayment or prepayment.  Various deferment and forbearance options, including in-school deferment, are available for federal student loans; visit www.edamerica.net for more information.

Federal Stafford loans first disbursed on or after July 1, 2007, have a fixed interest rate of 6.8% for both subsidized and unsubsidized loans.  Federal Stafford Loans first disbursed on or after July 1, 2008, have a fixed interest rate of 6.0% for subsidized loans made to undergraduate students and 6.8% for all other Stafford loans.

With Edamerica, you can...
  • enjoy exceptional customer service for 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 # 1-800-337-1009, Lender # 831453

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. 

 

 

 

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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