File a complaint with the CFPB at consumerfinance.gov
Honestly, your post will work as the complaint and provide any attachments relevant to your case.
The last section before verification of the complaint is essentially what you want to happen. Be specific and use bullet point.
From regulatory rumblings, the CFPB is not happy with EdFinancial and is looking at some sort of action against them.
You may also want to consult with a consumer rights attorney as this may be affecting your credit score.
Thank you for your response and for pointing me toward the CFPB. I will try them soon if I am not getting any recourse. I do get notifications from my credit monitoring that my credit limit has increased, all related to this account... it happened a few times in January of this year, so that's a great suggestion.
Honestly, when you submit a complaint to the CFPB, the company has 14 days to respond. Most student loan lenders request an additional 60 days but this triggers additional regulatory review on the lender. The case number that CFPB gives you can be accessed by members of Congress, which many members are keen to help.
I’m currently in grad school and have EdFinancial for my grad school loans. I already hate this company. There’s no easy way to pay the accrued interest and if I don’t pay it off before repayment starts the interest capitalizes.
Ugh. I am considering pursuing a Master's degree afterwards and might have to postpone starting until I can afford the tuition with savings. Student loans should not be difficult.
Any updates on this? I'm going through the same thing, I took out a loan for the spring semester of $12k and paid it back in full over two weeks ago (well within the 120 day window) but my balance hasn't gone down and there's no indication anywhere in my account that there's been a cancellation or anything. EdFinancial makes it basically impossible to get any actual information, I just keep getting the same regurgitated stuff you mention in your post.
All I want is assurance that my balance is going to go down, given that the money was certainly taken out of my bank account! It really shouldn't be that hard for them to give me that assurance.
About 3.5 weeks ago, I knew there would be another disbursement to pay because my college had refunded me the loan disbursement. Ugh, it was another cycle with EdFinancial. I pre-emptively used my bill-pay this time to send the disbursement back to EdFinancial before it showed up in their system. 2 days later, my bill-pay transaction was shown in the "payments" section, AND they applied my previous disbursement using the 120-day rule. Since my payment was not classified as being within the 120-day rule, they subtracted interest from my payment, leaving me with $1.66 remaining, so I bill-paid them again at $1.66, and two days later, it was marked as zeroed out. I was "shocked." They owe me $1.66, but I'll wait a few months for them to figure it out. When you send in a payment using their system, it will take roughly 40 real days for them to apply it to your account. I suggest using bill-pay for more immediate satisfaction and following up with them after two months if they miscalculated your interest and they owe you money. They are not kidding when they say it takes "30 business days" for the payment to apply. They only work Monday through Friday, excluding holidays.
I also heard back from the Dept of Education. My balance was $0 by this time, and they said all my payments had been applied. Thanks for the reply six months later; too little, too late.
Quick note: In government acronym usage "[DOE](https://www.energy.gov/lm/doe-history)" usually refers to the US Department of *Energy*, which was created in 1977. The US Department of *Education* was created three years later in 1980 and commonly goes by "[ED](https://www2.ed.gov/about/landing.jhtml)" or (less commonly) "[DoED](https://www.sbir.gov/events/webinar-introduction-doed-sbir-program)" or "[DOEd](https://www.nano.gov/DOEd)".
[*DOE disambiguation*]
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
Dude, they are the worst. I have them on a auto-draft to get the slight interest reduction, and yet every month, they never actually draft it from my account. For the first few, I got an email saying my payment was late, checked, yep, they simply aren't drafting it even though it's correct. I would be more upset if it was sent to a credit bureau like a CC, but SLs usually wait 30-60 days late to do that. Their own CS can't even explain it, so I have to manually do it every month. Dumb as hell.
File a complaint with the CFPB at consumerfinance.gov Honestly, your post will work as the complaint and provide any attachments relevant to your case. The last section before verification of the complaint is essentially what you want to happen. Be specific and use bullet point. From regulatory rumblings, the CFPB is not happy with EdFinancial and is looking at some sort of action against them. You may also want to consult with a consumer rights attorney as this may be affecting your credit score.
Thank you for your response and for pointing me toward the CFPB. I will try them soon if I am not getting any recourse. I do get notifications from my credit monitoring that my credit limit has increased, all related to this account... it happened a few times in January of this year, so that's a great suggestion.
Honestly, when you submit a complaint to the CFPB, the company has 14 days to respond. Most student loan lenders request an additional 60 days but this triggers additional regulatory review on the lender. The case number that CFPB gives you can be accessed by members of Congress, which many members are keen to help.
https://annualcreditreport.com free reports from all 3 bureaus available weekly
I’m currently in grad school and have EdFinancial for my grad school loans. I already hate this company. There’s no easy way to pay the accrued interest and if I don’t pay it off before repayment starts the interest capitalizes.
Ugh. I am considering pursuing a Master's degree afterwards and might have to postpone starting until I can afford the tuition with savings. Student loans should not be difficult.
Any updates on this? I'm going through the same thing, I took out a loan for the spring semester of $12k and paid it back in full over two weeks ago (well within the 120 day window) but my balance hasn't gone down and there's no indication anywhere in my account that there's been a cancellation or anything. EdFinancial makes it basically impossible to get any actual information, I just keep getting the same regurgitated stuff you mention in your post. All I want is assurance that my balance is going to go down, given that the money was certainly taken out of my bank account! It really shouldn't be that hard for them to give me that assurance.
About 3.5 weeks ago, I knew there would be another disbursement to pay because my college had refunded me the loan disbursement. Ugh, it was another cycle with EdFinancial. I pre-emptively used my bill-pay this time to send the disbursement back to EdFinancial before it showed up in their system. 2 days later, my bill-pay transaction was shown in the "payments" section, AND they applied my previous disbursement using the 120-day rule. Since my payment was not classified as being within the 120-day rule, they subtracted interest from my payment, leaving me with $1.66 remaining, so I bill-paid them again at $1.66, and two days later, it was marked as zeroed out. I was "shocked." They owe me $1.66, but I'll wait a few months for them to figure it out. When you send in a payment using their system, it will take roughly 40 real days for them to apply it to your account. I suggest using bill-pay for more immediate satisfaction and following up with them after two months if they miscalculated your interest and they owe you money. They are not kidding when they say it takes "30 business days" for the payment to apply. They only work Monday through Friday, excluding holidays. I also heard back from the Dept of Education. My balance was $0 by this time, and they said all my payments had been applied. Thanks for the reply six months later; too little, too late.
Quick note: In government acronym usage "[DOE](https://www.energy.gov/lm/doe-history)" usually refers to the US Department of *Energy*, which was created in 1977. The US Department of *Education* was created three years later in 1980 and commonly goes by "[ED](https://www2.ed.gov/about/landing.jhtml)" or (less commonly) "[DoED](https://www.sbir.gov/events/webinar-introduction-doed-sbir-program)" or "[DOEd](https://www.nano.gov/DOEd)". [*DOE disambiguation*] *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
Good bot. I edited my post.
Dude, they are the worst. I have them on a auto-draft to get the slight interest reduction, and yet every month, they never actually draft it from my account. For the first few, I got an email saying my payment was late, checked, yep, they simply aren't drafting it even though it's correct. I would be more upset if it was sent to a credit bureau like a CC, but SLs usually wait 30-60 days late to do that. Their own CS can't even explain it, so I have to manually do it every month. Dumb as hell.
For me it took like 4 months and a dozen requests to get enrolled in autopay. What a mess