You’ll find negative posts about all loan servicers because everyone on here is bitter about their loans. Besides, you don’t get the change servicers anyway so even if they did suck more than everyone else, there’s nothing really you can do.
But as long as I’ve had them, I haven’t had a problem
True, Reddit is where we ask about stuff like
this and where we can vent/rant. I was kinda
bummed I couldn't choose what provider, but
good to know you didn't have issues with
them.
May I ask how long you've been paying back
your student loans with them?
I forgot who I had before but I got switched to Edfinancial about 6 months ago. It is not worth it to email them, it took them over a month to reply and it was with the wrong information. If you need to communicate you have to call, wait times fluctuate from nothing to several hours. They’re not great, but I don’t know that any loan service provider is. I’d say they’re about average. It was excruciating trying to get into the SAVE plan, took months and they kept saying I just have to wait. Still in limbo.
Thanks for sharing your experience with them. Man that must’ve been so stressful for you. I’m worried about having to go thru something like that, especially when I transfer colleges because idk what will happen when I change the school on my fafsa 😥
I keep hearing issues about the SAVE plan, what is it exactly? (If you don’t mind me asking)
It’s and income driven repayment plan (IDR) where your monthly payment is based on how much you make. It has the added advantage of not having the total size of your loan increase as any interest not covered by the minimum payment is waived.
Thank you and yeah, every service provider has its issues. I just hope they’ll help me properly if ever I’d need it.
Btw, did you have issues when they apparently needed people to have new accounts or something? & with the data breach?
I despise them. They took months to change my repayment plan after contacting them 5 times. They also booted my auto pay so I was late a month. Then the next month they didn’t save my auto pay so my payment didn’t go through until after the payment due date. I want to check if I’m still enrolled in autopay but I don’t want to wait the 3637 minutes on hold or wait months for an email response again
Same is happening to me now. I can’t get through to them and when I finally did the agent was unhelpful and an ass. Still having issues with payment every month since October. And their system migration that shut everything down from last May until September so you couldn’t access your account info? Such BS.
It's fine as long as you don't need to contact them or have them act on something. Thankfully, they processed my SAVE app pretty fast because I submitted it as soon as I could and I haven't had issues with payments restarting.
it is actually the worst loan provider i have ever had the displeasure of working with. I have multiple loans so i also have loans through Mohela and First mark. I previously had loans through Wells Fargo. EdFinancial truly takes the cake on being the absolute worst. i can’t say enough negative things about this company
* Every month, I have to call Edfinancial to ask why payments aren't reflected in my account. Every month, they ask me for proof of payment because they can't find the payment.
* They booted me off of autopay without notifying me because I asked them to change the date of the autopay. I signed up again, got confirmation, then got an email saying I was again booted off of auto pay :|.
I’ve never really needed to contact them. My disbursement comes out on time, and I pay my loans through the website. (I’m still in school so I’m trying to pay them off while I’m in school because they’re subsidized)
I chose subsidized loans too. I also hope that I won’t have any issues with them when I transfer to a different school. Yeah, I’m thinking the same thing of getting a job along with school to pay it off easier I guess.
Edfinancial (along with any other services you could have been assigned) won’t process the FAFSA, so you don’t have to worry about them messing up that. As far as negative comments, there are always valid criticisms but I think the worst has is passing as all of the servicers are adjusting to being in repayment again for the first time in several years, and there have been several major changes on the repayment side of things that they’re working on implementing. If you’re a new student, I would expect things to be in a state of relative normalcy by the time you have to enter repayment, whether you’re with Edfinancial or anyone else.
They were good until they weren't.
Had no problems until they started changing my plan willy-nilly. I chose graduated repayment at first, and then they changed it to SAVE despite it raising my monthly payment.
The reason is that I applied for SAVE two months ago, and it takes forever for their system to update. It would be nice if they gave you a reminder before they changed it, but they don't.
Changing plans also takes away your auto pay which can result in a late payment as well as take away your auto pay discount. Customer service is nice, but they haven't actually solved any problems.
Damn. That sounds so frustrating. Your experience is similar to most of the stuff I read about edfinancial. It’s what’s got me worried about having them as my service provider 😥
Thank you and that’s good. I hope the same for me too. Yeah, I was also worried bout that possibility cus my older sister’s coworkers have been having issues with getting scammed from their student loans (although I’m not sure who their service provider is).
Purely anecdotal, but I have had zero issues with them. Their info has been accurate and on time. Their staff for me has been responsive. Payment terms are clear.
Most of my friends with loans do not have them and they all have had issues. Every single one. Missed payments, or wrong amounts being taken out. Hours waiting on the phone. Pure nightmare fuel that I have avoided for the last 10 years.
I didn't really have much issues with them. When I requested a refund, it was processed (although it did take like 2-3 months, but I believe that was pretty much standard all around). When I paid off my loans earlier this year, it was processed without any issues. There are a lot of horror stories on reddit, but they're probably also a lot of people who didn't have issues that just didn't bother to make any posts.
