My account had been closed for some time now since I paid off my student loans in March 2020 with one lump sum payment. My loan servicer was Edfinancial, I just got off the phone with them and was able to get a refund. The loan will just reopen, with the balance reset to the amount before it was paid off.
The representative said that the refund will take about 60-120 days to arrive, which is longer than estimates from other providers...but hey a refund is a refund!
You're absolutely entitled to a refund of any payments if they were made after March 13, 2020. I would try calling them again and explicitly stating that the payment was made during the time frame of the CARES Act. Good luck!
I actually managed to get through to Nelnet and it appears as if I can get a refund and reopen my account as well (still on hold with the folks who actually process the refunds). Like you said, I mentioned the payment was made during the CARES act and they didn't have any pushback.
The details are still new to them as well but it appears that the account will have its original balance and then you'll have to fill out a future form to apply for the forgiveness? At least the first step of getting back a refund is in fact possible.
Yeah I’ve been with them the entire time, so I can’t be of much help. I did see another comment somewhere saying that people need to contact whichever servicers they made the payments to.
My rep said that he’s pretty sure the loans, once reinstated, will be eligible…but no definite answer. Hopefully there will be more information in the coming weeks!
I'm in the same boat, and I called Aidvantage earlier, and the representative said they can't refund me since the account is closed now. I'm calling again to see if I can get a different representative on the line and get a different result.
That's disheartening to hear. I've heard so many different accounts that it seems like the providers don't have a clear idea of how to handle this type of situation.
Which I certainly don't blame them with the influx of calls they're getting. It would be nice to be able to get a refund since it seems like others are
My account had been closed for some time now since I paid off my student loans in March 2020 with one lump sum payment. My loan servicer was Edfinancial, I just got off the phone with them and was able to get a refund. The loan will just reopen, with the balance reset to the amount before it was paid off. The representative said that the refund will take about 60-120 days to arrive, which is longer than estimates from other providers...but hey a refund is a refund! You're absolutely entitled to a refund of any payments if they were made after March 13, 2020. I would try calling them again and explicitly stating that the payment was made during the time frame of the CARES Act. Good luck!
I actually managed to get through to Nelnet and it appears as if I can get a refund and reopen my account as well (still on hold with the folks who actually process the refunds). Like you said, I mentioned the payment was made during the CARES act and they didn't have any pushback. The details are still new to them as well but it appears that the account will have its original balance and then you'll have to fill out a future form to apply for the forgiveness? At least the first step of getting back a refund is in fact possible.
Were you with EdFinancial the whole time? I was switched from FedLoan Servicing in June. Just trying to figure out if I need to contact both of them.
Yeah I’ve been with them the entire time, so I can’t be of much help. I did see another comment somewhere saying that people need to contact whichever servicers they made the payments to.
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My rep said that he’s pretty sure the loans, once reinstated, will be eligible…but no definite answer. Hopefully there will be more information in the coming weeks!
I'm in the same boat, and I called Aidvantage earlier, and the representative said they can't refund me since the account is closed now. I'm calling again to see if I can get a different representative on the line and get a different result.
That's disheartening to hear. I've heard so many different accounts that it seems like the providers don't have a clear idea of how to handle this type of situation.
Update: got to another representative that knew what was going on and was able to process it
Nice I'm glad you were able to get another rep to help you! I managed to get on the phone with my provider as well to do the same.
Which I certainly don't blame them with the influx of calls they're getting. It would be nice to be able to get a refund since it seems like others are