What is Edfinancial?
Edfinancial is a federal student loan servicer that manages both FFEL (Federal Family Education Loan) Program loans and Direct Loans. The company has been in the student loan industry for over 30 years and is known for its strong customer service focus and comprehensive borrower education resources.
Following the departure of several major servicers from the federal student loan market, Edfinancial received significant loan portfolios, particularly FFEL Program loans that were previously serviced by other companies. The company continues to be an active participant in federal student loan servicing.
Edfinancial Contact Information
Edfinancial Customer Service
- Website: edfinancial.studentaid.gov
- Phone: 1-855-845-1001
- Hours: Monday 8 AM - 9 PM ET, Tuesday-Wednesday 8 AM - 8 PM ET, Thursday-Friday 8 AM - 6 PM ET
- Email: Available through secure messaging portal
Repayment Plans Available
Edfinancial offers all federal student loan repayment plans:
Standard Repayment
- Fixed payments over 10 years
- Lowest total interest cost
- Default option if no other plan selected
Graduated Repayment
- Payments start low and increase every 2 years
- 10-year term (up to 30 years for consolidation)
- Good for borrowers expecting income growth
Extended Repayment
- Up to 25 years to repay
- Available for loans over $30,000
- Lower monthly payments but more total interest
Income-Driven Repayment
- SAVE, PAYE, IBR, and ICR plans available
- Payments based on income and family size
- Forgiveness after 20-25 years
Conclusion
Edfinancial continues to be an important player in federal student loan servicing, particularly for borrowers with FFEL Program loans. Understanding how to work effectively with Edfinancial can help you manage your loans successfully.
For more information about managing your student loans, visit our comprehensive blog or contact us for assistance.