Is edfinancial a federal loan servicer?

Edfinancial is a student loan servicer selected by the U.S. Department of Education (ED) to service your federal student loans. Our responsibility to borrowers includes keeping you up to date about your loans.

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Thereof, are Stafford loans owned by Ed?

Stafford Loans are available for undergraduate and graduate students and come from Direct Stafford Loans made by the U.S. Department of Education. You will repay a Federal Direct Stafford Loan to the U.S. Department of Education.

Also, how do I find out who is servicing my mortgage? To find out who your mortgage servicer is, check your loan statement; if applicable, your payment coupon book, or you can check the MERS website, which is a free service set up by the mortgage industry to assist homeowners. Your lender might or might not be the same as your mortgage servicer.

Similarly, how do I know if my loans are owned by Ed?

An Easy Way to Identify ED-HELD Loans

  • Login to
  • Click on “view details”, then look for “Loan Breakdown” on the Aid Summary page to see a list of your federal student loans.
  • If the servicer name begins with “DEPT OF ED”, the loan is owned by the U.S. Department of Education.

Is AES private or federal?

American Education Services (AES) is a federal loan servicer that processes FFEL loans. While the FFEL program was discontinued, AES still handles borrowers in repayments, and it also services some private student loans for other lenders.

Is FedLoan servicing legit?

Here’s the scoop: FedLoan Servicing is a legit company. It’s one of several student loan servicers contracted by the U.S. Department of Education to handle federal student loans.

Is Navient going out of business?

Navient is leaving the business while under fire from the Consumer Financial Protection Bureau, which sued it in 2017, claiming that the company had made it difficult for borrowers to repay their loans. … But Navient was already set to end its federal loan services at the end of the year.

Is Navient owned by the Department of Education?

Navient processes and services on behalf of the U.S. Department of Education, education loans owned by the the U.S. Department of Education.

Is Nelnet and FedLoan the same?

Nelnet is a student loan servicer (like FedLoan Servicing) that was chosen by the U.S. Department of Education (ED) to service federal student loans. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process.

Is Pheaa the same as FedLoan servicing?

The Pennsylvania Higher Education Assistance Agency (PHEAA) conducts its student loan servicing operations as FedLoan Servicing for federally-owned loans and as American Education Services ( AES ) for non-federal assets.

What are Ed loans?

Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.

What is Ed owned?

ED owns all defaulted Direct Loans and some defaulted FFEL Program loans (the rest are owned by a guaranty agency).

Who does Navient sell their loans to?

Navient , the nation’s largest student-loan company, requested government approval to end its loan servicing contract for student-loan accounts owned by the U.S. Department of Education. The six million borrowers’ accounts will be transferred to Maximus , a government-loan servicing company.

Who owns Ed Financial?

History. In 1988, CEO William A. Hollin (known as Tony Hollin) launched Educational Funding of the South, going by the name Edsouth, the precursor to EdFinancial Services, in Knoxville. With the backing of local underwriters, Hollin spent six years steadily building the company, going bank to bank buying student loans.

Who took over Fedloan servicing?

The Pennsylvania Higher Education Assistance Agency (PHEAA)… has signed a one-year contract extension to service Federal student loans past the December 14, 2021 expiration date of its current servicing contract,” said the agency in a statement.

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