Student loan -- Dealing with your lender or servicer -- Complaint #5942777
Complaint Overview
Complaint ID: 5942777
Company: Edfinancial Services
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Received bad information about your loan
State: New York
ZIP Code: 11365
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 Wednesday, XX/XX/XXXX, I contacted Edfinancial to request a refund on all payments made throughout the payment pause that started in XXXX which is allowed under the Cares Act. I was shocked when they notified me that the processing times would be a minimum of 150 days. I called them again the next day to inquire about the refund submission process and from everything they told me made it clear that Edfinancial is the culprit in delaying the Refund request submissions to the Department of Education. It is clear as daylight that 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 people 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, and their recent transgressions and shady practices in which they were fined very heavily leaves me to wonder why do they still have their federal loan servicer status. PS : CFPB should investigate this company again for their very anti-consumer practices and have their license revoked as a federal loan servicer if found guilty.
Frequently Asked Questions
What is Complaint #5942777 about?
Complaint #5942777 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.