About Your Education Finance Partners Private Student Loan(s)

Loan Originator

Education Finance Partners (EFP) originated all loans in the EFP Private Student Loan Portfolios. Private Student Loans were originated between 2004 and 2008, when EFP ceased operations.

Loan Holders

Most loans originated by Education Finance Partners are owned by EFP Warehouse Funding 3 LLC, or by Education Funding 2006-1 LLC. Some loans originated by EFP are owned by UBS.

Master Servicer

Loan pools, such as those originated by Education Finance Partners, require services to be performed on behalf of both borrowers and loan holders. Borrower services include maintenance of borrower and loan records; preparation and distribution of billing notices; payment (and other transaction types) processing; and handling of borrower inquiries and service requests. Loan holder services include maintenance of borrower and loan records, performance management of the loan pool; investor reporting, and other administrative functions. Loan Science, LLC. has been selected by EFP Warehouse Funding 3 LLC and by Education Funding 2006-1 LLC to be Master Servicer for the EFP originated loans they hold.

Servicer

Loan Science employs ACS Education Services (ACS) to provide the majority of borrower services for EFP private student loans. ACS is responsible for maintaining borrower records; preparing and mailing billing and other borrower notice types; receives and responds to most borrower inquiries and requests; and processes financial transactions. Questions or concerns about your EFP private student loan should be addressed to ACS at 800-508-0806; or by using the borrower portal at https://www.acs-education.com/CS/Jsp/general/home.jsp.

Loan Types

Education Finance Partners (EFP) originated two types of private student loans: Private Student Loans and Private Consolidation Loans:

Private Student Loans

All Private Student Loans (PSL) are variable rate installment loans indexed to the three month LIBOR. Repayment options, selected by borrowers at loan origination, were full deferment while in school or immediate repayment. All loans go into repayment the earlier of (1) six months after graduation or when the student otherwise ceases to be enrolled, or (2) 5 years after the final disbursement date. The term for PSL loans is 20 years. The minimum installment payment amount on PSL loans is $50 monthly.

Private Consolidation Loans

Private Consolidation Loans (PCL) provided consolidated payment alternatives for students that graduated, or their families, on the private student loan debt accumulated while in school. The term for PCL loans is 30 years. Repayment options, selected by borrowers at loan origination, are immediate repayment of standard principal and interest, or interest-only for a period up to three years. An option at loan origination was also offered to defer payments for a period of up to three years while borrowers are in graduate school or pursuing a professional program.

PCL loans were originated with either a fixed or variable interest rate. Variable rates are indexed to the three month LIBOR. The minimum installment payment amount on PCL loans is $50.00 monthly.

Borrower Types

Education Finance Partners originated loans for Sole Borrowers and for Borrowers with Co-Signers (co-borrowers):

Sole Borrowers

Sole borrower loans were made to qualifying individuals. Sole borrowers bear individual legal responsibility for repayment of the loan amount, accrued interest, and applicable fees and charges as specified in the Promissory Note.

Co-Signed Loans

Co-Signed Loans have two individuals on the loan. Both parties to the loan are legally responsible for repayment of the loan amount, accrued interest, and applicable fees and charges as specified in the Promissory Note.