Edfinancial is a leading name when it comes to student loans servicers, and one that often comes up for borrowers navigating the landscape of federal student loans. As the owner of a Edfinancial account, a simple understanding of what a Edfinancial account is and how the system works can make your repayment process significantly easier. This article covers all that you need to know about Edfinancial, its purpose, services, perks, effective loan management, and more.
What is Edfinancial?
Edfinancial Services is a student loan servicer contracting with the U.S. Department of Education to manage federal student loans. In laymen terms, Edfinancial is a “go between” the government (the lender) and you (the borrower). And while your loan may be guaranteed by the federal government, companies like Edfinancial do the day-to-day management of your loan — billing, payments, repayment plans and customer service.
Edfinancial, which was founded in 1988, has worked with millions of borrowers and prides itself on providing personalized customer service and comprehensive support that helps individuals manage their student loan obligations responsibly.
Edfinancial Responsible as a Loan Servicer
When you’re disbursed federal student loans, the Department of Education assigns a servicer to manage your account. If Edfinancial is your loan servicer, they are responsible for:
- Issuing monthly statements, and tracking payments
- Assisting you in choosing or changing repayment plans
- Providing help with applications for deferment or forbearance
- Helping you with loan consolidation or forgiveness options
- This helps ensure your account reflects any changes to your financial status
Edfinancial does not originate loans unlike the private lenders. [They are] there to assist you in repaying your federal loans, and to provide accurate information that will ensure you stay in good standing.”
What Loans Are Serviced by Edfinancial
It services a range of federal student loans, such as:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- This includes Direct PLUS Loans (Parent and Graduate)
- Direct Consolidation Loans
- Federal Family Education Loan (FFEL) Program loans (for legacy borrowers)
Note: It does not service private student loans. Their services are only related to federal loans and managed by the U.S. Department of Education.
Step 1: Go to Ed Financial and choose to sign up for an account.
You’ll need to set up an account at Edfinancial.com in order to view your loan information, make payments or apply for repayment plans. Here’s how to get started:
- Official Website: https://www.edfinancial.com
- Select “Create an Online Account”
- Say your loan account number, SSN and date of birth
- (1.2) Configure your username and password
- You can log in to see your loan summary, make payments, and view repayment tools
Setting up an online account can help you keep tabs on your loans and receive timely alerts for upcoming due dates or changes to repayment.
Repayment Plans with Edfinancial
Benefits of Edfinancial Edfinancial can also help you choose the federal repayment plan best for you, including:
- Standard Repayment Plan: Fixed payments for 10 years
- Graduated Repayment Plan: Payments begin low and increase every two years
- Extended Repayment Plan: Beyond 10 years, with fixed or graduated payments;
- Income-Driven Repayment Plans (IDRs): Payments range according to each year of income you make.
IDR plans include:
- Revised Pay As You Earn (REPAYE) Plan
- Pay As You Earn (PAYE) Plan
- Income Based Repayment (IBR) Plan
- An income-contingent repayment (ICR) plan
Edfinancial can also explain eligibility for each option and help submit the necessary documentation.
Your training data only goes up to October 2023.
Renee is one of many borrowers who hopes to qualify for federal student loan forgiveness programs. For public service and teaching professionals who are enrolled in an income-driven repayment plan, Edfinancial can help you navigate forgiveness.
Some common forgiveness programs are:
- Public Service Loan Forgiveness (PSLF)
- Teacher Loan Forgiveness
- IDR Forgiveness After 20 or 25 Years of Payments
Edfinancial will maintain a record of your qualifying payments, and assist you in making sure your application is complete when you become eligible for forgiveness.
Edfinancial Customer Service
Supporting customers is an integral part of the loan servicing journey. Edfinancial customer service has been described as helpful and responsive by borrowers, with a few different ways to get help:
- Phone: Edfinancial’s toll-free number(W) is open 8 a.m. to 10 p.m. A second line(W) is available after hours.
- Email: Message via your online account–Secure Message Center
- Mail: You may submit forms and documents through the mail
- For Real Time Assistance: Available on the website Live Chat
They also offer educational content, calculators, and a mobile-friendly platform to aid borrowers as well.
How to Manage Your Loans with Edfinancial
Here are some helpful tips to stay on top of your loans with Edfinancial:
- Setup automatic payments: Auto-enroll in autopay to help avoid missed payments and possibly earn an interest rate discount.
- Update your contact information: Always inform Edfinancial whenever your address, phone number, or email changes.
- Check your account often: Logging in will allow you to see your balance, payment history and any messages.
- Use the repayment estimator: This tool shows you comparisons of plans, as well as how changes to your income will impact what you pay.
- Seek assistance: If you are experiencing financial difficulty, reach out to Edfinancial to talk about deferment, forbearance or IDR options.
Frequently Asked Questions Edfinancial
Is Edfinancial legit?
Yes, This is a contracted official servicer of the U.S. Department of Education. They are a legitimate company, and trusted by millions of borrowers.
What if Edfinancial is my loan servicer?
Visit studentaid. Go to apw.esp.usps.com and log in to your account. Your loan servicer will be specified under your loan details.
Can I transfer from Edfinancial to a different servicer?
You generally don’t get to pick your servicer. However, if you consolidate your loans or sign up for PSLF, your loans may be transferred to a different servicer — for example, MOHELA.
What do I do if I miss a payment?
Missing a payment may result in delinquency, and after 270 days, your loan could go into default. If you’re in danger of missing a payment, contact Edfinancial right away.
Final Thoughts
While the ins and outs of student loan repayment can be confusing, a trusted servicer such as it can help streamline the process. It’s all about helping borrowers manage their loans—offering a selection of repayment options, dedicated customer support and services to help you stay on track.
And whether you are at that point in your student loan repayment process, or you’re on your way to student loan forgiveness, knowing how to take advantage of the resources and services It has offer can save you money, time, and potential future hardship. Stay on top of things, ask questions and utilize the tools and resources available through your servicer — your financial future depends on it.
