Consumer complaint received 2025-11-06 00:00:00
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: EdFinancial Services
State: WI

Complaint narrative:
My issue deals with both the communication and support I have been attempting to receive when trying to have my loan payments recalculated to accurately reflect my loan balance being paid off on my standard repayment plan of 10 years. On XX/XX/XXXX, I received correspondence from EdFinancial ( a form dated XX/XX/XXXX, sent to my inbox on my account on XX/XX/XXXX ) outlining that some of my loans ' grace periods were ending and I received a payment schedule outlining that my payments would be slightly different for approximately 1 of the 10 years total, as my other loans were not registering that I was finished with school. I contacted them to update them and be honest that I am not in school, and to ask for my loan grace periods to all be aligned so my payment over the 120 months is the same, rather than fluctuating. On this document/payment schedule sent to me on XX/XX/XXXX, it showed that my highest monthly payment, which I was going to have for 108 months, was to be {$860.00} and some cents, when the remaining two of my six loans entered repayment next XXXX ( XXXX ). With me having my loans aligned and payments starting for all loans at the same time, this adds a year of me making payments and evens out the payments across all 120 months. With this in mind, I expected my loan payment to go down, as I would be making higher, equal payments for longer. After aligning my loans to all be due starting this XXXX of XXXX, EdFinancial is now trying to advise me that, after my first monthly payment in XXXX of {$540.00}, I will owe {$1100.00} and some odd cents, rather than the original payment of {$860.00}. I had someone explain to me that this may be just for the month of XXXX, but nobody has made any effort to actively look into my loan payments which are now most likely calculated incorrectly, and nobody has tried to help me determine if this higher payment is a one time issue or not. I had someone tell me a few days ago that my account was showing payments of {$1100.00} being due for 119 months. If this is the case, I will then be paying EdFinancial an additional {$320.00} a month, resulting in me paying them an additional {$42000.00} over the span of the 120 month standard repayment plan. I have called and emailed them several times ( 1 email, 3 phone calls ) since Wednesday the XXXX. This new calculation of {$1100.00} is most definitely incorrect if it is for more than 1 month, as, when I received my original payment schedule on XX/XX/XXXX, my total loan balance ( unpaid principal and interest ) was approximately {$1500.00} more than it currently is ( I've been working to pay down interest ). So, all in all, EdFinancial is claiming that I owe them {$320.00} more a month, despite paying on all of my loans for a longer period of time than originally anticipated, AND despite my loan balance currently being LOWER than it was when they first sent me my bill schedule with my highest payment being {$880.00} a month. Additionally, I have brought very clear miscalculations to their attention, but have not received any help in trying to fix them ( these have been discussed in the same 1 email and 3 phone calls since Wednesday ). For example, my loan XXXX currently has a monthly payment of roughly {$470.00} on a balance of nearly {$9500.00} ( less than {$100.00} of interest will be capitalized on this loan within the next month ). Doing the math on this ( XXXX balance / XXXX  monthly payment = 20 months ) results in this loan being paid off over the span of only 20 months, not XXXX. This is incorrect and is significantly driving up my monthly payment. When I have tried to explain this, I have been told there is " nothing they can do about it '' and when I ask to speak to a supervisor, I am told none are available. I have also requested updated payment schedules like the one I got on XX/XX/XXXX and have yet to receive one. I am requesting that someone step in and assist me in getting accurate information from EdFinancial, including corrections made to my account that are required to reflect what I actually owe and should be paying. 

Further actions that have been taken : Email XX/XX/XXXX sent to EdFinancial along with documents uploaded showing various sources ( one directly from FAFSA and EdFinancial loan calculator website ) that my monthly payment should be no more than {$860.00} a month. These uploads have yet to be processed and my email was responded to saying my XXXX monthly payment will also be over {$1000.00}, as well as that my XXXX payment is only going to be {$560.00} which is incorrect according to other forms I have received and what people have told me over the phone. It is constantly conflicting information. 
Phone call on XX/XX/XXXX to have a request for a supervisor to contact me put in - spoke with XXXX who stated she put in a request for a supervisor to call me immediately as I threatened to file with the CFPB. 
Phone call on XX/XX/XXXX : Spoke with XXXX about update to supervisor phone call request as I was advised it would take 24-48 hours to hear back from a supervisor- she stated it had not been 48 hours ( even though it had ) and told me to keep waiting. She then sent me emails about how to create an online EdFinancial account, how to use the loan payment calculator which I told her I had already done, and other information completely irrelevant to our phone discussion. 
Phone call on XX/XX/XXXX : I spoke with XXXX who informed me my ticket placed for a supervisor to call me on XX/XX/XXXX ( same one I followed up with on XXXX ) had been marked completed. I never received a phone call and it had been over 72 business hours since my ticket was placed on XX/XX/XXXX. Someone closed this ticket out without contacting me. XXXX then told me she can not access the que to see what supervisors have been working on. XXXX put in a new ticket asking for me to be called as soon as possible, but each time I have called in the past week, I've been told no supervisor is available even when I've spoken to a supervisor in the past. EdFinancial Ac
count update noticed XX/XX/XXXX : I now have one of my loans saying it will enter repayment ( deferment will end ) in XXXX of XXXX. This is a brand new date which has never been told to me nor does this reflect the recent alignment of my loans which they claimed to do. This particular loan never had this date on it until recently. My loans are consistently changing yet nobody is contacting me with the very basic information I have requested.

Company response to consumer: Closed with explanation