Student loan -- Dealing with your lender or servicer -- Complaint #8196941
Complaint Overview
Complaint ID: 8196941
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: North Carolina
ZIP Code: 27617
Date Received: 2024-01-21T12:00:00-05:00
Date Sent to Company: 2024-01-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I applied for loan payments to direct deposit in XXXX of XXXX with the expectation that direct deposit would start in XXXX as per Edfinancials website. At the end of XXXX XXXX I found that Edfinancial had never started direct deposit and I was XXXX loan payments behind, and technically 2 months late in payments. I called Edfinancial at the end of XXXX, a representative confirmed that they had record of me applying for direct deposit in XXXX of XXXX and proceeded to inform me that there was a delay in acceptance of direct deposit applications. At no point in time was I notified of this delay, or the possibility that I would have to manually pay my loan every month. At that point in time, I had to pay XXXX unexpected extra loan payments in addition to XXXX payment due to Edfinancials negligence, which I could not reasonably afford. When discussing the problem with an Edfinancial representative they assured me that my application would be approved by the time my next payment was due in XXXX, and upon my next due date I found that my direct deposit was again never put into effect. I feel that this problem is at the very least negligence, if not a deliberate attempt to gain extra interest and late fees from borrowers.
Frequently Asked Questions
What is Complaint #8196941 about?
Complaint #8196941 was filed against Edfinancial Services regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2024-01-21T12:00:00-05:00.
How did Edfinancial Services respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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.