Consumer complaint received 2024-01-30
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: EdFinancial Services (MO)

I submitted my student loan for Federal consolidation in XXXX and selected Ed Financial as my loan servicer. They paid my full consolidated loan balance to XXXX ( my previous servicer ) as of XX/XX/XXXX in the amount of {$10000.00} and provided proof via letter. This payoff was also reflected in a letter from XXXX and on my account from StudentAid.gov. 

On XX/XX/XXXX Ed Financial sent me a statement showing my loan terms and my monthly payment, which reflected an administrative forbearance until XX/XX/XXXX and a lifetime loan balance of {$13000.00} ( the original {$10000.00} plus interest ). At that time, Ed Financial had mistakenly placed me in a level repayment plan. As part of my consolidation, I had applied to be considered for a XXXX or IDR plan, due to being eligible for loan forgiveness under the 25 year graduate school repayment provision in XXXX. I called Ed Financial on XX/XX/XXXX and spoke to them via phone regarding their mistake. They advised me that they could not locate my application for IDRXXXX and advised that I apply for my loan to be considered for IDR/XXXX  through their website. I followed they advice. I was told that should the XXXX  or IDR plan be a monthly payment above what I could afford, I could always call back and request that I re-enroll in the level repayment plan. 

I logged into my account on XX/XX/XXXX to check the status of the XXXX/IDR application and see if there were any loan updates. My Ed Financial account shows a currently due total loan balance of {$310000.00} ( two separate {$15000.00} loans ). These show in my EdFinancial account where they previously showed correctly ( two {$5200.00} loans ). Upon seeing this, and not being able to locate any additional information or documentation in my online account, I contacted EdFinancial at their XXXX customer service help line. I spoke with agent XXXX. XXXX stated that she was unable to determine what was going on with my loan. When I asked XXXX if she could see the loan disbursement letter from Ed Financial that was sent on XX/XX/XXXX from their agency, she said no. When I asked XXXX if she could see the repayment schedule letter sent from Ed Financial on XX/XX/XXXX she said no. When I asked XXXX if she could see the original payoff amount to XXXX in the account history in the amount of {$10000.00} she said she could no see that on her end. At that time I asked to speak to a supervisor. I was told there was none available. XXXX advised that I log into my StudentAid.gov account and verify my loan amount posted. I made XXXX hold on the line and did so. My StudentAid.gov account shows the correct loan amount ( {$10000.00} ). When I shared that with XXXX she had not explanation for the discrepancy. She blamed on on " something I did. '' Again I asked to speak to a supervisor. Again I was told that none was available. I asked XXXX for her agent ID and for a transcript of the call, which I knew was being recorded. She told me that they were unable to email transcripts of call to customers. I asked XXXX to verify that my account was in administrative forbearance and she did. I also asked XXXX to place a note on my account that my EdFinancial account shows a fraudulent balance of $ XXXX which does not match my account history and documentation provided by EdFinancial, nor does it match the amount reflected on StudentAid.gov, the Federal loan website. XXXX offered that a supervisor would call me on my cell phone within 24 to 48 hours. 

I am waiting to hear from them. They have offered verification of none of the documentation that their own agency had sent me, they denied my request for record of the call, and they repeatedly refused to transfer my call to a supervisor. The outstanding loan balance on their account portal reflects a {$30000.00} loan, which is fraud.