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.
Got student loans? Find out if you're Refi Ready.
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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.
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Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.
Check out their low rates today to see how much you can save.
Attractive Bonus and Referral Programs:
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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.
Offers unemployment protection and career/coaching/networking
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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.