What to expect with Edfinancial student loan servicing | finder.com
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What to expect with Edfinancial student loan servicing

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How to make repayments, get in touch and avoid common pitfalls.

Edfinancial is a student loan servicer that handles both federal and private student loans. Its website is user friendly, though it can be tricky to navigate if you aren’t logged in — particularly if you’re looking for information on how to make changes to your accounts. But it has relatively few complaints compared to other similar servicers.

How do repayments work with Edfinancial

Edfinancial offers five ways to make repayments on your student loans. Unless you’re paying by check or money order, have your bank account information on hand before you make your first payment — you’ll need your account and routing number.

How can I pay off my loan early?

It depends on how often and how much you’d like to pay extra each month:

  • Making a higher automatic payment. If you’re registered for KwikPay and want to make more than your minimum payment each month, follow the steps to register for KwikPay and enter how much you’d like to pay extra next to the Additional Amount field.
  • Making a one-time payment. You can make a one-time additional payment through the method of your choice at any time.

How to contact customer service

There are several ways borrowers can contact customer service:

How to refinance your Edfinancial student loans

You can refinance your Edfinancial loan by applying for another loan that you use to pay off your current loan. Refinancing a student loan can get you more competitive rates and terms — especially if you have a private loan. And it’s one of the few ways you can switch your servicer.

If you have federal loans, you might want to think twice about refinancing. Private companies typically can’t offer the low rates and benefits like flexible repayment plans or multiple deferment or forbearance plans you get with federal loans. If you want to switch your servicer, consider applying for a federal Direct Consolidation Loan — you’ll be able to select a new servicer and potentially qualify for even more benefits.

Compare student loan refinancing options

Updated March 24th, 2019
Name Product Min. Credit Score Maximum Loan Amount APR
Good to excellent credit
None
Starting at 2.57%
Get prequalified offers from top student loan refinancing providers in one place.
650
None
2.54% to 7.27%
Get a tailored interest rate and repayment plan with no hidden fees.
680
None
3.39% to 6.69%
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
650
Full balance of your qualified education loans
2.54% to 7.11%
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
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Straightforward refinancing with competitive rates.
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Save on your student loans with this market-leading newcomer.

Compare up to 4 providers

How to avoid common problems with Edfinancial

Paying off your loans with Edfinancial is relatively straightforward, yet things don’t always go so well for customers. While it gets an A+ rating from the Better Business Bureau (BBB) based on factors like transparency and advertising practices, 29 customers have filed complaints against the company. As of December 2018, 160 customers have also filed complaints against the servicer with the Consumer Financial Protection Bureau (CFPB).

Here are two common issues borrowers had with Edfinancial:

Incorrect balances or payments

Several borrowers complained that Edfinancial displayed incorrect balances. Others were charged payments that didn’t match their loan amount, rate and term.

  • How to avoid it: While there’s no way to avoid an error made by your servicer, you can resolve it quickly by double-checking your payment schedule and keeping tabs on your loan balance. If you notice anything wrong, contact customer service as soon as possible — speaking on the phone is typically the quickest.

Trouble modifying payment plans

A number of customers reported trouble qualifying for deferment, forbearance or income-driven repayment plans when they believed they solidly met the requirements — such as returning to school or losing their job.

  • How to avoid it: First, double-check all applications for mistakes when you apply to make any changes to your repayment plan. If you still have trouble qualifying, reach out to customer service to ask why — it’s possible there was an error processing your application. As a last resort, consider filing a complaint with the CFPB to see if it can help you reach a resolution.

What to expect with other student loan servicers

Bottom line

Compared to other federal loan servicers, Edfinancial is relatively simple and easy to work with. While it doesn’t have the lowest volume of complaints, it’s nowhere near some of its competitors. Just keep an eye on your account to make sure everything is running smoothly, and reach out to customer service if you notice any errors.

You can learn more about how student loans work by reading our comprehensive guide.

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