izusek/GettyImages; Illustration by Hunter Newton/Bankrate

Edfinancial Services is one of the seven student loan servicers the U.S. Department of Education may assign to you if you take out a federal student loan. As a student loan servicer, Edfinancial cannot originate any of its own loans. Instead, it is the platform you will use to make your student loan payments and monitor your progress.

Edfinancial has been operating in the student loan industry for more than 25 years, and its mission is to “do the right thing for [its] customers and each other.” The company also offers ways to apply for various types of assistance, whether you need to adjust your repayment plan or apply for deferment or forbearance.

Is Edfinancial Services legit?

Navigating through the world of best student loan lending practices can be tricky. Edfinancial is a legitimate student loan servicing company, but it has faced some legal trouble in the past. Student loan scams are common, and Edfinancial Services has had its own share of problems.

In 2022, Edfinancial Services was found guilty of steering borrowers away from applying for Public Student Loan Forgiveness (PSLF), a program that grants student loan forgiveness for borrowers in public service roles. Edfinacial needed to pay a penalty and inform borrowers they could be eligible for a waiver allowing them to apply for the program after the deadline.

How to settle a dispute with Edfinancial

If you have a complaint with Edfinancial Services, you may reach out to the Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education. According to the Department of Education, this group is a “neutral, informal and confidential resource to help resolve disputes about your federal student aid.”

The Federal Student Aid (FSA) Ombudsman Group cannot serve as your advocate or overturn any decisions, but it can help you resolve issues with your federal student loans and brainstorm potential solutions. You can also file a written complaint via the FSA website.

If you need to escalate a complaint with your student loan servicer, you can file a complaint with the Department of Education by logging into your account. You can also consider reaching out to the Consumer Financial Protection Bureau.

How do I know if Edfinancial is my loan servicer?

Most borrowers find out about their new loan servicer when they receive an introductory letter or electronic correspondence, but if you’re not sure if Edfinancial Services is your loan servicer, you can also call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

You may also find information about your student loan servicer(s) by checking your three credit reports from Equifax, TransUnion and Experian. Your credit reports include details on your current accounts (assuming the creditor or loan servicer shares information with the credit bureaus). You can access your credit reports for free through AnnualCreditReport.com.

If you want to reach out to Edfinancial Services directly, you have a few options. You may contact Edfinancial via mail, email or online chat. You can call the company at 855-337-6884 during the following business hours:

• Monday: 8 a.m. until 11 p.m. EST
• Tuesday through Friday: 8 a.m. until 8 p.m. EST
• Saturday: 10 a.m. until 2 p.m. EST

What to do if Edfinancial Services is my servicer?

If you discover that Edfinancial Services is your new loan servicer, there are a few basic steps you’ll need to take:

• Find out when your next loan payment is due and when your future payments will be due each month after that.
• Begin making your student loan payment(s) to Edfinancial Services on or before your payment due date each month. You can make payments online, by mail, by phone or via a bill pay service. You can also set up automatic payments.
• Set up an online account with Edfinancial Services to manage your student loan(s) and communicate with your service provider when questions arise.

If you are unhappy with Edfinancial, you don’t usually have the option to switch loan servicers. The only exception is if you consolidate your federal student loans with a Direct Consolidation Loan or refinance your loans with a private lender.

Bottom line

Edfinancial Services is one of few loan servicing companies that currently contract with the Department of Education. Changing servicers isn’t typically an option unless you consolidate your loans or refinance to private student loans. If you have issues, contact Edfinancial customer service or file a complaint with the U.S. Department of Education.