The short answer: Yes, EdFinancial is legit. They're a student loan servicer—and they might even be your loan servicer. They work with 15 leading U.S lenders, including private banks and state agencies. They also service federal Direct student loans.
But if you weren’t aware of that, you’re not alone. It’s totally possible to have thousands of dollars in student loans, and not know who your loan servicer is—or even what one does. Here’s what you need to know—and how to get the information you need.
As we mentioned above, EdFinancial is a student loan servicer.
Loan servicers are the companies that administer the loans you take out through the federal government, and sometimes private lenders. They’re the ones that handle the paperwork, manage your payments, and communicate between you and your lender.
Your loan servicer is the company you send your checks to. If you have direct debit, they’re the company that takes your payment out of your account.
If you’re having trouble paying back your loans, it’s your loan servicer you talk to. They can help you get onto an income-driven repayment plan, consolidate your loans, or adjust your payment schedule.
If you’re not sure who your loan servicer is, go to the National Student Loan Data System (NSLDS). This website provides a centralized view of all your information for federal student loans.
You can also go to My Federal Student Aid and log into your account. From there, you should be able to find out who your loan servicer is for all your loans.
Or, you can get in touch with EdFinancial directly at 855-877-6884.
So how do you tell the difference between a legit student loan servicer and a scam company? Here are some tips for sorting that out.
Know who your servicer is. If you’re not sure, find out. Check with the NSLDS, My Federal Student Aid, or the servicer in question.
Watch out for too-good-to-be-true promises. Scam companies will sometimes promise to get your loans forgiven or help you pay them off faster. Be wary of these promises. The federal government does offer forgiveness programs, but those take decades.
Don’t give anyone money. Your loan servicer will be looking for your monthly payment—and you may owe some fees if you’re late. But the fraudulent companies will want you to pay them regularly to do things for you that you could do yourself—like consolidate your loans.
Don’t sign over power of attorney. Fraudulent companies will sometimes ask for an outsize amount of control over your loans—such as asking for power of attorney, or your Federal Student Aid ID. Don’t give up sensitive information.
If you’ve received a piece of mail from EdFinancial, they may be your loan servicer. Check with NSDLS, the federal government, or EdFinancial directly to be sure.
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Works with 275+ not-for-profit community lenders for higher approval chances
LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.