Consumer complaint received 2023-10-23
Product: Student loan — Federal student loan servicing
Issue: Struggling to repay your loan — Can't temporarily delay making payments
Company: EdFinancial Services (NY)

I have two XXXX XXXX loans serviced by Edfinancial, payments on which are currently scheduled to resume on XX/XX/2023. I am eligible for loan deferment as I am participating in a XXXX fellowship program ( XXXX ). 

As per the instructions provided on Edfinancial 's website, I filled out a XXXX Fellowship Deferment Request form, had it completed by a XXXX authorized official, and transmitted it to Edfinancial through its relevant online form around XX/XX/2023 along with ancillary requested information. Said form is attached to this complaint. 

On the same day, I sent Edfinancial a message through its contact platform asking for confirmation of receipt of my deferment request, and inquiring as to whether my payment currently due on XX/XX/2023 would be deferred upon processing ( as my grant began on XX/XX/2023 ) or whether I should repay it before its due date. I was seeking clarification as I was ( and remain ) confused by these statements on Edfinancial 's website : " Your loan will remain in repayment status until your deferment is approved. '' " If your deferment does not cover all your past due payments, you may be eligible for a forbearance for all payments due before the begin date of your deferment or if the period for which you are eligible for a deferment has ended, a forbearance for all payments due at the time your deferment request is processed. '' Upon submission of my deferment request, I received differing estimated processing times from Edfinancial. After completion of the deferment request questionnaire, Edfinancial 's website states that " once your completed form and certification are received, your request will be processed, which can take up to 5 business days. '' After upload of my XXXX XXXX Deferment Request form, Edfinancial 's secure file transfer platform gives a processing deadline of 10 business days. 

Regardless, on XX/XX/2023 ( 13 business days after my initial request ), I had received no communication at all from Edfinancial : no confirmation of receipt, no confirmation of processing, and no update on my borrower portal. I had also received no answer to my message, of which I do not even have a record of sending since Edfinancial is only reachable via its own contact platform, which gives the sender no copy of their communications. 

On XX/XX/2023, I attempted to call Edfinancial 's contact number ( at personal cost, since I am abroad on my XXXX ). I waited 45 minutes on hold before having my call answered, upon which it immediately dropped. After that, I re-submitted my deferment request and sent a message broadly similar to the one I sent around XX/XX/2023, via the same channels. I have still received no communications or updates from Edfinancial. 

I intentionally submitted my deferment request well ahead of my payment due date of XX/XX/2023, hoping for my request to be processed and granted before that date to avoid any confusion or unnecessary payment. That date is coming up in 6 days, and in any case, we have well exceeded the processing time of my request.