Consumer complaint received 2023-10-26
Company: EdFinancial Services
State: KY
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:
On XX/XX/XXXX I called Edfinancial Services because I received my notice for Student Repayment on my {$16000.00} loan which indicated that under the new SAVE plan, my monthly repayment amount was going to be {$570.00}! I immediately called and waited on hold for over an hour to find out how this was possible- I was told that there may have been a calculation error, or my income capped out and didn't actually qualify for the SAVE plan. I asked to switch to a new plan as this amount is absolutely not possible for me to pay that amount - plus, it would result in me paying off my loan in under 5 years - again, not possible. 

I was informed by the rep that I could be moved to a different plan and my new monthly payment would be {$180.00}. This was acceptable - I was then informed it would take 31 BUSINESS DAYS to change- nowhere else in the world does it take 31 business days to change! Regardless, I reached out to the customer service team on XX/XX/XXXX because my payment amount had still not updated - this was the response I received : ************************** XXXX  XX/XX/XXXX, XXXX to me Hello XXXX XXXX Thank you for contacting Edfinancial Services . I hope this email finds you well. I show, per the notes on your account, that you have spoken to a representative more recently than this e-mail on XX/XX/XXXX. As a friendly reminder, the representative advised you that the estimated monthly payment on the Standard repayment plan is {$180.00}. The representative submitted a request to have your account placed on the Standard repayment plan. Please allow 31 business days for processing from the date the request was submitted. We appreciate your patience.

If you have any other questions, you can also chat with us at https : //edfinancial.com/XXXX 

Thank you, XXXX Edfinancial Services We value your opinion and want to know how we can improve your email experience. Please take a minute and provide us with your feedback by clicking on this short survey. 

https : //edfinancial.com/emailsurvey From : XXXX Sent : XXXX XXXX XXXX XXXXXX/XX/XXXX XXXX XXXX ( Eastern Daylight Time ) To : XXXXXXXX Subject : Repayment Plans/Lower Payment Options? XXXX XXXX XXXX XXXX On XX/XX/XXXX, I again contacted the Customer Service because my payment amount had still not updated - and NOW it is also showing past due. The representative that I spoke with said that the 31 business days had actually changed to 45 business days- and they were so backed up with requests that they have not been able to accomodate or update requests. Now, Customer Support is saying that sometime in XXXX, I may see that payment amount update. 

However, I am now facing a late payment of 2 months and over XXXX! This needs ot be corrected immediately - even with the on ramp time, I am receiving late notices and payment requests. I get that this is a hard time, but it should not take 45 business days to update a loan repayment - nor should the only way this can be updated is by calling Customer Service which has over 3 hour wait times. This is both poor service, and incorrect information and a violation of my rights as a borrower- not only was I provided incorrect information on my repayment terms, I was put into a repayment plan which is not something I can accomodate ( nor did I authorize it! ). I was also not informed that the timeframes of when my loan payment terms was changing from 31 to 45 business days - I had to call and find this out. The representative said that EdFinancial does not have the ability to automatically notify borrowers of these changes.

Please take this complaint seriously- it is a violation of rights on so many levels as a borrower.

Company response to consumer: Untimely response