EdFinancial Services is a student loan servicer that may have been chosen to service your federal or private student loans. This company has been operating in the student loan industry for more than 25 years, and its stated mission is to “do the right thing for [its] customers and each other.” As a student loan servicer, EdFinancial does not actually originate any loans on its own, so you can only work with it if your student loans are moved into its hands.
If you have student loans and you received notification that EdFinancial Services will be taking over your loan, here’s what to expect.
What is EdFinancial?
EdFinancial is not a student loan lender, but rather a student loan servicer. If you take out a federal student loan, the U.S. Department of Education will assign you to one of nine student loan servicers that oversee federal student loans. Similarly, some private student loan lenders outsource the management of loans to servicers. In other words, servicers are charged with helping you successfully repay your student loans, which requires them to take on tasks such as answering your questions, helping you select a repayment plan and processing your student loan payments.
If EdFinancial Services is your servicer, it is the platform you will use to make your student loan payments and monitor your progress. Once EdFinancial has been chosen to service your student loans, you have the option to create an online account with it, sign up for text alerts or even enroll in paperless billing or autopay.
This company also offers forms that can help you apply for various types of assistance, whether you want to switch up your repayment plan or apply for deferment or forbearance.
How do I know if EdFinancial is my loan servicer?
Most borrowers find out about their new loan servicer by receiving an introductory letter or electronic correspondence. However, if you have federal student loans and you’re not sure if EdFinancial Services is your loan servicer, you can also call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
You may also find information about your student loan servicer(s) through your credit report, which lists all of your credit accounts. You can access your credit reports for free through AnnualCreditReport.com.
Can I switch from EdFinancial to another servicer?
Typically, you don’t have the option to change loan servicers. The only exceptions are if you consolidate your federal student loans with a Direct Consolidation Loan or refinance your loans with a private lender.
Be aware that the U.S. Department of Education is changing up its loan servicers in the coming years. The goal of this change is to streamline the student loan repayment process for borrowers and to make sure that students receive better customer service and more engagement as they pay down their federal student loans.
EdFinancial Services is one of the five companies that has been chosen to continue servicing loans through 2022 and beyond, along with F.H. Cann & Associates LLC, MAXIMUS Federal Services Inc., Missouri Higher Education Loan Authority (MOHELA) and Texas Guaranteed Student Loan Corporation (Trellis Company). This means that if your loans are currently being serviced by EdFinancial Services, you can expect a seamless transition in the future.
How to reach EdFinancial Services customer service
If you want to reach out to EdFinancial Services directly, you have a few options. You can call the company at 1-800-337-6884 (for FFELP Loans), 1-855-337-6884 (for Direct Loans) or 1-855-366-5755 (for private loans) during the following business hours:
- Monday through Thursday, 8 a.m. to 8:30 p.m. ET.
- Friday, 8 a.m. to 6 p.m. ET.
You may also contact EdFinancial through mail, email or online chat.
Filing a complaint with EdFinancial
While EdFinancial Services doesn’t offer a specific contact for customers who want to file a complaint, it has plenty of contact options. If you have a complaint to share with EdFinancial Services, your best bet is to call customer service and ask for assistance.
How to settle a dispute with EdFinancial
If you have a complaint with EdFinancial Services and you don’t believe that the company handled it properly, you can consider reaching out to the Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED). According to the U.S. Department of Education, this group is a “neutral, informal, and confidential resource to help resolve disputes about your federal student aid.”
While the Federal Student Aid (FSA) Ombudsman Group cannot serve as your advocate or overturn any decisions, it can help you:
- Resolve discrepancies regarding your loan balances and payments.
- Resolve issues with Federal Pell Grant disbursements or overpayments.
- Review TEACH Grant conversions to loans.
- Explain loan interest and collection charges on your account.
- Come up with potential solutions to your issues.
- Help you discern if you qualify for loan deferment or forbearance and loan cancellation or discharge.
- Help you compare loan repayment options.
If you need to escalate a complaint with your student loan servicer, you can file a complaint with the U.S. Department of Education by logging in with your FSA ID or reaching out to the Consumer Financial Protection Bureau.