Many people are surprised by just how complicated student loans can be. For instance, your lender and your servicer typically aren’t one in the same. You will get your loan from the lender and then work with a servicer to repay it. EdFinancial is one of the biggest student loan servicers in the business, and it acts as the servicer for 15 of the top 100 lenders in the United States. It has worked in the student loan industry for a quarter of a century and handles loans for both the federal government and private lenders. Because the servicer plays such a big role in student loans, it is important to know a little more about EdFinancial through this review.

What Does EdFinancial Do?

Some people might still be a little confused about the role of a loan servicer, so let’s begin by looking at what EdFinancial does. Its biggest job is handling loan billing and payments. In addition, the company is tasked with providing customer service to the borrowers. For instance, if you needed to set up a new payment plan, you would do so through EdFinancial.

EdFinancial also provides countless resources for borrowers. These services help you determine how fast you can pay off your loan if you make extra payments and how to change your due date. This is just a small sample of the various services the company provides.

You can pay for your loans with KwikPay, a bill service, by mail, or by phone. You can also submit a simple online payment.

Getting a Fresh Start

EdFinancial also offers a fresh start program for its customers who are struggling to make their payments. The staff will speak with you to find out what you need out of your payment plan, and then the company will review your options. It will be able to find the most affordable option so you can bring your account current and make lower monthly payments. This takes a lot of stress out of the repayment process.

In addition, the company has a lot of other ways to lower your monthly payments, even if you aren’t behind. It offers four options for a $0 payment, which are:

  • Income-Based Repayment for Direct Loans and FFELP Loans
  • Revised Pay as You Earn (REPAYE) for Direct Loans
  • Pay as You Earn (PAYE) for Direct Loans
  • Income-Contingent Repayment for Direct Loans
Firstmark Services & Involvement With Student Loans

It also offers standard repayment, graduated repayment, extended repayment, income-sensitive repayment, and student loan consolidation. With so many options, it is easy to find the payment plan to fit your specific needs.

Benefits of Using EdFinancial

EdFinancial might not be the only loan servicer out there, but it really stands out when it comes to customer service. The customer service team is available to answer your questions, and the website is user-friendly, allowing you to find everything you need with a few clicks.

It also stands out thanks to all of its resources. Student loans can be overwhelming; you know you owe money, but that’s about all many people know. You can learn quite a bit more about the entire process by accessing the resources on the site.

The website also has a student loan calculator. This calculator will help you dig a little bit deeper and analyze the amount of money you owe and your repayment terms. Many people end up paying a little extra each month after looking at the calculator.


Since EdFinancial is a loan servicer, it does not charge you fees directly. However, you might have to pay a fee if your payment is late. EdFinancial doesn’t charge this fee, though. Instead, the lender charges it which of course, must be paid through EdFinancial. It’s important to note that you won’t have to pay late fees if you have a Federal Direct loan.

The Bottom Line

EdFinancial has been around for years, and for good reason. The customer service sets it apart and makes it one of the best in the business. If you are fortunate enough to use this student loan servicer, you will likely be pleased. EdFinancial works with its customers to ensure they are satisfied, even when they are having trouble making payments.