Manage Student Loans
Here are some useful guidelines to help you understand the fundamentals of your Education Finance Partners Private Student Loan.
Review your private loan documents.
Make sure you understand all of the loan terms and conditions.
- Contact us if you have any questions about the information contained in the documents.
- Keep copies of your documents for your records.
Know how interest and fees are set.
Because you are responsible for repaying the money you borrow (the principal), accumulated interest, and any fees or charges, you need to be aware of the details.
- Rates and fees are determined based on your (and your cosigner's, if any) credit history at the time you submit your application.
- Interest rates may change quarterly based on the fluctuation of the 3-Month LIBOR Index published in The Wall Street Journal.
- Private education loans may provide the same tax benefits as federal
student loans. You should consult your tax advisor regarding your specific situation.
Use the loan funds appropriately.
Your private loan funds can go toward any education-related
expense such as tuition, room, board, books and transportation. You can also use them to cover education expenses incurred up to 12 months in the past, including a past due balance.
Stay in touch.
Read all correspondence from us, including any emails.
- Respond promptly to requests and keep notes on any conversations.
- Maintain a paper trail of correspondence and store it with your loan documents.
- Inform us of any changes in your name, mailing address, telephone number, email address, or school to help ensure that you receive all correspondence promptly. If your address changes frequently, you might consider using your family's permanent address on all loan materials.