Consumer complaint received 2016-04-11
Company: EdFinancial Services
State: PA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with my lender or servicer
Sub-issue: Need information about my balance/terms

Complaint:
My current loan provider is Ed Financial. I consolidated my federal loans with them in XXXX XXXX. I have been paying my loans back on a graduated repayment schedule since XXXX XXXX. The payments increase every 2 years on this repayment plan. I had been on the year 8 ( payments XXXX ) repayment category when I went out on maternity leave in XXXX XXXX. I did n't make payments for XXXX XXXX and XXXX XXXX ( after discussing this with my loan provider ). At that point I had " paid ahead '' and did n't have payments due for 3 months. When I returned to making payments in XXXX XXXX, they returned to listing my graduated repayment " amount due '' in the year 1-2 ( payments 1-24 ) category. But I am paying at the year 8 category ( payments XXXX ) as I had been. Since I am paying more than what is " due '' per this reset calculation, they are listing my next payment due date as XXXX XXXX. I have asked that they place me into the appropriate payment tier for repayment, so that my payments will increase every 2 years on a graduated schedule. I was told that my payments will not increase every two years ( unless I remember to change my payment every 2 years ) since I am now considered to be " paying ahead ''. They told me that they just ca n't increase my monthly payment every 2 years and that this would " cause more problems and hurt more people that it would help ''. I explained that I wanted them to provide me with an accurate payoff date based on the amount I am currently paying, with an increase every 2 years. I told them that my goal is to pay off my student loans faster. They told me what I am asking them to do is " hypothetical '' and they do n't understand why I would want them to do this. They offered to give me a monthly payment of around XXXX dollars for the next XXXX payments. I told them that again, my goal was to shorten my repayment term, not lengthen it. And I pointed out that if I only paid XXXX dollars for the next XXXX payments, this would lengthen the repayment, not shorten it. After spending 2 hours on the phone, with XXXX different people at EdFinancial, I was left with being told to find my own amortization schedule online by googling it so see how I could pay my loan off faster and estimate the maturation date of the loan. They also failed to provide me with an accurate maturation date for the loan. They continue to provide me with a maturation date based on the payment tier they are listing me in ( years 0-2 ) instead of where I am currently paying and would be projected to increase every 2 years. I expressed my frustration and concern to EdFinancial and even requested to speak to a supervisor, who was actually the one who told me to look up an amortization schedule online myself. I explained to them that I have another student loan provider who provides me with payoff information in real time based on my current payment. Again, I was informed they could not provide me with this information.

Company response to consumer: Closed with explanation