Paying back student loans can be a confusing and stressful process. With multiple servicers and repayment plans to choose from, it’s easy to feel overwhelmed. One of the largest student loan servicers is EdFinancial Services. If you have federal student loans serviced by EdFinancial, you likely want to know how to use their online bill pay system efficiently.
In this comprehensive guide we’ll walk through the ins and outs of EdFinancial’s online bill payment platform. You’ll learn how to create an online account, make payments set up autopay, and get answers to frequently asked questions. Follow along for tips and tricks for a smooth billing experience with EdFinancial.
Creating an Online Account with EdFinancial
The first step in using EdFinancial’s online bill pay is creating an account online. Here is how to get setup
- Go to EdFinancial.com and click on either “Register” or “Create an Account”
- Enter your Social Security number and date of birth when prompted
- Create a username, password, and security questions for account recovery
- Agree to the terms and conditions
Once your account is created, you’ll gain access to the EdFinancial online portal. This is where you can view your full account details, make one-time payments, set up autopay, access tax documents, and more.
Making One-Time Payments
If you don’t want to setup automatic payments, you can log into your EdFinancial account online to make one-time payments. Here are the steps:
- Login to your EdFinancial account
- Click on “Make Payment”
- Enter the payment amount (must be at least $5)
- Enter payment method such as bank account, debit card, or credit card
- Review payment details and click submit
One-time payments will be processed immediately if using debit/credit card or within 1-2 business days if using bank account. You’ll receive an email confirmation with your payment details.
Setting Up Autopay
For hands-off bill payment, setting up autopay through EdFinancial is a great option. Here is how to get started:
- Login to your EdFinancial account
- Click on “Recurring Payments” in the menu
- Select whether you want fixed or variable payments
- Enter your payment method information
- Pick the date you want payments processed each month
- Agree to terms and conditions
- Click submit
With autopay in place, EdFinancial will automatically withdraw your student loan payment each month on the date selected. You can cancel or edit autopay at any time through your online account.
Accessing Tax Documents
EdFinancial makes it easy to access tax documents like your 1098-E tuition statement. Just follow these simple steps:
- Login to your EdFinancial account
- Click on “More” and select “Tax Statements”
- Select the tax year you need documents for
- View, print, or download 1098-E and/or 1099-INT forms
Having easy access to these tax forms can save you time and headaches during tax season.
Contacting Customer Support
If you have any issues with EdFinancial’s online bill pay system, customer support is available to help. Here are some ways to get in touch with an agent:
- Call 855-337-6884 Monday to Friday from 8am to 9pm EST
- Initiate a live chat through your online account
- Submit a question online and get a reply within 3 business days
The customer service team can answer questions, reset passwords, update account information, and troubleshoot any billing or payment issues.
Frequently Asked Questions
Using a new online bill payment system always comes with questions. Here are answers to some frequently asked questions about EdFinancial’s platform:
What is the minimum payment amount?
The minimum payment is $5. If you pay less than $5, the payment will be held until additional funds bring the total above $5.
When will payments post to my account?
Payments via debit/credit card will process immediately. Payments via bank account will process within 1-2 business days.
What if I already have autopay with my loan servicer?
Any existing autopay will be cancelled when you setup autopay through EdFinancial. Make sure to disable old autopay to avoid duplicate payments.
Is there a fee for using the online bill pay system?
EdFinancial does not charge any fees for using their online billing platform. However, your bank may charge a fee for payments drawn from a bank account.
What do I do if I have an issue with a payment?
Contact EdFinancial customer support for help with any payment-related issues. An agent can research what happened and provide solutions.
Take Control of Your Bill Pay
As you can see, EdFinancial offers a robust online billing platform that makes managing student loan payments simple. From one-time payments to autopay setup to accessing tax documents, their system provides the convenience you need. Use this guide to take control of your EdFinancial bill pay experience. Paying back student loans just got much easier!
