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Edfinancial Services: What is Edfinancial?

Edfinancial Services is one of nine federal student loan servicers that works with the U.S. Department of Education to manage student loans.

Asset Brief is an independent publisher focused on helping you improve your financial decisions. Some of the products featured may be from our partners. This does not influence our reviews, which are based on many hours of research.

What is EdFinancial Services? You may have received letters or emails from EdFinancial and wondered who they are. EdFinancial is a legitimate student loan servicer that works with the U.S. Department of Education to manage federal student loans.

What is EdFinancial?

EdFinancial Services (EdFinancial) is a student loan servicing organization based in Knoxville, Tennessee. They service both federal loans and private loans.

It is one of the nine federal student loan servicers. EdFinancial started servicing federal loans in 2012.

What is a federal student loan servicer? When you take out a federal loan from the U.S. Department of Education, the U.S. Department of Education will assign you to one of the nine loan servicers, who are approved to work with them. EdFinancial is one of these loan servicers.

How did you end up with EdFinancial?

When you take out a federal student loan from the U.S. Department of Education, they will assign you a loan servicer when your loan amount is first paid out to your school.

What is a loan servicer?

A loan servicer is a company that manages the billing and other services on your federal student loan. There is no cost to you for using EdFinancial.

Your loan servicer will, for example, send you federal loan bills, receive loan payments from you, and work with you on loan consolidation and repayment plans.

Is EdFinancial the lender?

EdFinancial is not the lender. The lender of your federal student loans is the U.S. Department of Education.

Do I choose to use EdFinancial?

No, you do not choose who your loan servicer is. The U.S. Department of Education assigns you a loan servicer.

Sometimes the U.S. Department of Education will transfer loans from one servicer to another servicer. When this happens, you will be notified. Your loans are still owned by the U.S. Department of Education, but the company who will be sending you loan bills and collecting your loan payments will change.

How does EdFinancial work with you?

EdFinancial provides a range of services to students who have federal student loans from the U.S. Department of Education.

Set up your online account
Create an online account at EdFinancial to access your loan information, make payments, review loan details, update your contact information, sign up for email correspondence, and more.

Make automatic online payments
Set up auto payments from your bank account to EdFinancial and you may receive a 0.25% interest rate deduction.
Give your parents or spouse access to your account
Provide your parents or spouse access to your loan account.
Sign up for income-driven repayment plans
You can sign up for an income-driven repayment plan. EdFinancial offers five types of income-driven repayment plans. This may lower your monthly payments, which are based on your income, family size, loan balance, and type of federal student loan. After making 20-25 years of loan payments, your remaining loan balance may be forgiven.
Change repayment plan
You can change your repayment plan type. EdFinancial offers several types of repayment plans which are based on length of time and income.
Make extra payments
You can choose to repay more than what your repayment plan states. This may reduce how much you pay later.
Postpone payments
If you are unable to make your monthly payment, you can contact EdFinancial to request deferment or forbearance.
Sign up for loan forgiveness
Under certain circumstances, such as working in public service or working as a teacher in low-income schools, you may be able to have your loan forgiven.
Sign up for military benefits
EdFinancial offers benefits to those in the military including deferments, interest caps, public service loan forgiveness, and more.

How to confirm EdFinancial is your loan servicer

If you are not sure if EdFinancial is your loan servicer, you can check this in two ways.

My Federal Student Aid

You can go to My Federal Student Aid, a U.S. Department of Education website, to see information about all of your federal loans, including who your loan servicer is.

Federal Student Aid Information Center

You can also call the Federal Student Aid Information Center (FSAIC), a U.S. Department of Education center.

Federal Student Aid Information Center phone number:
1-800-433-3243

Sample EdFinancial bill

If EdFinancial is your loan servicer, you should receive bills that look like the one below.



Source: EdFinancial

Is EdFinancial legit?

EdFinancial is a legitimate student loan servicer. It is one of nine federal student loan servicers, and has been in the student loan industry for over 30 years.