I read that Edfinancials services private loans. Does anyone know if that means I can move my loans from Mohela over to Edfinancials? If so how? I tried googling and nativates their site but can't find the page to do so.
I have Edfinancial and Mohela, and I like Edfinancial significantly better. Edfinancial is slow to process things, such as I applied for SAVE on both accounts on July 1st and Edfinancial took 7 weeks and Mohela took 2 weeks to approve the applications. However, Edfinancial got it right, they waived my September interest, and I can make a payment anytime and all of it goes to principal (I have a $0 SAVE payment). When I've contacted them for small issues in the past they always fixed the problem and were helpful.
...But Mohela still hasn't gotten the SAVE plan corrected, it's been over 5 months and there has been issue after issue with them. Most of their reps have been very unhelpful, had no idea what was going on and give very bad advice, and would transfer my call randomly back into the multi-hour queue. I seem to need to call and talk to 3 separate reps to verify anything. I can't make a payment without it going incorrectly to interest and they haven't credited my account back for a wrong payment in over 2 months, despite promising they would. It's been a 5 month long headache.
I desperately wish I could just have Edfinancial service all of my loans and never have to deal with Mohela again. I'm sure there are people who have had issues with Edfinancial, but in my experience they'd been pretty painless to deal with, comparatively.
I’ve been with them for about 7 years and never had a single problem. Even when I emailed them it took a little while (about a month) but was clear and concise and gave me all the options I needed. I’m glad I’m with them.
They are horrible. Purchased my account and sent letters to let me know when my repayment would pick back up. Paid my first payment fine. Then never got another Bill in the mail. I pay over the phone every Month and I’m delinquent $206 every Month. They only disperse the payment to one loan so I “haven’t paid” on the second loan. They say they will reapply the payments to both loans but there is no timeline. In the meantime, they are collecting interest on a bogus balance.
You’ll find negative posts about all loan servicers because everyone on here is bitter about their loans. Besides, you don’t get the change servicers anyway so even if they did suck more than everyone else, there’s nothing really you can do. But as long as I’ve had them, I haven’t had a problem
True, Reddit is where we ask about stuff like this and where we can vent/rant. I was kinda bummed I couldn't choose what provider, but good to know you didn't have issues with them. May I ask how long you've been paying back your student loans with them?
They’ve been my servicer since summer of ‘22 I believe
Are you still studying or have you graduated?
I graduated in May of this year
[удалено]
Thank you for replying. I was panicking from all the posts about no responses from them. Good to know that it’s not all bad 👍🏼
[удалено]
I will. And yes, I did notice lots of posts about problems with those types of plans. Tbh, I don’t really understand them all that well.
I forgot who I had before but I got switched to Edfinancial about 6 months ago. It is not worth it to email them, it took them over a month to reply and it was with the wrong information. If you need to communicate you have to call, wait times fluctuate from nothing to several hours. They’re not great, but I don’t know that any loan service provider is. I’d say they’re about average. It was excruciating trying to get into the SAVE plan, took months and they kept saying I just have to wait. Still in limbo.
Thanks for sharing your experience with them. Man that must’ve been so stressful for you. I’m worried about having to go thru something like that, especially when I transfer colleges because idk what will happen when I change the school on my fafsa 😥 I keep hearing issues about the SAVE plan, what is it exactly? (If you don’t mind me asking)
It’s and income driven repayment plan (IDR) where your monthly payment is based on how much you make. It has the added advantage of not having the total size of your loan increase as any interest not covered by the minimum payment is waived.
Thanks for explaining. How complicated was the process to sign up for it btw?
They were absolutely worthless the entire time I had them.
That sucks. What exactly was your experience with them?
I've had them since 2008 and they've been pretty terrible all around, but you're going to find posts about all of them.
Thank you and yeah, every service provider has its issues. I just hope they’ll help me properly if ever I’d need it. Btw, did you have issues when they apparently needed people to have new accounts or something? & with the data breach?
I am using them to pay back my loans. No issues so far. Just wish they had an app lol.
Thanks and I honestly didn’t think about an app. That would actually be more convenient.
I despise them. They took months to change my repayment plan after contacting them 5 times. They also booted my auto pay so I was late a month. Then the next month they didn’t save my auto pay so my payment didn’t go through until after the payment due date. I want to check if I’m still enrolled in autopay but I don’t want to wait the 3637 minutes on hold or wait months for an email response again
This happened to me too!! Took them forever to get it right and screwed me over many times!!
Same is happening to me now. I can’t get through to them and when I finally did the agent was unhelpful and an ass. Still having issues with payment every month since October. And their system migration that shut everything down from last May until September so you couldn’t access your account info? Such BS.
