Edfinancial Services is one of nine companies that service federal student loans by collecting and tracking payments. It is sometimes seen as HESC/Edfinancial. If Edfinancial is your student loan servicer, here’s what it can help you do.
- Register for online access to your account. Once you have access you can contact Edfinancial, access your monthly billing statements and pay bills.
- Enroll in autopay. Edfinancial can deduct your payments automatically from your bank account. Signing up for autopay can reduce your interest by 0.25%.
- Sign up for income-driven repayment. You can request income-driven repayment, which limits your student loan payments to a percentage of your income, by completing a paper form with Edfinancial. (You can apply online on studentloans.gov and then recertify your income each year online as well.)
- Process deferment and forbearance requests. Edfinancial can help you temporarily stop making payments or reduce your payment amount if you qualify. This helps you stay in good standing to avoid default. But during any periods of deferment or forbearance, interest can continue to build on most loans.
- Process monthly payments and extra payments. Edfinancial will track and collect your payments. If you want to make additional payments, you can instruct Edfinancial (online, by phone or by mail) to apply extra payments to your current balance. Otherwise, it may apply the additional amount to next month’s payment instead.
Your loan servicer is assigned by the U.S. Department of Education when your loan is disbursed to your college for the first time. The name of the company sending you a federal loan bill every month is your servicer. If your loan payments haven’t begun or you’re not sure which company is your servicer, log in to My Federal Student Aid to find out.
Servicers are there to help you, but they may offer choices that are best for the company, not the borrower. That means they can’t change how payments are processed and may not suggest the most beneficial repayment option for you. It’s most important to know your repayment options so you can know the right questions to ask.
Am I stuck with Edfinancial until my loans are paid off?
Loans are sometimes transferred from one servicer to another by the Department of Education.
You’ll be notified if this happens, and you’ll manage payments with the new servicer. All servicers deliver the same options and programs, but customer service may differ from one to another.
Otherwise, you are likely to remain with Edfinancial unless you act to switch servicers. Use this tool to find out what might work for you.
How to reach Edfinancial customer service
Edfinancial contact number: 1-800-887-6130
Edfinancial hours of operation: Monday – Thursday, 8 a.m. – 8:30 p.m. ET and Friday 8 a.m. – 6 p.m. ET
Edfinancial address for loan payments:
U.S. Department of Education
P.O. Box 4830
Portland, OR 97208-4830
Edfinancial address for general correspondence:
P.O. Box 36008
Knoxville, TN 37930-6008
Edfinancial website: edfinancial.com
Edfinancial email: Use the online form.
How to complain about Edfinancial
If you’re having difficulty with Edfinancial that you have been unable to resolve, start by filing a complaint with its Customer Resolutions Unit. Email [email protected].
If your issue goes unresolved, you can also make complaints about Edfinancial to:
- Federal Student Aid Feedback System.
- Your state attorney general’s office.
- Your state consumer protection office.
- Your congressional representative.
Make sure to keep records of conversations you have, including the day, time and customer service representative you spoke with. Keep copies of any letters, bills or emails about your account.
How to settle a dispute with Edfinancial
If a complaint doesn’t help, you can contact the Federal Student Aid Ombudsman Group. This method should be used only as a last resort, the federal student aid office says. Complete all information on the Ombudsman Information Checklist before contacting. When you’re ready to do so, here’s how:
By mail: U.S. Department of Education
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
You can also reach out to a student loans nonprofit such as The Institute of Student Loan Advisors, which provides free dispute resolution.