edufinancial : Student loans can be confusing, especially when it comes to repayment, loan servicing, and communication with loan servicers. There are a number of federal student loan servicers, but Edfinancial earns a spot as one of the best for its customer service and maintains a user-friendly platform. If you’ve recently been notified that edufinancial will now service some of your loans—or if you’re simply trying to get more information on your current account—this article will offer everything you need to know about what edufinancial is and does and how it can help you manage your student loans.
What Is edufinancial?
edufinancial Services is a federal student loan servicer owned by the U.S. Department of Education to handle the repayment of loans. edufinancial was established in 1987 and is a privately-held company that manages FFEL and Direct loans. Its main function is to serve as the middleman for borrowers and the Department of Education for granting access to accounts, processing payments, and helping borrowers select the payment plan that will be simplest for them.
If your loan is transferred to Edfinancial, it will take over your billing, customer service and help with deferments, forbearances and income-driven repayment plans.
Why Did My Loan Get Moved to edufinancial?
Federal student loans are allocated among a handful of servicers by the Department of Education. If you were alerted by Edfinancial that it was managing your student loans, it probably happened for one of the reasons below:
- Recently released and automatically assigned to Edfinancial, or
- Transferred from another servicer (for example, Navient, FedLoan, Great Lakes) during the restructuring of federal student loan servicing.
Transfers will not change the terms of your loan. It is essential, however, to establish your online account with Edfinancial as soon as you receive a notice of the change.
How to Set Up Your edufinancial Account
There is no way for the borrowers to manage their loans online unless they set up an account on your website. Follow these steps:
- Visit www.edfinancial.com.
- Click “Login” and choose “Register Now.”
- Type in your personal information, such as your SSN, birth date and email address.
- Make a userename and password.
- Create a security question for account recovery.
After your account is created, you can see details of your loans, make payments and request repayment plans or deferments.
Edfinancial Loan Repayment Choices
Repayment options Edfinancial has a variety of repayment plans to fit your financial needs. These include:
Standard Repayment Plan
- Fixed payments over 10 years.
- Best if You Want to Pay off Your Loan Quickly and Can Afford Higher Monthly Payments
Graduated Repayment Plan
- Those initial payments begin low and escalate every two years.
- Best for: Borrowers poised for income growth.
Extended Repayment Plan
- Up to 25 years of repayment.
- Can lower monthly payments, but may increase your total interest paid.
Income-Driven Repayment plans – IDRs
- Monthly payments for those with income and family size adjustments.
- Plans include:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE).
- ICR (Income-Contingent Repayment)
- May result in loan forgiveness after 20-25 years of qualifying payments.
Sorry, not strictly true if you work in some areas and do Public Service Loan Forgiveness (PFL).
If you are employed by a government or nonprofit organization and you make 120 on-time payments under a qualifying IDR plan, the rest of your balance may be forgiven. Edfinancial assists borrowers in keeping track of their progress toward PSLF and filing the necessary forms.
Options for Deferment and Forbearance
Events in life, like unemployment, financial hardship, or returning to school can make it challenging to pay back loans. Edfinancial offers:
- Deferment: Payments are temporarily suspended, such as unemployment or a qualifying medical condition, but often without adding interest, in the case of loans that are subsidized.
- Forbearance: Payments are temporarily reduced or paused, but all loan types accrue interest.
Borrowers can apply online via their Edfinancial account or call customer service for assistance.
Edfinancial and Student Loan Forgiveness With the introduction of PSLF and student loan forgiveness, companies like Edfinancial were exposed to the risk of a lost future revenue stream.
As noted, Edfinancial administers loans based on forgiveness programs such as:
- Public Service Loan Forgiveness (PSLF) Another option is a federal program called Public Service Loan Forgiveness (PSLF) that will forgive your loans after 120 qualifying payments.
- Teacher Loan Forgiveness
- IDR Forgiveness 20 or 25 years DCHECKับ~DSEX/INDEX>M)dž ䷅DJ.IjDu H s s s, ORO s IDRTerms1)20 Year OptionRevise.Bottom ch(temp2 Review your information in the bottom GUI(temp_TEMP ).In taxa scriptorium habita deo medicus, sepultus in terrecainus consuascensis, relictus ODO primogenito suoJ.!!!IDIJ QMJvA kaj(2 J s dj 33.
It is crucial that you file annual employment certification forms and properly credit your qualifying payments. Edfinancial provides tools and resources to keep you on the right road.
Edfinancial Customer Service
Responsive, knowledgeable customer service One of Edfinancial’s strong points is its customer service. You can reach them via:
- Phone: 1-855-337-6884
- Online Messaging: Can be accessed from your online portal
- Mail: Mailing address listed on billing statement
They can also take questions on payment plans, loan consolidation, forbearance and forgiveness.
How to Manage Your Loans with Edfinancial Solution
Here are some tips for smooth loan repayment:
- Automate Payments: Register for autopay, and you can avoid late payments and receive an interest rate reduction of 0.25%.
- Update Your Contact Information: Make sure your home and email address and phone number are current.
- Watch Your Loans: Check your Edfinancial account frequently to see how payments are being applied, interest is accruing and when due dates are coming.off.
- Contact Us Early: If you know you are going to have trouble making your payments, please contact Edfinancial and we will work with you to find a solution.
- Use Financial Tools: Edfinancial provides calculators and budgeting tools to assist in the management of repayment.
How Edfinancial Compares to Other Loan Servicers The College Investor rating
The College Investor rating Take a look at how Edfinancial stacks up to other student loan servicers: FedLoan Servicing Review: What They Do Well And How They Fall Short FedLoan Servicing Review: What They Do Well And How They Fall Short MyFedLoan Review: Servicing Everest Loans (Why You Want To Avoid Them) MyFedLoan Review: Servicing Everest Loans (Why You Want To Avoid Them) AES Student Loans Review: What They Do Well & Where They Miss The Mark AES Student Loans Review: What They Do Well & Where They Miss The Mark CommonBond Student Loan Servicing Review: What To Watch Out For CommonBond Student Loan Servicing Review: What To Watch Out For Great Lakes Student Loan Servicing Review: What To Watch Out For Great Lakes Student Loan Servicing Review: What To Watch Out For Earnest Student Loans 101: What To Watch For Earnest Student Loans 101: What To Watch For))^
Federal loan servicers have received a mixed bag of reviews from borrowers, but Edfinancial gets positive marks for:
- Friendly interface of the website
- Transparent communication
- Quick response to inquiries
- An useful mobile access panal
Although there are many similar companies, Edfinancial is a trusted service provider for student loan repayment.
Final Thoughts
Student loans can be overwhelming, but having a servicer that is supportive in your corner — like Edfinancial — can be a game changer. Whether you want to go over repayment options, advance toward loan forgiveness, or see about postponing payments during hard times, Edfinancial has the resources, help, and encouragement you need to keep making progress on your goals.
By signing up for your account, keeping up with the latest information and taking advantage of all the services we have to offer, you can gain control of your student loans with confidence.
