Is EdFinancial Legit?

Jen Williamson Updated: February 3, 2020

If you've been contacted by EdFinancial and wondered if they were scamming you, don't ignore the letters or the emails. They're legit. (But we'll talk more about student loan scams later.)

EdFinancial is a student loan servicer—and they might even be your loan servicer. They service loans for 15 leading U.S lenders, including private banks and state agencies. Most importantly, they also service federal Direct student loans.

If you had no idea who EdFinancial was, 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.

New call-to-action

What is EdFinancial?

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 through private lenders. The servicers handle the paperwork, manage your payments, and act as a liaison between you and your lender. 

In short, your loan servicer is the company where you send your checks. If you have direct debit, they’re the company that takes your payment out of your account.

And if you’re having trouble paying back your loans, your loan servicer is the one to call. They can help you get onto an income-driven repayment plan, consolidate your loans, or adjust your payment schedule.

How do I know if EdFinancial is my loan servicer?

If you’re not sure who your loan servicer is, visit 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.

On either of these sites, you'll need to have an FSA ID. You received yours (probably in an email) when you applied for federal student loans, but if you don't remember or can't find it, you can request a new one.

Or, you can get in touch with EdFinancial directly at 1-855-337-6884.

Imagine Life Without a Student Loan Payment... Start Saving Now!

How to avoid student loan scams

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 crazy promises. Scam companies will sometimes promise to get your loans forgiven or help you pay them off faster. If it sounds too good to be true, it probably is. The federal government does offer forgiveness programs, but those take decades.

Don’t give anyone money. Your loan servicer will want your monthly payment—and you may owe some fees if you’re late. But a fraudulent company will ask you to pay them to do things 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. Do not 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.

Refinance & Save Today With These Leading Lenders

#1 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • Fixed rates: 4.39% - 9.24% APR
  • Variable rates: 2.50% - 9.24% APR
  • Minimum credit: 650
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry 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.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

#2 View More Details

SoFi is the leading student loan refinancing provider. 

  • Fixed rates: 3.99% - 8.24% APR
  • Variable rates: 2.49% - 7.99% APR
  • Minimum credit: 650
View More Details
Visit SoFi View Loan Disclosure

$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.

  • Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
  • No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
  • Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
  • Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
  • 98% of surveyed members would recommend SoFi to a friend

Save thousands on your student loans and pay off your loans sooner. Find your rate.

#3 View More Details

Works with 300+ community lenders for higher approval chances

  • Fixed rates: 2.49% - 7.75% APR
  • Variable rates: 1.90% - 5.25% APR
  • Minimum credit: 660
View More Details
Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#4 View More Details

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

View More Details
Visit Earnest View Loan Disclosure

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.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

Save Money Now