Product: Student loan

XXXX XXXX XXXX XXXX XXXX XXXX, MA XXXX XXXX ( XXXX ) XXXX XX/XX/2023 Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX  XXXX, Iowa XXXX Subject : Formal Complaint Against EdFinancial Services Dear Sir/Madam , I am writing to file a formal complaint against EdFinancial Services regarding my parent plus loans. My name is [ Your Name ], and I am making payments under my father 's parent plus loans. 

I made a call to EdFinancial on XX/XX/2023, at XXXX PM, with a request to have a substantial payment of {$20000.00} applied specifically to the interest on these loans. My intention was to expedite the repayment process and potentially consolidate the loans in the future. To ensure there was no confusion, I reiterated this request multiple times during the call to the EdFinancial agent. 

The agent I spoke with assured me that my request could be accommodated and subsequently applied my payment to my account. However, it soon became evident that the funds were not allocated as per my instructions. Instead, over {$18000.00} was applied to a single loan, while the interest on all the loans remained untouched. Only a smaller payment of {$3000.00} was allocated to the interest, a payment that I had made separately. 

Recognizing this error, I submitted a complaint via the EdFinancial website on XX/XX/2023, expecting a response within 4-5 business days. Regrettably, I did not receive any response or acknowledgment of my complaint. 

On XX/XX/2023, I made multiple attempts to contact EdFinancial by phone ( at XXXX PM and XXXX PM ) but was unable to reach a representative. The following day, I finally received a call back at XXXX AM, only for the call to be abruptly terminated. I promptly requested another call back at XXXX AM on the same day. Despite my persistent efforts, I was unable to connect with a representative who could address my concerns effectively. 

After weeks of attempting to resolve this issue, I managed to speak with an EdFinancial agent on XX/XX/2023. During a 37-minute conversation, the agent assured me that a supervisor had approved the expedited correction of my payment allocation to the interest. I was informed that this process would take 5-7 business days. However, even after two weeks had passed, no changes were made to the allocation.

I continued my attempts to contact EdFinancial for resolution, but encountered repeated call hang-ups and unresponsiveness. On XX/XX/2023, after waiting for over 4 hours for a callback, the agent disconnected the call with no follow-up, demonstrating a lack of accountability and professionalism. 

I would like to highlight that, during a call on XX/XX/2023, at XXXX AM, with an EdFinancial agent, the agent hung up after 15 minutes into the call. This was following my previous attempt on XX/XX/2023, at XXXX PM, to request a callback. During the call on XX/XX/2023, the agent informed me that no action had been taken, and no request had actually been filed on XX/XX/2023, despite the agent from that day claiming she had requested an expedited resolution. 

I believe that EdFinancial Services ' handling of my payments is not only unprofessional but also raises serious concerns about the proper allocation of funds on my parent plus loans. Their negligence has caused significant delays in my repayment efforts and has impacted my financial well-being. In addition, it is important to note that my daughter had provided her bank information for these payments, which further underscores the mishandling of funds by EdFinancial. 

I kindly request your intervention in this matter to ensure that EdFinancial Services rectifies the situation promptly and efficiently. Additionally, I urge the CFPB to investigate the practices of EdFinancial Services to prevent further mishandling of borrowers ' funds. 

Enclosed with this letter, please find copies of relevant documentation, including call records and any correspondence with EdFinancial. 

Thank you for your attention to this matter. I appreciate your assistance in resolving this issue. 

Sincerely, XXXX XXXX