Direct Loan (ACS) IBR-applications

By Sigrid | December 9, 2011 at 09:55 am

Direct Loan (ACS) no longer provides automatic administrative forbearance during the review process of IBR or deferment applications unless the borrower explicitly requests forbearance.

This morning a school hotline representative further confirmed that an IBR application takes approximately 30 days.

If you are still awaiting the approval of your IBR application, please request a status update from your lender and one month forbearance if needed.

You can reach Direct Loan (ACS) at 1-800-848-0979.

Rules for Economic Hardship Deferment have changed

By Sigrid | December 6, 2011 at 02:58 pm

In order to obtain Economic Hardship Deferment for federal DIRECT loans, borrowers must either receive some form of government assistance, work full-time while earning less than 150% of the poverty level, or serve in the Peace Corps.

While a deferment application is being processed the borrower must continue to make payments, or request forbearance.

For more information please visit http://studentaid.ed.gov/ or call Direct Loan Servicing (ACS) at 1-800-848-0979.

Bar Study Loan Options for Graduates of the Class of 2011

By Sigrid | December 6, 2011 at 02:34 pm

Three private lending institutions provide bar study loans: Wells Fargo, Citibank, and Sallie Mae.
GL Advisor provides a free Bar Study Loan Comparison Analysis that helps prospective borrowers to choose the best loan.

The LRAP provides coverage for up to $10,000 bar study loans.

Direct Loan (ACS) IBR-application process

By Sigrid | November 18, 2011 at 12:21 pm

If you opted for IBR and submitted the online application with (Direct Loan (now operated by ACS), please make sure you follow up with your income documentation even if your current income is $0. This is a requirement for borrowers entering the repayment phase under IBR. According to a school hotline representative borrower’s DIRECT loans will be placed in administrative forbearance while the IBR application is being processed.

We suggest that you continually monitor your student loan accounts.

Direct Loan (ACS) deferment / forbearance application process

By Sigrid | November 18, 2011 at 12:19 pm

Forbearance: currently the Direct Loan website (now operated by ACS) only allows “Reduced Payment Forbearance”, and all borrowers seeking to temporarily postpone payments must call the lender.

Economic or Unemployment Hardship Deferment: Direct Loan (now operated by ACS) no longer offers administrative forbearance while a deferment application is processed. You, as a borrower, must request forbearance for that period.

Should you have any questions about your repayment status please call your lender and make sure you don’t miss the first or next due payment. In order to postpone your payment you must contact your lender no later than approximately 5 days before the due date.

We suggest that you continually monitor your student loan accounts.

Direct Loan Servicing (ACS) – Payment History

By Sigrid | November 8, 2011 at 04:15 pm

Direct Loan Services is now operated by ACS-Education and recently transitioned to a new website: myEDaccount.com. For borrowers currently in repayment, the payment history prior to the new website is no longer accessible.

ACS-Education is still working on technical challenges and a school hotline representative did not have specific information when and if the payment history prior to the new website will be made available. If so, it may be through another website.

Student Loan Repayment Plan Verification

By Sigrid | October 14, 2011 at 03:11 pm

In order to verify your loan repayment plan, please submit a copy of the “Print Loan Summary Letter”, which is found in the Message Center at the new Direct Loan website www.myedaccount.com. This loan summary includes your first due date and payment amount needed to calculate your LRAP.

New Direct Loan website: www.myedaccount.com

By Sigrid | October 13, 2011 at 10:15 am

Please note that due to heavy traffic www.myedaccount.com is still very slow.

The new web site currently does not provide a payment history. Since Direct Loan Serving is still finalizing the transition, we anticipate that this feature will soon be fully implemented.

Federal Student Loan Grace Period Ends on 11/13/11

By Sigrid | October 13, 2011 at 09:40 am

“As Student Loan Grace Period Ends, Consider Options to Avoid Default”
by Equal Justice Works

The grace period on your student loans will end on 11/13/11, and if you have not already done so, you need to decide on your strategy and plan to begin the repayment of your student loans. Should you have additional questions regarding Equal Justice Works’ recommended steps, please contact us at lrap@law.berkeley.edu.

Direct Loan Servicing – Electronic Debit Account: October 7 delayed

By Sigrid | October 12, 2011 at 09:04 am

Direct Loan Serving update!

Borrowers who scheduled Web payments via the previous borrower website for debit after September 30, 2011 were notified that their previously scheduled Web payments were cancelled due to the transition. Borrowers are responsible for making these payments and have the option to mail their payments to the address below or reschedule the payments via the new borrower website.

Borrowers who choose to mail their payments may do so using the following address:

United States Department of Education
PO Box 530260
Atlanta, GA 30353-0260

Borrowers enrolled in Electronic Debit Account (EDA) have transitioned automatically to Kwikpay. “Kwikpay” is a new term that replaces “EDA.” These borrowers need to take no action. However, Kwikpay borrowers with an October 7, 2011 debit date will notice a slight delay in the drafting of the payment from their bank accounts. We anticipate that these drafts will occur later this week. Despite the drafting delay, the effective date of each borrower’s payment will be October 7, 2011.