EdFinancial Student Loans Review

EdFinancial has been servicing loans since 2012 from Knoxville, Tenn., although the company has been around since 1987. It’s one of nine federal student loan servicers providing you with all the expected payment plans and protections the government offers, but not much more than that.

Compared to other student loan managers, EdFinancial offers an underwhelming experience. It gets the job done, but it just doesn’t have the sheen and intuitiveness that some of the best student loan servicers provide (take a look at Great Lakes for example).

However, students that get assigned to EdFinancial and who aren’t looking for a lot of glam will find it adequate.

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In this article

    Paying back loans with EdFinancial

    Whether you have private or federal student loans, there are multiple ways to make payments through EdFinancial. No matter the payment method, EdFinancial assigns you a payment due date. If you’d like to change this, then you must contact its customer service department either by phone or email.

    Accounts that are delinquent cannot request a date change.

    KwikPay: Kwik pay is EdFinancial’s automatic payment service and is thus the most convenient way to pay off your student loans. Once set up (through its online portal) EdFinancial will debit your monthly payment from your connected checking or savings account.

    Pay Online: If you want to manually make a payment, or pay a bit in advance, then you can easily pay online through your EdFinancial account. You can either choose “Pay Now” or choose a payment date. Choosing a payment date does not change your official due date, it just dictates the withdrawal date.

    Pay with a Bill Pay Service: You can technically make student loan payments through another provider (like your bank or a third-party service). If your loan is served through EdFinancial, you have to link this information to your EdFinancial account. The process involved for doing this depends on your payment method, so it’s best to call a representative to help you set things up.

    Pay by Mail: You can also make a student loan payment by snail mail using either a check or money order. When doing so, you need to be aware that the payment date will be the day that the check is received and not when it is sent. So be sure to send your payment several days before (a week at the very least).

    For Direct Loan Payments:

    US Department of Education
    PO Box 4830
    Portland, OR 97208-4830

    For FFELP and Private Loan Payments

    Edfinancial Services
    Department 888055
    Knoxville, TN 37995-8055

    Pay by Phone: If you need to make an immediate student loan payment, you can always call EdFinancial and provide its automated system with your bank account information. However, a convenience fee based on how much you owe may be attached in the process. The number to make a payment is:


    Payment Methods for Co-signers: Co-signers can also make a payment to EdFinancial using any three of the methods available to account holders. Those are:

    • Pay by mail
    • Pay online
    • Pay by phone

    If paying online, you must be listed as an authorized payer first. That can be done entirely through the loan holder’s online account.

    Federal Loan Repayment Options

    If your federal student loan is processed through EdFinancial, then you have access to the standard federal repayment programs. You can also choose from:

    • Pay as You Earn
    • Revised Pay as You Earn
    • Income-Driven Repayment Plan
    • Income Sensitive Repayment

    How to contact EdFinancial

    If you need to contact EdFinancial for any reason (such as changing a due date, updating account information, or submitting student loan documents) then you have multiple methods at your disposal.

    Please note that it is unwise to submit documents or provide personal information through a social media channel – these accounts are best for general inquiries.


    EdFinancial mailing addresses

    For general inquiries and direct loans:
    Edfinancial Services
    P.O. Box 36008
    Knoxville, TN 37930-6008

    For private loans:
    Edfinancial Services
    P.O.Box 36014
    Knoxville, TN 37930-6014
    Fax: 865-692-6336

    For FFELP loans:
    Edfinancial Services
    P.O.Box 36014
    Knoxville, TN 37930-6014

    For disputes: FSA Ombudsman Group
    P.O.Box 1843
    Monticello, KY 42633

    Edfinancial student loan refinancing

    Edfinancial is a student loan servicer, meaning it doesn’t directly offer any sort of refinancing. However, you can still refinance your loan — you just have to go to a private provider to do so. Companies such as SoFi or Splash Financial are focused on providing refinancing options to practically every kind of student out there.

    Just keep in mind that if you have federal loans serviced through EdFinancial, you will lose the federal protections provided to those loans. That includes things such as repayment options and the deferment and forbearance protections awarded by the government.

    Even still, refinancing may still very much be beneficial to you since the best student loan refinancing companies may offer you a lower APR and more flexible payment terms – allowing you to either pay less in the long run, make smaller monthly payments, or do both.

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    EdFinancial student loan forgiveness

    Since EdFinancial services federal loans, the loan forgiveness programs awarded to federal borrowers apply here too.

    There are quite a few different student loan forgiveness programs available, which can be daunting to sort through, but you should absolutely spend the time to do it. After all, qualifying for one can save you substantial money in the long run.

    Public service Loan Forgiveness: If you work full-time for the government or a non-profit organization and make 10 years’ worth of on-time payments, you can qualify to have your loan balance forgiven.

    Teacher loan forgiveness: Teachers can qualify for up to $17,500 in forgiveness if they work for 5 consecutive years at a low-income school, or for an educational service agency.

    Total and permanent disability: You must be determined to be totally and permanently disabled to eligible to qualify. The process for eligibility is therefore lengthy and requires substantial evidence and paperwork.

    False certification: If the degree or certification you paid for does not actually meet the supposed requirements of the said degree, then you are eligible for forgiveness.

    False certification of ability to benefit: If a school falsely certified your ability to earn the benefits provided by the school, then you can seek forgiveness.

    False certification by unauthorized signature/payment: This happens when your school authorizes a loan application, promissory note, or funds transfer without your permission.

    School closure: If your school closes before you can finish your degree, you can be forgiven for the money you’ve already put in.

    Spouses and parents of September 11 victims: If your spouse or parent died or became disabled due to the September 11 attacks in New York, you may be eligible for loan forgiveness.

    Unpaid refund: When a school fails to give you a tuition refund because of an overcharge or a course you dropped during a refund period, then you are eligible to be forgiven for the amount you overpaid.

    Evan Manwell

    Contributing Writer

    Evan Manwell is a personal finance writer based out of Portland Oregon. He has worked closely with both banks and credit unions to write about personal loans, credit cards, student loans, cryptocurrencies and advances in fintech.

    Reviewed by

    • Adam Benjamin
      Adam Benjamin

      Adam Benjamin is an editor for The Simple Dollar, Reviews.com, and Freshome. He covers everything from finance to internet providers and hopes to make it accessible for all readers.