We know that student loan debt can be overwhelming and there are several for-profit "debt relief" companies which claim that they can help consolidate, defer, or forgive your student loan debt - for a fee. We want borrowers to know that student loan assistance is available for free and that many of the companies behind these offers have sophisticated marketing tactics to target unsuspecting students, borrowers, parents, and military service members and their families. These companies may charge up to $1,600 and promise complete loan forgiveness, lower monthly payments, or lower interest rates, but many are not able to deliver on those promises, or are simply completing applications on the borrower's behalf for programs that are currently available to them. If you have been harmed by a "debt relief" entity, you may report them to your state's Attorney General's Office or to the Consumer Financial Protection Bureau.
Some "debt relief" companies will ask borrowers to sign a Limited Power of Attorney (LPOA); this form allows companies to change the borrower's contact information to the debt relief company's contact information. Edfinancial Services will not honor a "debt relief" company's request to change a borrower's contact information; however, we will continue to honor an Individual Power of Attorney request outside those of any third party "debt relief" companies.
Edfinancial Services, in business since 1987, is committed to providing exceptional customer service free of charge. We have an extensive knowledge of the programs that are available to help those who seek relief; we know they can be confusing and that's why we're here to help. You can find information about your available options here on our website or on the U.S. Department of Education's website: www.studentaid.ed.gov.
If you are having difficulty making payments, there are a variety of deferment, forbearance, and repayment plans available to meet the needs of almost every borrower. Learn more about your repayment options, or log into Manage My Account and select "Lower My Payments" on the left. You can also contact us directly to discuss your options. With the income-driven options, you may qualify for a payment as low as $0.00 per month if you have very low or no income, but note that by lowering or deferring your payments, you will pay more interest over the life of your loan(s).