Consumer complaint received 2022-06-14
Company: EdFinancial Services
State: IA
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:
When I found out about the public forgiveness loan, I reached out to refinance my loans to ensure that I qualified for the program. When I applied for refinance, I was told I was going into the right program although, they didn't know all the details but assured me what I was doing was correct. So I refinanced my loans and my service provider ended up being EdFinancial Services. I remember being excited and nervous about the same time, since the loan provider said they " thought '' I was doing everything right. I always told the loan provider that I am coming to you to qualify for the PSFL, so please ensure that I do everything correct. This is where the problem started. After trying to work it out with XXXX, they gave me many run arounds and said ultimately it was MY decision to choose which loan to go to and that they couldn't advise me to ensure I was in the correct loan. XXXX gladly accepted my refinance, but didn't assure that I was in the right loan, given all options before putting me in forbearance or any kind of deferrant program. I remember at XXXX time, they told me not to worry, we will take care of you and ensure that you are taken care of. I believe now " taken care of '' was assuring that my loans were just in a government protected program to ensure I only received the government benefits. XXXX didn't advise me to the correct payment plans. XXXX did not give me all my options to ensure I always qualified for the program. When I tried to work with the ombudsman and XXXX they gave me the run around and blamed all of it on me. I thought and believed what they where advising me and telling me what I needed to do would all Qualify for the public forgiveness loan program. When I found out XXXX was charged for doing this to others, I knew I needed to take action. They now post when you sign in about the PSFL temporary program, it's almost as the government has told them to make it right, but XXXX XXXX has not made it right for me. I have made payments for many years to see that my accrued interest has outpaced my actual principal when I graduated in XXXX. It almost sickens me to believe XXXX had my best interest. Needless, they where just another bank wanting to make income on another student. They advised me wrong, XXXX XXXX just did not do well. I'm glad that the government has charged them, but it's not enough for the wrong doing they have caused me or other students. When I reached out to them when I was getting close to my XXXX year at the XXXX XXXX XXXX, EdFinancial couldn't even give me an estimate of how much time I would have left to pay. The thought I would only have about 2 years of accreditation, maybe... Although they were not sure. I will remind you that I refinanced and took my trust into this company to ensure I was doing everything right, although they want to blame ME. I feel Ed Financial is taking advantage of their students that they tell are enrolled in the program but greatly misled them as well.

When the student loan issues start to become a big deal, is when I reached out to the ombudsman department for help with Ed Financial. Sadly, not even that department was much help. It seemed like it was un trained staff that was unfamilar with the process who was actually on the side of the student loan provider instead of being someone in the middle to ensure everything was taken care of. Even to this XXXX, XX/XX/XXXX. Ed Financial can't explain the interest that I paid in XXXX that they apparently had on record. In XXXX, I believe the student loans were all in the national forbearance. Yet, they told me that I could claim it ... or disregard using the interest on my tax forms!!! This is another violation I feel Ed Financial has. How does someone pay any interest on a loan, when no payments were required. The ombudsman 's never even cared to respond to me. Ed Financial is a shame to student loan borrowers. They have greatly misled students with myself included. For the longest time, I felt - lets change it for the next generation, the students who are going to school now... Although when I did my last certification with ed fin. they tried once again to put me on something that wouldn't even count against the income based. Ed Financial even had the audacity to tell me since they had me switch income based plan that I was set to restart my XXXX years of repayment. This is after the entire time that they then decided to dump another XXXX XXXX on my loan as " capital '' interest. They said that they could charge " capital '' interest even though there is a XXXX percent interest being charged. Ed Financial knew they were taken advantage or me or knew their staff were not properly trained to handle these cases yet they took the loans gladly to ensure they got all that interest payment. I am requesting the CFPB to investigate Ed Fin even further than they have, because I bet there are more student loan borrows that have been affected by me. When you hear after working XXXX or so years at XXXX place and almost 9 years at another that you only have less than 2 years... you get discourage. At the time I was working in XXXX in the most at-risk neighborhoods... I've been shot at, I've been in cross fire, I seen students die of gain related issues all while I was trying to make a difference. It came to a time, that I lost faith in Ed Financial and had to worry about myself, my life, my opportunity in the hands of myself to ensure I would live the next day. Ed Financial was only doing the same to ensure they could collect interest and hope... hope that I die with my student loans. Finally, Ed Financial would not provide majority of this information in " writing '' they wanted to call and discuss these matters than having a paper/email copy.

Company response to consumer: Closed with explanation