EdFinancial Reporting

[BearsCubsOtters]

Hello,

I hope I am allowed to ask this here as it is student loan-related.

Firstly, I think it is really weird that you can apply for 1 loan and that 1 loan can result in 4 new trade lines on your credit bureau (the loan is broken up into dispursements that get treated as their own trade lines-I did not realize that going in). 

I paid off my Edfinancial loan(s) on 12/18/2020. I just pulled my Experian and three of the trade lines disappeared! Is that normal? The one remaining still shows a balance owed as of 11/30/2020....I would have thought that they would have reported the updated balance as of 12/31/2020.

Anybody with Edfinancial experience? Can you tell me when they report each month and why some of the trade lines disappeared? The loans were only a year old; once I found out that student loans can result in so many trade lines I paid them off. 

[Cory88]

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@BearsCubsOtters wrote:

Hello,

I hope I am allowed to ask this here as it is student loan-related.

Firstly, I think it is really weird that you can apply for 1 loan and that 1 loan can result in 4 new trade lines on your credit bureau (the loan is broken up into dispursements that get treated as their own trade lines-I did not realize that going in). 

I paid off my Edfinancial loan(s) on 12/18/2020. I just pulled my Experian and three of the trade lines disappeared! Is that normal? The one remaining still shows a balance owed as of 11/30/2020....I would have thought that they would have reported the updated balance as of 12/31/2020.

Anybody with Edfinancial experience? Can you tell me when they report each month and why some of the trade lines disappeared? The loans were only a year old; once I found out that student loans can result in so many trade lines I paid them off. 

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I'm new to ed financial as well for my loans and new to student loans altogether, they told me that they report on the last day of the month. I see student loans get grouped into "A", "B" group and I don't know if they combined them and all them together or not. I.E Group "A" $500 and $500 = $1k and I don't know if they report 1 loan and a balance of 1k or not.

[BearsCubsOtters]

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@Cory88 wrote:

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@BearsCubsOtters wrote:

Hello,

I hope I am allowed to ask this here as it is student loan-related.

Firstly, I think it is really weird that you can apply for 1 loan and that 1 loan can result in 4 new trade lines on your credit bureau (the loan is broken up into dispursements that get treated as their own trade lines-I did not realize that going in). 

I paid off my Edfinancial loan(s) on 12/18/2020. I just pulled my Experian and three of the trade lines disappeared! Is that normal? The one remaining still shows a balance owed as of 11/30/2020....I would have thought that they would have reported the updated balance as of 12/31/2020.

Anybody with Edfinancial experience? Can you tell me when they report each month and why some of the trade lines disappeared? The loans were only a year old; once I found out that student loans can result in so many trade lines I paid them off. 

---

I'm new to ed financial as well for my loans and new to student loans altogether, they told me that they report on the last day of the month. I see student loans get grouped into "A", "B" group and I don't know if they combined them and all them together or not. I.E Group "A" $500 and $500 = $1k and I don't know if they report 1 loan and a balance of 1k or not.

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Yeah, I had a Group A (unsubsidized) and a Group B (subsidized) loan. Each loan was going to be disbursed a total of 4 times each. I only allowed 1 total disbursement after I found out that basically, every-other-month, 2 new trade lines would be added to my bureau! So I paid the two off, and cancelled the remaining disbursments.

When I pulled EX in December, those two loans were there, marked as reported as of 11/30/2020.

I paid the loans off 12/18/2020.

So I pulled EX again today, 1/10/2021, expecting to see the two loans paid off with a reported date of 12/31/2021; instread, the subsidized trade line was completely gone but the unsubsidized loan disbursment was still there, with a full balance, with a reported date of 11/30/2020 

[Cory88]

I got a letter from ED Financial something to the affect if you pay any part in the first 120 day you save money an everything is backdated, something like that.

[Anonymous]

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@BearsCubsOtters wrote:

Hello,

I hope I am allowed to ask this here as it is student loan-related.