EdFinancial received an A+ rating from the Better Business Bureau (BBB).

Decades of experience in the student loan servicing industry

EdFinancial has been in business since 1995 and has many decades of experience in the student loan servicing industry. The company is headquartered in Knoxville, Tennessee with over 320 employees.

Good performance according to the U.S. of Education

The U.S. Department of Education measures the performance of its loan servicers and based on this, decides on how many student loans to allocate to each servicer. Those that perform well receive higher allocations.

EdFinancial has been allocated the third highest amount, at 15% or approximately 1 in 7 loans, as of June 2019.

Nationwide Multistate Licensing System & Registry (NMLS) registered

EdFinancial is registered with the NMLS and and the NMLS ID 1509247. The NMLS is a record system for financial licensing and registration.

Can I switch from EdFinancial to a new student loan servicer?

The U.S. Department of Education may transfer loans from one servicer to another. When this occurs, you will be notified. However, you do not get to select your federal student loan servicer.

The only time you can change your student loan servicer if when you:

  1. Consolidate your loans
  2. Apply for public student loan forgiveness

Alternatively, you can refinance with a private lender. By doing this, you forfeit federal loan forgiveness programs and income-driven repayment plans. Instead of having your loan managed by the U.S. Department of Education and EdFinancial, your loan will instead be managed by a private bank, online lender, or credit union.

How to make payments

You can make your student loan payments to EdFinancial online, by phone, or by mail.

What if you can’t afford your payments to EdFinancial

EdFinancial offers several different repayment plans. If your circumstance make it difficult for you to repay under any of these plans, you can call EdFinancial at 1-855-337-6884 to discuss alternatives.

How to contact EdFinancial

There are several ways to contact EdFinancial.

By telephone

EdFinancial telephone number:
Direct Loans (for account numbers beginning with "F")
1-855-337-6884 (general inquiries and phone payments)

FFELP & Private Loans (for account numbers beginning with "C")
General inquiries: 1-800-337-6884
Phone payments: 1-866-709-0202

EdFinancial hours of operation:
Monday - Thursday: 8 a.m. - 8:30 p.m., Eastern Time
Friday: 8 a.m. - 6 p.m., Eastern Time

By mail

EdFinancial address for payments:
Your payment address differs depending on your loan program. Log into your EdFinancial account, check your billing statement, or contact EdFinancial for the correct payment mailing address.

You can also pay online or by phone.

Direct Loans (for account numbers beginning with "F")
US Department of Education
P.O. Box 4830
Portland, OR 97208-4830

FFELP & Private Loans (for account numbers beginning with "C")
Edfinancial Services
Department 888055
Knoxville, TN 37995-8055

EdFinancial address for general correspondence:
Do not send payments to this address.

Direct Loans (for account numbers beginning with "F")
EdFinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008

FFELP & Private Loans (for account numbers beginning with "C")
EdFinancial Services
P.O.Box 36014
Knoxville, TN 37930-6014

By fax

EdFinancial fax number:

Direct Loans (for account numbers beginning with "F")
Toll-free fax: 800-887-6130
Fax: 865-692-6348

FFELP & Private Loans (for account numbers beginning with "C")
Toll-free fax: 800-887-5936
Fax: 865-692-6386

Online

EdFinancial website: https://edfinancial.com

EdFinancial login: https://secure.edfinancial.myloanmanager.com/Account/Login?ReturnUrl=%2fHome%2fIndex

EdFinancial social media:

Military

Service members can contact EdFinancial's designated Service Member Liaison by email, phone, or fax.

Email:
Do not send any personally identifiable information such as your account number or social security number.
[email protected]

Phone
:
1-800-337-6884 (option 4)

Fax:
Toll-free fax: 866-425-2473
Fax: 865-692-6376

How to submit a complaint about EdFinancial

If you are having problems with EdFinancial, there are several ways to file a complaint.

