Student loan -- Dealing with your lender or servicer -- Complaint #5944747
Complaint Overview
Complaint ID: 5944747
Company: Edfinancial Services
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Problem with customer service
State: Minnesota
ZIP Code: 554XX
Date Received: 2022-09-02T12:00:00-05:00
Date Sent to Company: 2022-09-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On Friday, XX/XX/XXXX, I contacted Edfinancial after receiving news about student loan refunds for any payments made after XX/XX/XXXX, during the payment pause. I went ahead and asked them to refund the amount paid, but was taken aback at the processing time of at least 6 months, possibly 7-8 months. Several of my friends that have different student loan providers are seeing processing times of 3-4 WEEKS, give or take a few weeks, but nowhere near as long as a minimum of 6 MONTHS. I was a Pell Grant recipient and am therefore eligible for up to $ XXXX in forgiveness. During the payment pause, I made $ XXXX in payments. It seems as though EdFinancial is the ONLY student loan provider who is quoting these ridiculous wait times. XXXX, XXXX XXXX, and XXXX are only quoting 3-4 weeks for turnaround, and those that have these providers are already seeing their loans reinstated on their account. What worries me is that the application to apply for student loan forgiveness opens in XXXX and EdFinancial won't be processing any of these requests in time to receive forgiveness. I'm expecting my refund to be received AND processed by XX/XX/XXXX at the earliest, possibly further out until XXXX or XX/XX/XXXX - well beyond the loan forgiveness application deadline. EdFinancial stated that our loan balances won't be reinstated UNTIL the refund is processed, which in my case, won't be until XXXX, XXXX, or even XX/XX/XXXX. Interest rates and payments will resume again in XX/XX/XXXX, and if my balance isn't reinstated by then, I'll be stuck paying interest on loans previously paid off for several months. EdFinancial told me over the phone that they can not send out confirmation emails or anything and the only way I can verify if my request has been processed is by calling back in a month or so. I've heard from some friends and family that they called to request a refund, and when they called back to check on the status, the refunds haven't even been added to the system! I realize with the large call volume that requests will take a while, but it's very concerning to me that the minimum wait time is 6 months, when some providers are reinstating balances and issuing refunds within 6 WEEKS. I've also learned that EdFinancial is still processing over 2,000 requests made since XX/XX/XXXX, and I fear that I will not be getting my loan reinstated/refund back in time for forgiveness due to the seemingly very slow processing times with EdFinancial. Getting that money back would be life changing for me and millions of other Americans. So seeing how other loan providers are able to process payments within just several days/weeks makes me very concerned that EdFinancial does not have our best interests at heart.
Frequently Asked Questions
What is Complaint #5944747 about?
Complaint #5944747 was filed against Edfinancial Services regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-09-02T12:00:00-05:00.
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.