Student loan -- Dealing with your lender or servicer -- Complaint #5941926
Complaint Overview
Complaint ID: 5941926
Company: Edfinancial Services
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: California
ZIP Code: XXXXX
Date Received: 2022-09-01T12:00:00-05:00
Date Sent to Company: 2022-09-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I contacted Edfinancial immediately after receiving the news of Bidens Loan Forgiveness. I saw on the Federal Student Aid website that we were able to request a refund on payments made throughout the payment pause that started in XXXX. At this point I had been waiting over hundred days since I first contacted them to request a refund back in XXXX of this year. I went ahead and asked them to do that but was immediately taken aback when they notified me that the processing times would be a minimum of 150 days. I was a pell grant recipient and am therefore eligible for XXXX in forgiveness. Throughout the pandemic I made {$6500.00} in payments. It seems as though edfinancial is the ONLY student loan provider who is quoting these ridiculous wait times. XXXX, XXXX XXXX, aidvantage are only quoting 3-8 weeks turnaround time and those that I know with those loan providers are already seeing their loans reflected on their account. Whats worrying to me is that the application for forgiveness starts in XXXX and edfinancial wont be processing any of these in time for us to receive forgiveness. They stated that our loan balances wont be reinstated until the refund is processed which wont be until XXXX at the earliest for them. The interest rates and payments will resume again in XXXX. They told me on the phone that they can not send out confirmation emails or anything to prove that they indeed did send in our request. I realize with the influx of calls that getting our money back could take a while but its very concerning to me that theyre saying this entire process can take 6 months to a year when every single other student loan provider has a way quicker turnaround despite having thousands of requests as well. Currently, getting that money back would be life-changing for me as well as many others. So seeing other peoples loan providers reinstating their balance after requesting it just 36-72 hours later makes me very concerned that this company does not have our best interests at heart.
Frequently Asked Questions
What is Complaint #5941926 about?
Complaint #5941926 was filed against Edfinancial Services regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-09-01T12:00:00-05:00.
How did Edfinancial Services respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Edfinancial Services?
Yes, visit the Edfinancial Services company profile at readthecomplaint.com/company/edfinancial-services to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.