Edfinancial Services is a company your lender may have chosen to take care of your federal or private student loans. This company has been in the student loan business for more than 25 years, and its mission is to “do the right thing for [its] customers and each other.”
Edfinancial is a company that takes care of student loans for other lenders. It does not make loans independently, so you can only work with it if your lender gives it your student loans.
Here’s what to expect if you have student loans and have been told that Edfinancial Services will take over your loan.
What is Edfinancial Services, and What Does It Offer?
Edfinancial is not a student loan lender. Instead, it is a company that takes care of student loans. If you get a federal student loan, the U.S. Department of Education will put you in touch with one of the companies in charge of federal student loans.
In the same way, some private student loan lenders use servicers to manage their loans. The job of servicers is to help borrowers pay back their student loans.
Because of this, servicers have to do things like to answer your questions, help you choose a payment plan, and handle your student loan payments.
If Edfinancial Services is your servicer, you will use their website to make payments and check how you’re doing.
Once Edfinancial is in charge of your student loans, you can set up an online account, sign up for text alerts, and even sign up for paperless billing or autopay.
The company also has forms you can use to apply for different kinds of help, like if you want to change your payment plan or ask for a delay or a break on your payments.
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Are Edfinancial Services Legit?
Student loan scams are common, but Edfinancial Services is a legitimate company that helps people with their loans. It has been in the student loan business for a long time and is one of the few services that the U.S. Department of Education contracts with.
In 2020, the Department of Education launched the Next Generation Financial Services Environment (Next Gen). The Next Gen initiative aims to make it easier for millions of federal student loan borrowers to repay their loans.
As part of NextGen, the Department of Education signed contracts with three new student loan servicing companies and two of its existing student loan servicers to help borrowers.
Edfinancial Services is one of the two current services that will continue to take care of federal student loans in the future.
How Do I Know if Edfinancial is My Loan Servicer?
Most borrowers learn about their new loan servicer when they get a letter or email introducing them to the company.
But if you have federal student loans and aren’t sure if Edfinancial Services is your loan servicer, you can also call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
Can I Switch From Edfinancial to Another Servicer?
Most of the time, you can’t change who handles your loan. There are exceptions if you consolidate your federal student loans with a Direct Consolidation Loan or refinance them with a private lender.
The Department of Education is getting ready to change who handles its loans. The goal of this change is to make it easier for people to pay back their federal student loans and to make sure that students get better customer service and more involvement as they do so.
One of the five companies that the Education Department has chosen to service loans in the future is Edfinancial Services. The other four are:
- F.H. Cann & Associates, LLC.
- MAXIMUS Federal Services, Inc.
- Missouri Higher Education Loan Authority (MOHELA).
- Texas Guaranteed Student Loan Corporation (Trellis Company).
If Edfinancial Services is taking care of your loans now, you can expect the change to the new system to go smoothly.
How to Reach Edfinancial Services Customer Service?
There are a few ways to contact Edfinancial Services if you want to. You can call the company during the following business hours at 800-337-6884 (for FFELP Loans and private loans) or 855-337-6884 (for Direct Loans):
- Monday 8 a.m. until 11 p.m. ET
- Tuesday through Friday, 8 a.m. until 8 p.m. ET
- Saturday 10 a.m. until 2 p.m. ET
You can also write to, email, or chat with Edfinancial. Edfinancial Services has a particular phone number for people in the military to call: 800-337-6884 or 855-337-6884, option four.
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