Student loan -- Dealing with your lender or servicer -- Complaint #5987194
Complaint Overview
Complaint ID: 5987194
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: Wisconsin
ZIP Code: 54601
Date Received: 2022-09-15T12:00:00-05:00
Date Sent to Company: 2022-09-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
After the announcement of potential student loan forgiveness, I requested a refund of payment of {$14000.00} with EdFinancial on XX/XX/2022 as I made payments during the covid waiver I am eligible for forgiveness. I called back on the 31st to get an estimate for the timeline of refund, and they told me it would be about 150+ days for a refund. I told them that is too long as the forgiveness application is set to open in XXXX and I'm assuming it may take a few weeks to process that already. I also told them that this is past the no interest rate in XX/XX/XXXX so while I wait for forgiveness I would accure interest. They basically told me too bad and I would be responsible for interest past XXXX. Interest would be added DAILY even though I already paid off my loan. I don't quite understand how it would be responsible for interest to accure when I can't even see the balance or make a payment and yet would be getting some of this forgiven. This request should not be taking over 150 days as other loan services are about a few weeks compared to EdFinancial. I should be able to get a refund, apply for forgiveness and pay back the remaining balance without interest. Add this all to they recent databreach to this company in the last few weeks and this company fails to give me confidence about anything they do. EdFinanciall fails to process refunds in a timely matter, has poor customer service, poor data practices, and says I could potentially pay interest for a loan I already paid.
Frequently Asked Questions
What is Complaint #5987194 about?
Complaint #5987194 was filed against Edfinancial Services regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-09-15T12:00:00-05:00.
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.