Consumer complaint received 2025-09-13 00:00:00
Product: Student loan — Federal student loan servicing
Issue: Struggling to repay your loan — Problem with your payment plan
Company: EdFinancial Services
State: OR

Complaint narrative:
Over XXXX  years ago I signed an XXXX contract to repay student loans that I would have defaulted on for having to leave graduate school for inability to attend by their standards due to medical issues arising. I left the program in good standing and have since tried apply for disability once but was denied. I have made payments consistently and on time for XXXX  years and the loan at first, grew. The government saw this problem and began offering better solutions such as XXXX and XXXX. I joined those programs to stop the debt from growing. I am a part time working mom and have honestly done my best to make good on my debts. However, the interest rates given to me were XXXX times that of my husbands govt loans just XXXX  years prior. His loans were forgiven and that amount not taxed. However, now that it is my turn the government is changing the terms of the contract without my expressed consent through the powers of politics. These governing bodies are not acting in my best interest. My loan has began acquiring more debt since the latest bill was passed in congress and my estimated new payment is showing a XXXX fold increase. I can barely keep up the rate of inflation and cost of living as a small business entrepreneur. This loan is constantly changing the terms month to month with unexplained changes in administrative and the lender has communicated in a letter that I do not need to change out of my XXXX plan until summer of XXXX. However, if I was still in the XXXX program as is listed in my account the interest accrual beyond my determined monthly payment should not be added onto the current debt balance as long as I make my determined payment under the XXXX plan. My debt is growing and although there are other programs listed to sign up for I was under the impression that I did not have to switch until next summer. The interest accrual feels like robbery based on politics and the new calculated estimated payments seem very unreasonable and setting me up for default and more acquired debt. I apply to jobs every week for XXXX plus years and rarely get an interview, let alone an offer. My education cost XXXX what my parents and grandparents needed and the interest rates for the job pay are not working out. I know I am not the only XXXX in this situation but this is my formal complaint about charging interest when a new program for payment is not in place and the companies are required to give administrative forebarence In my mind, interest should not be allowed to accumulate until a comparable and fair payment program is in place with a reasonable timeline and amount adjustment from the time before, or a grandfathered option is in place for those that have been on this journey for several years. We should not be used as a punching bag for political gain when we are working and paying. There should be a route for progress on the debt, not just debt accumulation. I would have never chosen this option XXXX  years ago if I had known that the term of the contract could be altered against my favor and without my own written or verbal consent. This is an over reach of judicial and congressional power that was NOT in my favor or best interest for myself, my family, and my local community and its economy to thrive.

Company response to consumer: Closed with explanation