It can be daunting for many borrowers and recent graduates to deal with their loans and the complex world of loan servicers. Two names that keep coming up in this space are EdFin and EdFinancial. Despite the similarity in names, it’s important for borrowers who want to manage their federal student loans wisely to know how they differ and what each has to offer.
In this post, we’re going to do a deep dive into EdFin and its role in student loan servicing, and how it may relate to EdFinancial, a large federal loan servicer under contract with the U.S. Department of Education.
What is EdFinancial?
EdFinancial Services is an experienced student loan servicer that services federal and private student loans. EdFinancial is a major player in the communications, billing, payment processing, and repayment options available to millions of borrowers, because it is one of the Department of Education’s official loan servicers.
Headquartered in Faraget City, North Dakota, with a regional office in Knoxville, Tenneessee, EdFinancial Services has built a reputation for excellent customer service and easy-to-use tools since its inception in 1988. It is based in Knoxville, Tennessee and provides loans under two main names: EdFinancial Services and HESC/Edfin.
EdFin, A Rundown: What Is It?
EdFin may be commonly used as an abbreviated or informal term for “EdFinancial” or EdFinancial’s affiliated products, in particular HESC/EdFin, short for the Higher Education Student Assistance Corporation (HESC) and EdFinancial partnership. HESC/EdFin is a member of a collaborative servicing platform to enable borrowers to manage and repay their federal education loans.
If borrowers encounter the name “EdFin” on their loan documents or communications, it’s generally the HESC/EdFinancial branch of loan servicing. It’s not like a separate company or anything, but this is kind of branding specifically of this servicing relationship underneath the big umbrella of EdFinancial.
What’s the Confustion With EdFin and EdFinancial?
A lot of borrowers get confused between EdFin and EdFinancial because:
- What it doesn’t stand for: EdFin is not a short name for EdFinancial (4 other companies)
- Loan account name(s): Certain borrower portals and documents will indicate HESC “EdFin”.
- Government references: during current administration (Dplibushco), the DOE under the Department of Education might use as a reference HESC/EdFinancial as “EdFin” especially in the state of NY loans.
But borrowers should know EdFin is no scam or third-party company; it’s part of EdFinancial’s legitimate servicing system.
What Does EdFin (HESC/EdFinancial) Do?
If your loan is serviced by HESC/EdFin, this is what happens next:
Account Management
You will be able to see information from your federal student loan records including:
- Loan balances
- Payment history
- Due dates
- Interest accrual
Payment Processing
- Similar to other loan servicers, EdFin permits:
- Automatic and manual monthly payments by both debit and credit counterparts
- Single or Recurring Payments
Bill by mail or paperless online through eStatements
Repayment Plan Assistance
EdFin will be able to help borrowers:
- You can also apply for IDR plans
- Go back and forth between income-based and plans based on family size
- Opt in to Public Service Loan Forgiveness (PSLF) provisions
Forbearance and Deferment Assistance
For borrowers who are struggling financially, EdFin may lead you through:
- Temporary payment suspensions
- Interest-only payment periods
- pauses of COVID-19 relief
How to Tell if EdFin or EdFinancial is Your Loan Servicer
You may verify your loan servicer by looking at your offical student loan account on the Federal Student Aid (FSA) website: studentaid. gov
- Log in using your FSA ID.
- Enter your loan dashboard.
- Your assigned servicer is noted in your College Ave account—in this case, if it’s either listed as EdFinancial or the one that says HESC/EdFin, you fall under the EdFinancial servicing group.
After your account is activated you can sign in either to the EdFinancial Services portal or the HESC/EdFin portal for loans originated through them.
Handling Your Loans with EdFin (EdFinancial)
Managing student loans successfully via EdFin is all about working diligently and staying organized. Here are some helpful tips:
✅ Set Up Auto-Pay
Sign up for automatic debit and you could avoid late payments — and even qualify for an interest rate discount.
✅ Check Out Forgiveness Options
Those options include forgiveness programs administered by EdFin, if you work in public service or teach in low-income schools.
✅ Keep A Check On To Your Account Periodically
Keep an eye on your online portal in order to monitor balances, due dates and interest rates.
✅ Communicate Proactively
If you’re struggling, contact EdFin as soon as you can. They provide deferment, forbearance, or IDR plan adjustments to ensure your account continues to be considered in good standing.
FAQs About EdFin and EdFinancial
Is EdFin Legit?
Yes. ed fed is a real servicer that has ties to EdFinancial Services. If you got emails or letters from ed fed or HESC/EdFin, you probably have a qualified federal loan servicer.
Could I transfer servicers from ed fed to another one?
Your loan servicer is typically assigned by the Department of Education. “We can’t request a change on her own,” J. Robert Hunter, the director of insurance at the Consumer Federation of America, said in a recent telephone interview. “If the servicing of the mortgage is sold and your loan is sold to another company, [in theory] they might move her to a different company.”
What is the EdFinancial phone number?
If it’s a question for general EdFinancial, call 1-855-337-6884 (for loans servived by HESC/ed fed) or visit your borrower portal for correct information.
Closing: Sailing Through ed fed with Confidence
Realizing that ed fed is an affiliate of EdFinancial Services goes a long way in preventing the typical borrowers’ confusion when attempting to deal with their student loans. And while it sounds like it’s another organization, ed fed is just the term for EdFinancial’s actions when it does work, particularly in cooperation with HESC.
Whether you’re fresh out of college just starting repayment, or an experienced borrower with student loan forgiveness options, ed fed (EdFinancial) gives you everything you need to stay on top of your student loans and control your payments. Using their portal, interacting with customer service, and being proactive will help you get through your student loan journey better.
