EdFinancial Services, which has its headquarters in Tennessee, offers student loan servicing for some of the biggest lenders in the country. While EdFinancial is a loan servicer – it’s not the actual lender. It’s the entity borrowers make their payments to and arrange their repayment schedule with. It’s one of just a few companies that act as servicers for federal student loans. It became one of the authorized federal loan servicers in 2012, and it offers direct unsubsidized and subsidized loans, direct PLUS loans, and direct consolidation loans.
In addition, EdFinancial handles Federal Family Education Loan accounts and a number of private loans.
Although EdFinancial hasn’t been an authorized servicer for federal loans for that long, it has a history in the student loan industry. It’s been in business for more than 25 years. Its mission is all about top-notch customer service – EdFinancial states their mission is doing the right thing for its customers.
EdFinancial offers a comprehensive website to help borrowers manage their student loans and learn about their options. Any loan holder can sign up for their online account by using some basic information. Via the EdFinancial website you can:
To make it easy and convenient for borrowers to make timely payments, EdFinancial offers several payment options, including online payments, phone payments, mail payments, and automatic payments that may save borrowers on their interest rates.
View Student Loan History
Their website is easy to navigate, with clear options for whichever phase borrowers are in – whether they are currently a student, are in the grace period after college before payments begin, are in the repayment phase, or are a parent borrower.
Check Your Borrower Repayment Phase
It gives detailed information for those who want to know as much about their student loans as possible. Some of the topics covered on the website include credit reporting, the life cycle of a loan, and an overview for financial aid.
View Commonly-Asked Questions
The website also includes a page that contains commonly-asked questions, which can save borrowers some trouble since many of their questions may already be addressed on this page.
Download Any Forms You Need
EdFinancial provides many forms that you might require directly on their website. The forms can be for repayment plans, deferment , forbearance, loan forgiveness programs and third party authorizations.
Count on Security of Data
Because EdFinancial is protective of its customers’ sensitive personal information, securing their website is a top priority. They use layered firewalls, encryption, and intrusion detection systems to safeguard that information.
EdFinancial Customer Service
When borrowers call to discuss issues they are having with their student loans, EdFinancial strives to solve their problem in that one phone call. EdFinancial’s goal is to answer every call in under 30 seconds so borrowers aren’t frustrated by long wait times as they try to seek answers to their questions.
And when a customer does fall behind in payments, EdFinancial’s goal is to look for a solution instead of casting blame or making a person feel negative about their situation. Federal mandates call for servicers to make at least four attempts by phone to reach borrowers who have fallen behind in payments and send at least four letters. EdFinancial attempts to go beyond that minimum requirement to ensure the delinquent borrowers have every attempt to rectify their non-payments.
Alternative Repayment Plans for EdFinancial Borrowers
Borrowers who are having trouble making their monthly payments will find that EdFinancial offers them ways to keep their payments current while not damaging their credit scores.
Some of the plans EdFinancial offers include:
- Income-based payments: Low-earning borrowers who want to continue to chip away at their debt load can do so by selecting an income-based payment. If you draw a smaller paycheck, your payment will shrink to reflect that. These are federal repayment plans offered for all federal student loan borrowers, not just those with EdFinancial
- Deferment or forbearance: Those who are facing a financial hardship and can’t meet their monthly payments can see if they qualify for deferment or forbearance with EdFinancial.
- Loan forgiveness: EdFinancial will be able to help you determine whether you meet eligibility requirements for the Public Service Loan Forgiveness program. You’ll still have to make payments for 10 years to qualify for this option. But after that time, the unpaid portion of student loans will be forgiven.
In addition, borrowers who are suffering from physical or mental issues can see if they are eligible for a complete discharge of their student loans. While not all disabilities or issues will qualify, EdFinancial can walk customers through their questions and help them determine their status.
How Do Customers Feel About EdFinancial?
When people are unhappy with their student loan servicer, they aren’t able to simply switch to another servicer, like they might with a credit card. For that reason and because there are big bucks involved in this industry, close tabs are kept on servicers.
The Consumer Financial Protection Bureau (CFPB) monitors complaints borrowers have about their student loan servicers. In the last measurement year, the CFPB received 12,900 complaints from borrowers about their federal student loans.
Of this amount, very few complaints were about EdFinancial, although it doesn’t handle as many student loans as some of the bigger companies who had more complaints do.
Of the ones that were filed, some of the complaints had little to do with the company and were mistakes on the end of the borrowers, such as not understanding that interest will always be charged, even if the loan is on hold while the customer is facing financial issues.
Financial has been involved in some lawsuits, including one filed by Jennifer Matson in 2014.
Ed Financial Reviews:
More About EdFinancial’s Values
EdFinancial strives to be more than just a responsible company aimed at providing borrowers with the best experience they can get for financing their educational aspirations. Being involved in the community is also a goal.
Whether they’re looking out for the health of their own employees or contributing to the greater good, EdFinancial has a record of giving back. Here are some of the things the company has done to better the world around them:
- Participated in a bowling fundraiser for Big Brothers Big Sisters of East Tennessee.
- Provided Christmas presents for children who might not otherwise have received many gifts.
- Supported a corporate-wide effort to raise money for United Way of Greater Knoxville.
- Participated in blood drives.
- Kicked in the registration fee for employees to participate in a 5k for Susan G. Komen for the Cure and Buddy’s Race Against Cancer.
- Provided Thanksgiving baskets to those in need at Knoxville Area Rescue Ministry.
EdFinancial Contact Information
P.O. Box 36008
Knoxville, TN 37930-6008
Fax for Direct Loans: 800-887-6130
Fax for FFELP and Private Loans: 800-887-5936
Getting Away From EdFinancial
If you have federal student loans with Great Lakes and would like to refinance them with another lender, you have a few options.
Select a New Federal Student Loan Servicer
Going through a William D. Ford student loan consolidation allows you to choose a new servicer for your federal student loans. If submitting by paper application, you need to mail the loan consolidation document to the lender which you would like to consolidate with. If you applying online there is a section in which you can choose which lender you wish to send your application to.
Refinancing With a Private Lender
Refinancing with a private student loan lender would take get you away from EdFinancial if you are not happy with their services. Here are a few lenders that provide private student loans.
Compare the Best Student Loan Refinance Rates
Here are our top student loan refinance picks for 2018
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Student Debt Relief Loan Refinancing Advertiser Disclosure
College Ave: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
College Ave Refi Education loans are not currently available to residents of Maine.
1 – The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
2 – $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 04/26/2019. Variable interest rates may increase after consummation.
3 – This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
ELFI: Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary institution.
LendKey: Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate.
Splash Financial: Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval.com
Earnest: To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest’s fixed-rate loan rates range from 3.89% APR (with autopay) to 7.89% APR (with autopay). Variable rate loan rates range from 2.50% APR (with autopay) to 7.27% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.26% and 5.03% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 23, 2019 and are subject to change based on market conditions and borrower eligibility.
Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/23/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.