EdFinancial has been in the student loan industry for more than 30 years.
What Is EdFinancial Services and How Does it Work?
You might even have multiple companies assigned to service your student loans if you have more than one loan.
But the federal government is the lender behind all federal student loans, regardless of where you make payments.
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What Features Does EdFinancial Services Offer?
The debit option automatically pulls your monthly student loan payment from a checking or savings account that you designate.
If you qualify for deferment, your loan interest is paid by the federal government.
EdFinancial also has liaisons who work exclusively with service members to manage their student loans.
You canapply through the U.S. Department of Educationat no cost.
If approved, EdFinancial could be appointed as your student loan servicer.
What Repayment Plans Does EdFinancial Offer?
There are several repayment options available on federal student loans.
As a federal student loan servicer, EdFinancial offers the following.
Payments are adjusted annually and your total loan balance can be forgiven after 20 to 25 years of repayment.
With a lower payment, youll pay more over the life of the loan and accrue more interest.
Income-Based Repayment (IBR)
Income-based repaymentplans are for borrowers with high income-to-debt ratios.
This involves communicating with borrowers about payments, payment options, forbearance and deferment options and more.
EdFinancial doesnt grant loans but does manage repayment on student loans offered by the U.S. Department of Education.
EdFinancial handles various federal student loans, including direct loans to students and parents and consolidation loans.
You may know if EdFinancial is servicing your student loans from exit counseling or receiving a bill.
Yes, EdFinancial is alegitimate student loan servicerlisted with the U.S. Department of Education.
EdFinancial Services is not known for exceptional service on federal student loans.
EdFinancial has a reputation for poor customer service and was sanctioned and fined in 2022 for deceptive practices.
The Consumer Financial Protection Bureau ordered EdFinancial to pay a $1 million civil penalty for lying to borrowers.
EdFinancial is a student loan servicer for the federal government.
While one responsibility is collecting on overdue student loan payments, EdFinancial is not exclusively a collection agency.
Robert Bruce is a senior writer for The Penny Hoarder.
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