Firstly, I think it is really weird that you can apply for 1 loan and that 1 loan can result in 4 new trade lines on your credit bureau (the loan is broken up into dispursements that get treated as their own trade lines-I did not realize that going in). 

I paid off my Edfinancial loan(s) on 12/18/2020. I just pulled my Experian and three of the trade lines disappeared! Is that normal? The one remaining still shows a balance owed as of 11/30/2020....I would have thought that they would have reported the updated balance as of 12/31/2020.

Anybody with Edfinancial experience? Can you tell me when they report each month and why some of the trade lines disappeared? The loans were only a year old; once I found out that student loans can result in so many trade lines I paid them off. 

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First off, they do make every disbursement a loan. It does create many of them.

In most instances, even oaying off the loans does not remove them amd their age will dventually help you.

Where are you pulling your reports that you say they disappeared? That is truly unfortunate if they do because then you will no longer have them to boost the age of your credit down the road nor show your positive repayment history. I certainly hope they are not deleted, for your sake.

I would pull all 3 of your credit reports from annual credit report for free (no scores). This is free to do so weekly thru 4/2021. They are very comprehensive and if the loans do not appear on there then I would trust they may actually be gone.

[calyx]

Reporting each disbursement (unsub, sub, every semester/trimester or however your school splits its academic year) is pretty standard for federal loans.

If a loan is paid off, it generally hangs around longer, but they can be reported *up to* 10 years after closing, it's not guaranteed.
I echo @Anonymous 's suggestion that you pull your three credit reports to see what's on all three.   

[BearsCubsOtters]

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@Anonymous wrote:

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@BearsCubsOtters wrote:

Hello,

I hope I am allowed to ask this here as it is student loan-related.

Firstly, I think it is really weird that you can apply for 1 loan and that 1 loan can result in 4 new trade lines on your credit bureau (the loan is broken up into dispursements that get treated as their own trade lines-I did not realize that going in). 

I paid off my Edfinancial loan(s) on 12/18/2020. I just pulled my Experian and three of the trade lines disappeared! Is that normal? The one remaining still shows a balance owed as of 11/30/2020....I would have thought that they would have reported the updated balance as of 12/31/2020.

Anybody with Edfinancial experience? Can you tell me when they report each month and why some of the trade lines disappeared? The loans were only a year old; once I found out that student loans can result in so many trade lines I paid them off. 

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First off, they do make every disbursement a loan. It does create many of them.

Right. Like I said, I was not aware of that and none of the material I read in entrance counseling mentioned that. 

In most instances, even oaying off the loans does not remove them amd their age will dventually help you.

Yes. Thank you.

Where are you pulling your reports that you say they disappeared? That is truly unfortunate if they do because then you will no longer have them to boost the age of your credit down the road nor show your positive repayment history. I certainly hope they are not deleted, for your sake.

EX and EQ. In December 2020 there were two loans reporting full balance as of 11/30/2020. I paid them in full 12/18/2020 and cancelled the remaining dispersments. Pulled EX on 1/10/2021 and EQ on 1/14/2021 both are reporting only 1 of the 2 loans, but still with the full balance as of 11/30/2020-they have not updated since 11/30/2020. I am 40 years-old and have an AAoA of 12 years, so actually, these loans hurt my AAoA. I do not need them and was happy the 1 disappeared. I am not happy that they have not updated the trade line since 11/30/2020. I am tempted to dispute it so they update the $0 balance, but I am afraid that may cause the 2nd loan to reappear LOL. 

I would pull all 3 of your credit reports from annual credit report for free (no scores). This is free to do so weekly thru 4/2021. They are very comprehensive and if the loans do not appear on there then I would trust they may actually be gone.

I was not aware the Annualcreditreport.com was free every week. Thank you for the information! 

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[Cory88]

I saw that if you pay in the first 120 days it goes to paying off the loan and reduces the interest you pay on the loan and loan fee, so that may explain why that happened.

[Cory88]

EX have my loans marked as closed with a balance. Not late on the loans as they are less then 30 days old and I'm "in school."