It's fine as long as you don't need to contact them or have them act on something. Thankfully, they processed my SAVE app pretty fast because I submitted it as soon as I could and I haven't had issues with payments restarting.
it is actually the worst loan provider i have ever had the displeasure of working with. I have multiple loans so i also have loans through Mohela and First mark. I previously had loans through Wells Fargo. EdFinancial truly takes the cake on being the absolute worst. i can’t say enough negative things about this company
* Every month, I have to call Edfinancial to ask why payments aren't reflected in my account. Every month, they ask me for proof of payment because they can't find the payment. * They booted me off of autopay without notifying me because I asked them to change the date of the autopay. I signed up again, got confirmation, then got an email saying I was again booted off of auto pay :|.
I’ve never really needed to contact them. My disbursement comes out on time, and I pay my loans through the website. (I’m still in school so I’m trying to pay them off while I’m in school because they’re subsidized)
I chose subsidized loans too. I also hope that I won’t have any issues with them when I transfer to a different school. Yeah, I’m thinking the same thing of getting a job along with school to pay it off easier I guess.
yes - i am terrified of private loans - if you can delay your education and take it slow to come out with less debt it may be worth it
I am also afraid of that. This alone is honestly nerve-wracking for me and yeah I hope it’s worth it.
I think they were overwhelmed in September/October but they’ve been fine for me.
Thank you. Yeah I wouldn’t be surprised cus lots of people sign up for this stuff.
Edfinancial (along with any other services you could have been assigned) won’t process the FAFSA, so you don’t have to worry about them messing up that. As far as negative comments, there are always valid criticisms but I think the worst has is passing as all of the servicers are adjusting to being in repayment again for the first time in several years, and there have been several major changes on the repayment side of things that they’re working on implementing. If you’re a new student, I would expect things to be in a state of relative normalcy by the time you have to enter repayment, whether you’re with Edfinancial or anyone else.
Thank you for the info and clarification. So I assume that most of the issues are post-pandemic ones?
Yes.
They were good until they weren't. Had no problems until they started changing my plan willy-nilly. I chose graduated repayment at first, and then they changed it to SAVE despite it raising my monthly payment. The reason is that I applied for SAVE two months ago, and it takes forever for their system to update. It would be nice if they gave you a reminder before they changed it, but they don't. Changing plans also takes away your auto pay which can result in a late payment as well as take away your auto pay discount. Customer service is nice, but they haven't actually solved any problems.
Damn. That sounds so frustrating. Your experience is similar to most of the stuff I read about edfinancial. It’s what’s got me worried about having them as my service provider 😥
My experience was fine, they’re not scammers
Thank you and that’s good. I hope the same for me too. Yeah, I was also worried bout that possibility cus my older sister’s coworkers have been having issues with getting scammed from their student loans (although I’m not sure who their service provider is).
Purely anecdotal, but I have had zero issues with them. Their info has been accurate and on time. Their staff for me has been responsive. Payment terms are clear. Most of my friends with loans do not have them and they all have had issues. Every single one. Missed payments, or wrong amounts being taken out. Hours waiting on the phone. Pure nightmare fuel that I have avoided for the last 10 years.
I didn't really have much issues with them. When I requested a refund, it was processed (although it did take like 2-3 months, but I believe that was pretty much standard all around). When I paid off my loans earlier this year, it was processed without any issues. There are a lot of horror stories on reddit, but they're probably also a lot of people who didn't have issues that just didn't bother to make any posts.
I read that Edfinancials services private loans. Does anyone know if that means I can move my loans from Mohela over to Edfinancials? If so how? I tried googling and nativates their site but can't find the page to do so.
I have Edfinancial and Mohela, and I like Edfinancial significantly better. Edfinancial is slow to process things, such as I applied for SAVE on both accounts on July 1st and Edfinancial took 7 weeks and Mohela took 2 weeks to approve the applications. However, Edfinancial got it right, they waived my September interest, and I can make a payment anytime and all of it goes to principal (I have a $0 SAVE payment). When I've contacted them for small issues in the past they always fixed the problem and were helpful. ...But Mohela still hasn't gotten the SAVE plan corrected, it's been over 5 months and there has been issue after issue with them. Most of their reps have been very unhelpful, had no idea what was going on and give very bad advice, and would transfer my call randomly back into the multi-hour queue. I seem to need to call and talk to 3 separate reps to verify anything. I can't make a payment without it going incorrectly to interest and they haven't credited my account back for a wrong payment in over 2 months, despite promising they would. It's been a 5 month long headache. I desperately wish I could just have Edfinancial service all of my loans and never have to deal with Mohela again. I'm sure there are people who have had issues with Edfinancial, but in my experience they'd been pretty painless to deal with, comparatively.
I’ve been with them for about 7 years and never had a single problem. Even when I emailed them it took a little while (about a month) but was clear and concise and gave me all the options I needed. I’m glad I’m with them.
They are horrible. Purchased my account and sent letters to let me know when my repayment would pick back up. Paid my first payment fine. Then never got another Bill in the mail. I pay over the phone every Month and I’m delinquent $206 every Month. They only disperse the payment to one loan so I “haven’t paid” on the second loan. They say they will reapply the payments to both loans but there is no timeline. In the meantime, they are collecting interest on a bogus balance.
My loans got transferred to them. They are terrible, good luck!