edfinanical : Simply figuring out student loans can be overwhelming, what with multiple loan servicers and repayment plans. One name that pops up frequently when discussing student loan servicing is Edfinancial, an organization that has a contract with the U.S. Department of Education to handle federal student loans. And when other’s mistakenly enter “edfinanical”, the right name is Edfinancial, a servicer that is significant in keeping borrowers on track with their account.
In this article, we’ll provide you with a definitive guide to Edfinancial — what it is, what it does, and how you can leverage Edfinancial’s services to effectively manage your federal student loans.
What Is edfinanical?
Edfinancial Services is a student loan servicer out of Knoxville, Tennessee. It is one of the higher education assistance organizations that the U.S. Department of Education contracts with to manage the servicing of their federal student loans through its Federal Student Aid (FSA) program. Edfinancial has been in the loan servicing business since 1988, and is known for its friendly customer service and borrower guidance.
Edfinancial’s primary role is as an intermediary between borrowers and the Department of Education to make sure that payments are taken, accounts are managed, and borrowers get the support they need for the duration of their loans.
Why Was I Transferred to edfinanical?
Many borrowers get notified that their loan servicing has been assigned to edfinanical. This is most likely to occur if loans are transferred to new loan servicers by the Department of Education for administrative reasons. If your loans are transferred to Edfinancial, you’ll be notified by email or mail with an official notice of the transfer and your new account number.
Just know that the terms of your federal student loans will not change. Your balance, rate, and repayment plan stay the same. But you’ll now make payments and handle all loan servicing through the Edfinancial site or customer service.
Ways to Get to Your Edfinancial Account
To access your student loans through Edfinancial, you will have to either create an account at www. edfinancial. com. Here’s how to get started:
- Visit the site and click on “Login.”
- If you are new here, please create your account. Have your Social Security Number (SSN) and Account number (found on your welcome email/letter) handy.
- Prove who you are with secure authentication methods.
- Once logged in, you can:
- View your loan details
- Make payments
- Enroll in autopay
- Consider Signing up for an Income-Driven Repayment Plan
- Download tax forms such as Form 1098-E
- Apply for deferments or forbearance
The platform is easy to use, and includes features for borrowers to plan for repayment, prevent default, and manage their repayment in real time.
Edfinancial Repayment Options
Edfinancial offers all federal student loan repayment plans:-
Standard Repayment Plan
- Fixed payments over 10 years
- Highest monthly payment, but lowest total interest paid
Graduated Repayment Plan
- Payments begin low and rise every two years
- Also lasts up to 10 years
Extended Repayment Plan
- Stretches repayments up to 25 years
- Open to borrowers with more than $30,000 in loans
Income-Driven Repayment (IDR) Plan Options
These plans limit what you have to pay monthly according to your income and number of family members:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE) Loan Repayment.
- the Income-Contingent Repayment (ICR) plan
The IDR plans are available to borrowers through their Edfinancial account.
Loan Forgiveness and Edfinancial
If you’re going for PSLF or Teacher Loan Forgiveness, Edfinancial can help you with applying. PSLF requires:
- 120 eligible monthly payments
- Full-time work at a public service employer that is eligible for the PSLF program
- Enrollment in an IDR plan
Edfinancial helps by:
- Tracking eligible payments
- Providing certification forms
- Responding to questions about PSLF
You can also send the PSLF Employment Certification Form to Edfinancial, which will send it along to MOHELA, the servicer handling PSLF.
What to Do If You’re Having Trouble Paying
Life happens, and Edfinancial knows that. If you’re struggling to make payments, you have several options:
Deferment
- Suspension of payment with no interest accruing on subsidized loans
- Eligible for unemployment, in-school, or active duty military service.
Forbearance
- Suspend or reduce payments temporarily
- Interest will be added during that plotched time.
Changing Your Repayment Plan
- Consolidate to an IDR plan to reduce the monthly payment
Reach out to Edfinancial’s customer support to talk through these options before missing a payment. Keeping your credit health and financial future intact requires that you avoid delinquency and default.
How to Contact Edfinancial
You can contact Edfinancial in the following ways:
-
- Phone: 1-855-337-6884 (weekdays, 8 a.m. to 8 p.m. ET)
- Mailing Address:
Edfinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008
- Website Chat: From the website, click on “Contact Us”
- Private Messaging: Send secure messages from your online account Email Communication:
Their support staff are trained to assist you using client access, payment questions, documentation and plans for repayment.
Common Problems And How To Fix Them
Payments are getting misallocated, people complain about being unable to even access their accounts or loan data being erroneous. Here’s how to deal with them:
- Keep copies of all correspondence with Edfinancial.
- Keep confirmation numbers after each payment.
- Submit error reports to the online portal or telephone support.
- Check your credit to make sure your student loan is being accurately reported.
If communications continue to break down, borrowers can take their complaints to the Federal Student Aid Ombudsman Group.
Is Edfinancial Legit?
Yes. Edfinancial is an officially approved servicer by the Department of Education. The fact materials uses a different spelling (“edfinanical” instead of “edfinancial”) often raises concerns, but it’s also a common typographical error. Being a government approved and regulated entity, Edfinancial is required by the federal government to control the loans and the relationships with borrowers.
Final Thoughts
Getting to know your student loan servicer is key to taking control of your financial future. Edfinancial provides a full range of federal student loan servicing resources to assist federal student loan borrowers to understand and manage their student loans, utilize of affordable repayment options, and successfully repay their loans. Independently of whether you’re a first-time borrower or switching from a different servicer, becoming acquainted with Edfinancial’s resources and assistance services may help you achieve greater financial literacy.
If you mistyped “edfinanical,” you now know that it’s actually Edfinancial — and that Edfinancial is a servicer you can count on for help with your federal student loans.
