In the Spring of 2010, the U. S. Senate passed a student loan bill (The Student Aid & Fiscal Responsibility Act) that led to a major revamping of the Federal Stafford loan program and changed how students obtain their loans.
Effective July 1, 2010, all federal student loans are only available from the U. S. Department of Education through the Direct Loan program. Students will need to contact the financial aid office at their school for all student loan inquiries.
Students can no longer obtain federal Stafford loans through commercial banks including First Farmers and Merchants Bank.
Ed Financial will continue to service the student loans that were funded by First Farmers and Merchants prior to July 1, 2010. Students can contact Ed Financial at 1-800-337-6884 or www.edfinancial.com for questions about their existing Federal Stafford Student Loans.