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.
Got student loans? Find out if you're Refi Ready.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 2.49% 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.
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.
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.
SoFi is the leading student loan refinancing provider.
$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.
Save thousands on your student loans and pay off your loans sooner. Find your rate.
Ability to apply for cosigner release after 24 consecutive payments.
Give Your Life’s Journey a Jump-Start.
If you’re ready to put student loans in your rearview mirror, Nelnet Bank student loan refinancing offers low rates and flexible terms to help you start getting ahead.
See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.
Works with 300+ community lenders for higher approval chances
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.
16 different loan term options – more flexibility to pay down your loan faster
College Ave Student Loans offers major help and minor stress. We’ll help guide you through the process to find the right loan term and interest rate for you and the family budget.