Contact EdFinancial directly

You can file a complaint directly with EdFinancial by contacting them by mail, phone, or email.

By mail:
Direct Loans (for account numbers beginning with "F")
EdFinancial Services
P.O. Box 36008
Knoxville, TN 37930-6008

FFELP & Private Loans (for account numbers beginning with "C")
EdFinancial Services
P.O.Box 36014
Knoxville, TN 37930-6014

Email:
https://www.edservicing.com/customercarequestions

Phone:
Direct Loans (for account numbers beginning with "F")
1-855-337-6884

FFELP & Private Loans (for account numbers beginning with "C")
1-800-337-6884

U.S Department of Education Federal Student Aid Feedback System

You can file a complaint with Federal Student Aid at the U.S. Department of Education through their feedback system. File a complaint here.

Better Business Bureau (BBB)

You can also file a complaint with the Better Business Bureau (BBB), a private, non-profit organization that accredits and rates businesses. File a complaint here.

Complaints filed with the BBB are forwarded to EdFinancial within two business days, and EdFinancial will be asked to respond within 14 days. If EdFinancial does not respond, the BBB will reach out to them again.

BBB complaints are generally closed within 30 business days.

U.S Department of Education Federal Student Aid Ombudsman Group

As a last resort, you can contact the Federal Student Aid Ombudsman Group, a confidential resource to help resolve disputes about your federal student loans. File a complaint here.

The Federal Student Aid Ombudsman Group can help you resolve problems with loan balances and payments, disbursements, overpayments, and more.

They provide an information checklist to help prepare for your conversation.

Federal Student Aid Ombudsman Group address:
U.S. Department of Education
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633

Federal Student Aid Ombudsman Group phone:
1-877-557-2575

Federal Student Aid Ombudsman Group fax:
606-396-4821

FAQ

Is EdFinancial federal or private?

EdFinancial is a private company that is a federal student loan servicer. It is not a U.S. federal organization, but it does work with the U.S. Department of Education to manage student loans.

For example, EdFinancial will send loan payment bills, receive loan payments, and work with you on loan consolidation and repayment plans.

Is EdFinancial a government loan?

EdFinancial does not originate loans. They service loans, including government loans. For example, if you take out a government loan from the U.S. Department of Education, EdFinancial may be assigned to service your loans. They would reach out to you and

Is EdFinancial a government agency?

No, EdFinancial is a private company that works with the government to service student loans.

How do I pay EdFinancial?

You can pay EdFinancial online, by mail, by phone, with a bill pay service, and through auto debits from your bank account.

Paying online:
You can pay online at EdFinancial's website. Set up an account to pay online.

Paying by mail:
To pay EdFinancial by mail, you can send a check or money order that has your name, account number, and correct payment amount. Make sure you mail your payment several days before your due date to ensure it arrives on time. Your payment will be made effective for the date it was received, not the date it was sent.

Check your online account at EdFinancial to confirm your payment address before sending any payments.

Direct Loans (for account numbers beginning with "F")
US Department of Education
PO Box 4830
Portland, OR 97208-4830

FFELP & Private Loans (for account numbers beginning with "C")
Edfinancial Services
Department 888055
Knoxville, TN 37995-8055

Paying by phone:
You can pay by phone with your checking or savings account 24 hours a day at 1-866-709-0202. This is an automated voice system.

Paying with a bill pay service:
You can pay EdFinancial with a bill pay service through your bank. Be sure to use the correct account number and payment address. You can find this in your online account at EdFinancial.

Paying through auto debits:
You can set up auto payments from your checking or savings account through KwikPay. To do this, log into your online EdFinancial account and select "Set up KwikPay."

EdFinancial will automatically debit your bank account on your due date and your payment will be posted to your account within 3-5 business days.

What is EdFinancial?

EdFinancial is a student loan servicer based in Knoxville, Tennessee. It services both private and government loans.

Federal student loan servicers

There are nine federal student loan servicers. Learn more about who they are, what they do, and how to contact them.