Introduction to Ed Financial Student Loan Servicing[featured-img]Edfinancial is a student loan servicing company that provides service to federal and private student loans. Because student loans are one of the largest financial obligations many Americans have, it’s important to have a customer service team that you can reach, that responds quickly and that is truly helpful. Edfinancial customer service is important to borrowers who need to navigate repayment, forbearance, consolidation, and other issues associated with a loan. In this article, we’ll explore Edfinancial’s customer service in depth, discussing what it does well, where it can improve, and how borrowers can best utilize the resources at their disposal.
Who Is Edfinancial?
Edfinancial Services is a student loan servicer that acts on behalf of the U.S. Department of Education. The business dates back to 1988 and is based in Knoxville, Tennessee. Edfinancial services include managing federal student loans by processing payments and assisting borrowers in the repayment process as well as providing information about deferment, forbearance and other repayment plans and options for loan forgiveness.
Edfinancial is among a number of servicers of federal loans and frequently inherits loan-servicing responsibilities from other companies as part of government contracts. That means many borrowers may end up dealing with Edfinancial no matter who they borrowed from initially.
Why Good Customer Service Matters in the Handling of Student Loans
Now that they have been subjected to competition, student loans for new graduates can seem confusing and overwhelming. Loan servicers like Edfinancial do more than just collect payments; they are equipped to furnish those with information and support needed to manage loans successfully. This includes:
- Clarifying various means of repayment
- The goal was to help borrowers understand interest and principal balances
- Helping users with deferment and forbearance applications
- Updates concerning federal loan policies and forgiveness programs
- In case of errors or disputes about payments or balances
Effective customer service can improve the odds of a borrower not going delinquent. Edfinancial acknowledges this and provides several channels of support to provide assistance to borrowers when they need it.
Edfinancial Customer Service Contact Numbers
It customer contact methods include:
Phone Support
Borrowers can reach the Edfinancial hotline and speak with a customer service representative directly. For general inquiries the telephone number is:
1-855-337-6884 (for federal student-loan borrowers)
Customer-service hours are generally 8:00 a.m. to 8:00 p.m. Eastern Time, Monday through Friday.
For borrowers with private loans that they took on through a loan originator or a private loan program, the number may vary.
Online Account Access
Edfinancial’s website (www. edfinancial. com) lets borrowers sign into their account, see their balance, make payments, apply for repayment plans, and send secure messages to the support team.
Email and Secure Messaging
For security and faster response times, borrowers can communicate through their online account dashboard. General questions can indeed be emailed, but sensitive ones are best communicated via secure messaging or by telephone.
Mailing Address
Borrowers needing to send documents or correspondence through regular mail can send it to:
Edfinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008
Common Customer Service Problems and Solutions
Though Edfinancial’s customer service team is rated well overall, some borrowers have faced problems. Here are some common problems and their solutions:
Long Wait Times
During peak repayment or application seasons, phone-based wait times can be long. To avoid this, call during off-peak hours (early morning or late afternoon) or the online messaging system instead.
Payment Misallocations
Some borrowers have issues involving the process by which payments are applied to their loans (i.e. going to interest instead of principal). To avoid this, be sure to indicate when you make online payments how extra amounts should be applied, and also check your transactions in your account dashboard.
Confusion Regarding Repayment Plans
Borrowers often have a hard time knowing what repayment plan works for them: Edfinancial customer service representatives can assist, but it’s wise to research options in advance (like Income-Driven Repayment Plans, Graduated Repayment, and Standard Repayment) so you can have an informed discussion.
Problems with Loan Forgiveness Programs
Many borrowers are confused about what they can obtain loan forgiveness for, so be sure to ask specific questions about your eligibility — whether it be for the Public Service Loan Forgiveness (PSLF) program, or another forgiveness program — and what documentation is needed. Edfinancial provides guidance, but make sure to keep the process organized, and make copies of everything you submit.
Two-career families Tips for Getting the Best Support from Edfinancial
A Few Tips for Effectively Working With Edfinancial Customer Service
- Be Prepare: Before you call, have your account number, loan information and any specific question ready.
- Document Everything: Tape every communications, along with dates, names of representatives, and summaries of conversations.
- Follow Up: If a problem isn’t resolved right away, follow up with a secure message or phone call.
- Make Use of the Website: The online portal can handle many common tasks much more quickly, like changing repayment plans or enrolling in auto-debit.
Stay Up to Date: Federal loan policies and programs are subject to change. Edfinancial’s website and customer service team will have updates, but it can also be helpful to keep tabs on things independently.
Positive Feedback and Reviews
Edfinancial receives positive feedback from many borrowers, who extoll the professionalism of its customer service agents and the ease of navigating its website. Borrowers like clear communication, and the personal assistance they get when they call with questions or concerns.
Trustpilot and other review sites similarly reflect a mixed bag of experiences, though some highly laudatory reviews stand out praising the resolution of complex loan issues, as well as some patient support staff and informative responses to borrower questions.
Areas for Improvement
While there are many positives, Edfinancial has its share of critics. Some common concerns include:
- No weekend support: Edfinancial doesn’t offer weekend customer service hours, as some competitors do.
- Inconsistent agent knowledge: Some borrowers report that different agents give them conflicting information at different times.
- Website usability: Some users say the website does the job, but they believe it should be more intuitive and look fresher.
Conclusion
Edfinancial customer service is essential for any borrower in managing their student loans. With several ways for borrowers to access support —world-class service by phone, email or online portal— they have a broad set of tools in hand and can receive assistance from a real person. However, a few gripes aside, Edfinancial does provide reliable customer service that seeks to relieve some of the anxiety around managing student loans.
Whether you’re new to repayment, trying to qualify for forgiveness or are having difficulty making payments, Edfinancial’s customer service team can help walk you through the process. Borrowers can avail themselves of all that Edfinancial provides by being proactive, seeking knowledge, and utilizing available tools and resources.
