I am new to student loans, and when I looked up edfinancial here, I noticed a lot of unfavorable posts. I’m frightened now because FAFSA requires me to use Edfinancial.
I am still studying and may transfer to another college next year. Will EdFinancial mess up my FAFSA, or will they swindle me? I’m quite confused and anxious right now.
I hate them. After contacting them five times, they finally changed my repayment plan after months. I was also late for a month because they disabled my autopay. Then, they failed to save my auto-pay for the next month, so my money wasn’t processed until after the deadline. I want to make sure that autopay is still active, but I don’t want to wait another 3637 minutes on hold or months to hear back from you via email.
When I first dealt with student loans, I was also anxious about using Edfinancial due to negative reviews I encountered online. Despite my fears, I found that Edfinancial’s role is primarily as a loan servicer, handling the administration of my federal student loans after the FAFSA process. They didn’t interfere with my FAFSA application or my ability to transfer to another college. While I stayed vigilant about managing my loans and monitoring communications from them, I ultimately had a smooth experience by staying informed and proactive in my loan management.
Edfinancial faces frequent complaints in student loan servicing: challenging customer service, autopay issues, and credit reporting errors. Their website is informative, and they received a new contract in 2024, but alternatives should be considered due to these concerns.