We know between the pandemic and the student loan payment pause, there might be a lot of confusion with your student loans. And now a change in who services your student loans will only add to that confusion. No need to worry, though! We understand and want to make this transition as smooth as possible while your loans are transferred to us!
Why were your loans transferred?
FedLoan Servicing did not renew their servicing contract with Federal Student Aid (FSA), announced as of July 8th, 2021. As such, Edfinancial was selected to handle the servicing of their loans. For more information about the announcement, please visit https://studentaid.gov/announcements-events/fedloan-stop-servicing-loans.
Who is Edfinancial?
Edfinancial is a student loan servicer that was selected by the U.S. Department of Education (ED) to service federal student loans. Headquartered in Knoxville, Tennessee, Edfinancial Services provides customer service on behalf of lenders, including the U.S. Department of Education (ED). This includes answering your questions, helping you with repayment plans, and processing your student loan payments.
We've been in the student loan industry for over 25 years, and we strive every day to find a better way to deliver exceptional student loan servicing for students and families nationwide. It is our mission to do the right thing for our customers and each other.
What happens now?
Edfinancial will be reaching out via mail and email to formally welcome you and let you know of the changes you can expect. Please be patient during this time and allow time for the transition.
In the meantime, the most important thing you can do is stay informed! We recommend that you:
- Keep an eye out for emails and letters from us! We will notify you as soon as your loan(s) has been transferred, and we will also keep you informed about other important updates over the next few months, so make sure we have your best email address on file once you are able to create your online account.
- Once you have received the Welcome Notice from us, create your online account on Edfinancial.com. Please note: you will be unable to create your online account until your loan(s) is fully loaded in our system.
How long will you be able to access loan information with FedLoan Servicing?
Once your loans have been transferred, you may still see your information on your FedLoan Servicing Account Portal. However, once the system is updated and the transfer complete, that will no longer be the case. This will usually be updated in 7-10 business days after your loan transfers. Therefore, it is important to have your account set up with Edfinancial so you can track your loans online at any time.
Edfinancial will notify you of your transfer status as it occurs. Be on the lookout for these notices!
What are some changes you can expect?
You can find out more details about the loan transfer process from Federal Student Aid (FSA) and Edfinancial. Many things will remain the same such as billing, payment amounts, repayment plan, loan history, and more. However, be aware of some things that will change:
Online Account: You will need to register for Manage My Account at Edfinancial.com to access your account information and make payments.
Account Number: Your FedLoan Servicing account number will no longer be used so we will assign you a new account number that will be included on all communications once loans are transferred.
Tax Information: 2021 tax information will be provided by FedLoan Servicing for payments made prior to your loans transferring. Edfinancial will provide tax information any payments made after your loans have been transferred to us.
Payment & Correspondence Addresses: It’s important to note there is a new address for sending payments and other correspondence. Visit our contact us page for details.
NOTE: Payments sent to the wrong address can cause significant delays in the posting of your payment
Who do you contact regarding questions on your loans?
The best way to stay informed is to watch for emails from us and register for Manage My Account at your earliest convenience, but feel free to contact one of our friendly customer service representatives and they will be happy to answer any questions or concerns you might have!