EdFinancial is a company that manages both private and federal student loans on behalf of the U.S. Department of Education and private student loan lenders. Since 1988, EdFinancial has been one of the largest student loan servicers in the country. EdFinancial’s customers are the student loan borrowers themselves.
Student loan servicing companies are responsible for managing the repayment of student loans by borrowers. They handle various transactions involving the loan from billing, to receiving payments, to arranging payment plans. While borrowers can choose between borrowing from the federal government or a private bank, a student loan servicer is chosen by the actually lender afterwards, so the borrower does not have as much initial discretion on the choice of servicer.
What Does EdFinancial Offer?
Through EdFinancial, borrowers can learn more about their student loans such as the amount owed, the interest rate, and the loan repayment period. They can also request forbearance and deferment for their student loans, and if applicable, an income-based repayment plan for federal student loans. EdFinancial also helps borrowers with federal student loan consolidation which can assist them in repaying their loans (although it may not necessarily save them money).
EdFinancial’s website offers a number of resources that are specialized for specific borrowers such as parents, students who are currently in repayment, or students who have been impacted by life events such as disability or military service. EdFinancial’s customer service center offers assistance for any borrower who cannot find an answer to his or her question directly on the website. For borrowers who are having difficulty making payments and may be behind on their loans, EdFinancial offers a “Fresh Start” option where an expert will assist the borrower with a solution to help them get back on track with their student loan payments.
Are There Any Extra Perks?
To simplify the payment process and help borrowers avoid late payments, students can sign up for paperless billing and automatic bank transfers. Doing so can help borrowers save money by preventing late fees, and may enable them to reduce their interest rates by making a certain number of on-time payments, depending on the terms and conditions of their student loans.
EdFinancial also provides information to borrowers about student loans such as how interest rates and various repayment plans can impact the total cost of a loan. A student loan repayment calculator, available via EdFinancial’s website, allows borrowers to calculate the amount they will pay on their student loan over time, and how adding extra money to their monthly payment will reduce the total amount owed on their loans.
EdFinancial can be contacted directly through their website via a secure web portal where individual borrowers can upload documents or access information through their accounts. Borrowers can also contact EdFinancial by telephone or email.