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What to expect with ECMC student loan servicing

The two biggest complaints about this servicer — and how to avoid them.

Educational Credit Management Corporation (ECMC) is a nonprofit company that guarantees and services student loans, including the Federal Family Education Loan Program (FFEL) loans. Its website offers several resources on how borrowers can manage student loans. But you need login credentials to get specifics on how repayment works with this servicer.

How repayments work with ECMC

ECMC provides limited information about student loan repayment options to the general public — you need to log in to get a full list of your options. It lists a mailing address and a phone number to make repayments, though it doesn’t provide instructions.

Most student loan servicers also allow you to pay online or enroll in automatic payments, which typically come with a 0.25% discount rate. ECMC also has a mobile app, which you might be able to use to make repayments.

How can I pay off my loan early?

Typically, you can make additional payments toward your federal student loans at no extra cost, though ECMC also doesn’t provide information on how to do so to the general public.

Often servicers require you to specify how you’d like the repayments to be applied in writing or over the phone. If you’re interested in paying off your loans early, reach out to ECMC’s general customer service line before you get started.

How to contact customer service

ECMC has several different ways to get in touch with its customer service team — and different contact information depending on your question.

How to refinance your ECMC student loans

You can refinance your ECMC student loan by taking out a new loan with a private lender to pay off your balance. While refinancing is one way to change up your servicer when you’re unhappy with your experience, you might want to think twice if you have a federal student loan.

FFEL loans come with benefits that private lenders can’t offer, like income-driven repayment plans and multiple deferment and forbearance options. If you’re unhappy with ECMC as your servicer, consider taking out a Direct Consolidation Loan first — this allows you to keep your federal loans while switching servicers.

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Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
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5 to 20 years
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Credible Student Loan Refinancing
1.90% to 8.90%
Good to excellent credit
Starting at $5,000
5 to 20 years
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SoFi Student Loan Refinancing Variable Rate (with Autopay)
2.25% to 6.43%
Starting at $5,000
5 to 20 years
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Splash Financial Student Loan Refinancing
1.89% to 6.66%
Starting at $7,500
5 to 25 years
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Education Loan Finance Student Loan Refinancing
2.39% to 6.01%
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.88% to 5.64% APR with autopay
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.

Compare up to 4 providers

How to avoid common problems with ECMC

ECMC gets mixed online reviews. As of February 2019, over 800 customers have filed complaints against it with the Consumer Financial Protection Bureau (CFPB) — far fewer than some of the larger servicers. And the Better Business Bureau (BBB) gives it an A+ based on factors like time in business and transparency.

But customers generally aren’t happy with their experience. It’s closed nearly 90 BBB complaints over the past three years. And all six customers that reviewed it on the BBB website gave it a 1 out of 5 star rating.

Here were the two top complaints reported by borrowers:

Attempts to collect the wrong amount

Several borrowers reported problems with ECMC’s debt collection efforts. In addition to servicing federal loans, ECMC sometimes takes on and collects delinquent student loans. Some customers claimed the servicer attempted to collect on debts they’d never taken out. Others said ECMC attempted to collect the wrong amount.

  • How to avoid it: Contact ECMC right away if it attempts to collect on a fraudulent loan or the wrong amount. If you believe you’re a victim of identity theft, report the incident to the Federal Trade Commission (FTC) online or by calling 877-438-4338. If you don’t hear a response from the servicer, file a complaint with the CFPB.

Difficulty changing repayment schedule

Some borrowers mentioned problems applying for a flexible repayment plan or transitioning into or out of forbearance. Several even claimed that ECMC reported to the credit bureaus that their loans were in default when they were simply in forbearance.

  • How to avoid it: Make a habit of regularly checking your credit when you change your repayment plan or apply for deferment or forbearance. If you notice a mistake on your credit report, contact ECMC’s customer service team right away and ask them to fix the error. If ECMC is unresponsive, file a complaint with the CFPB — it can investigate the incident.

What to expect with other student loan servicers

Bottom line

You need to log in to your account to get the most out of ECMC, since it doesn’t provide much information to the general public. If you need to get in touch with a representative, make sure you’re calling or mailing the right customer service team.

Not happy with your experience at ECMC? Consider applying for a consolidation loan or refinancing your student loans with a private provider. Check out our guide to student loans to learn more about how it all works.

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