Consumer complaint received 2018-05-03
Company: EdFinancial Services
State: CA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
In XX/XX/XXXX, after my loan had been transferred from XXXX XXXX, I contacted Edfinancial regarding the payment schedule. I asked Edfinancial to  send an amortization schedule for payments because the loan payments and the term did not match up. They assured me that the loan was correct and if I continued to pay the payments as described the loan would be paid in full at the end of the 30-year term. They complied, and an amortization schedule was sent it to me. I then again noticed in XXXX when reviewing the amortization schedule against my payments made, again, this loan would never be paid off if I continued their schedule due. I called Edfin and they said they would have someone investigate it and call back with their finding. I called Edfin on XX/XX/XXXX and the representative said that they concluded their research and the loan was correct. I then asked to speak with a supervisor to press the issue because the representative didnt have the answers to my questions because the balance shown did not match up with the amortization schedule. I spoke with XXXX, who identified himself as a manager and the top person in his department. He stated that they don't send out amortization anymore, because they are inaccurate. As I stated to XXXX, I have been paying on this loan for 66 months and based upon their amortization schedule the balance should be {$100.00}, XXXX, however Edfinancial had the balance at {$100000.00}. This would have put me back to month 55 on their schedule. He stated that Edfin had made a mistake and the figures were incorrect. However, the numbers were incorrect in their favor, which means that we have paid more interest to them then originally agreed upon in our contract. This is because the amount was higher than what the schedule showed and based upon the amount of the balance they stated we still owed in XXXX, I would have to extend my loan by 11 months to pay off the balance. When I questioned XXXX on this, he confirmed that it was an error on their part. I also stated that I would like to check on getting a refund for the extra interest we had paid, and he continuously stated that there is no way " they '' would do that. When I asked him who " they '' was, he did not have an answer. I also questioned him on his numbers, because as I calculated out what he was saying, the end date would have been well beyond the 30 years. He stated that an audit should have picked up the mistake. I was very concerned as I have been paying on this student loan for 10 years already and the auditing process that should have caught the mistake never happened in the 10 years of the loan. 
I have since refinanced my student loan to a 15 year with another company. I followed the terms of the student loan, always made my payments on or before the due date but have paid more interest to a company than was outlined in the loan agreement. I also questioned XXXX as to the fact that we signed a Contract and they were not honoring the contract and were changing it. When I said, that is not how a contract works, he again, didnt have an answer. 
I would like the opportunity to speak to someone who can make this situation right.

Company response to consumer: Closed with explanation