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.
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.
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.
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.
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