EdFinancial: Student Loan Servicer & How It Helps and Manage Your Federal Loans

Learn everything you need to know about Edfinancial, the current student loan servicer for federal borrowers. Discover how Edfinancial manages your loans, payment options, and available services like loan forgiveness and consolidation.

If you’ve recently been notified that your federal student loans have been transferred to Edfinancial, it’s important to understand how this servicer works and what they can do for you. EdFinancial is one of the many loan servicers contracted by the U.S. Department of Education to manage federal student loans, and they provide a range of services, including repayment assistance, loan forgiveness guidance, and more.

In this article, we’ll cover what Edfinancial is, the services they offer, how to manage your student loans through them, and how to contact them for assistance. Whether you’re new to Edfinancial or have already been transferred to their system, this guide will help you navigate the process with ease.

What Is EdFinancial?

EdFinancial is a non-profit student loan servicer that works with the U.S. Department of Education to manage federal student loans. They handle a variety of services, including:

  • Repayment plans and options
  • Loan forgiveness programs
  • Loan consolidation services
  • Customer support for loan inquiries

Their goal is to make the process of repaying your student loans as easy as possible by providing you with the resources, information, and support you need. Edfinancial also helps borrowers navigate complex repayment plans, including Income-Driven Repayment (IDR), Public Service Loan Forgiveness (PSLF), and other federal loan programs.

Services Offered by Edfinancial

EdFinancial offers a wide range of services designed to help borrowers manage their federal student loans. These services include:

1. Loan Repayment Plans

EdFinancial provides a variety of repayment plans to help borrowers find the best solution for their financial situation. Some of the most common plans include

  • Standard Repayment Plan: Fixed monthly payments for up to 10 years.
  • Graduated Repayment Plan: Payments start low and increase every two years.
  • Income-Driven Repayment (IDR) Plans: Payments are based on your income and family size. These include:
    • Income-Based Repayment (IBR)
    • Pay As You Earn (PAYE)
    • Revised Pay As You Earn (REPAYE)
    • Income-Contingent Repayment (ICR)

Edfinancial can help you choose the best repayment plan based on your income and other financial factors. They also allow you to switch repayment plans if your financial situation changes.

2. Loan Consolidation Services

If you have multiple federal loans, Edfinancial offers loan consolidation services through the Direct Consolidation Loan program. Consolidation allows you to combine all of your federal loans into one loan, making it easier to manage your payments. The benefits of consolidation include:

  • Simplified payments: One monthly payment instead of multiple payments to different servicers.
  • Extended repayment term: Potentially lower your monthly payments by extending your repayment term.
  • Eligibility for Income-Driven Repayment Plans: Consolidation may allow you to apply for income-driven repayment options.

However, it’s important to note that consolidating your loans can result in the loss of certain borrower benefits, such as interest rate reductions on some loans, so it’s essential to weigh the pros and cons before proceeding.

3. Loan Forgiveness Programs

EdFinancial provides guidance and support for borrowers who qualify for loan forgiveness programs. Some of the key programs they help with include:

  • Public Service Loan Forgiveness (PSLF): If you work in qualifying public service jobs (such as teaching, healthcare, or government positions), you may qualify to have your remaining loan balance forgiven after making 120 qualifying payments.
  • Teacher Loan Forgiveness: For teachers who work in low-income schools, this program offers forgiveness of up to $17,500 of federal loans.

EdFinancial tracks your payments and helps you submit the necessary paperwork to qualify for loan forgiveness.

4. Customer Support and Counseling

Edfinancial is committed to providing top-notch customer service to assist you with your loan-related questions. Whether you need help choosing a repayment plan, understanding your loan status, or resolving an issue with your account, Edfinancial’s customer support team is there to help. They provide the following services:

  • Phone support: Call Edfinancial’s customer service for assistance.
  • Online account access: Manage your loan account, make payments, and track your progress online.
  • Loan counseling: Receive personalized counseling on managing your student loan debt.

How to Make Payments with Edfinancial

Managing payments through Edfinancial is simple, and they offer several methods to make the process convenient for borrowers:

1. Online Payments

You can make payments directly through your Edfinancial online account. To set up your online account, visit their website at www.edfinancial.com, and follow the instructions to create your login.

Once logged in, you can:

  • View your loan balance and payment history
  • Make one-time payments
  • Set up automatic payments to ensure you never miss a payment (you may even receive an interest rate reduction for auto-debit).

2. Phone Payments

Edfinancial’s customer service can assist you with making payments over the phone. To make a payment, you can call their customer service at 1-800-337-6884. Be sure to have your loan information ready to expedite the process.

3. Mail Payments

If you prefer to send payments by mail, you can send checks or money orders to the address provided on your monthly statement. Be sure to include your loan number on the payment to ensure it is applied to the correct loan.

How to Contact Edfinancial

If you need help with your loan, have questions about repayment options, or need assistance with your account, here’s how you can contact Edfinancial:

1. Phone Support

  • Customer Service: 1-800-337-6884
  • Hours of Operation: Monday through Friday, 8:00 AM to 9:00 PM (Eastern Time)

2. Online Support

  • Visit Edfinancial’s Help Center for common questions, troubleshooting, and resources.
  • You can also submit an inquiry or support ticket through their website if you prefer not to call.

3. Mail Support

For written correspondence, you can mail documents or letters to:

  • Edfinancial Services
    P.O. Box 36008
    Knoxville, TN 37930

FAQs

Visit www.edfinancial.com, click on “Login,” and enter your username and password. If you don’t have an account, you can create one on their website.

Yes, Edfinancial offers Direct Consolidation Loans, which allow you to combine multiple federal loans into one loan, simplifying your payments.

Edfinancial provides guidance on Public Service Loan Forgiveness (PSLF) and other forgiveness programs. You can submit your Employment Certification Form to track your progress and ensure your payments count toward forgiveness.

You can set up automatic payments through your Edfinancial online account. Log in, navigate to the payments section, and choose the option for automatic payments.

If you’re struggling to make payments, contact Edfinancial’s customer service for assistance. They may be able to help you apply for Income-Driven Repayment (IDR) plans, deferment, or forbearance options.

Conclusion

Edfinancial is a reliable student loan servicer offering a range of services to help you manage your federal student loans. Whether you’re applying for loan consolidation, exploring loan forgiveness options, or simply need help with repayment, Edfinancial provides the support and resources you need to stay on top of your loans.

By staying in contact with Edfinancial, utilizing their payment options, and taking advantage of available repayment programs, you can make your student loan journey much more manageable.