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I was offered/saw on the website that I would have “life of loan servicing” by Edfinancial Services for Edamerica. Is that not true?

April 26, 2017Edamerica edfinancial loan offered saw Services website

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I was offered/saw on the website that I would have “life of loan servicing” by Edfinancial Services for Edamerica. Is that not true?

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Edfinancial Services provides student loan servicing for over a dozen of the nation’s top 100 lenders. Due to recent legislation and an unprecedented liquidity crisis, many lenders, including Edamerica, have been forced to change their business models. In order to continue to make new loans to students and parents, lenders are relying on the Department of Education and the U.S. Treasury for funding, rather than on the student loan secondary markets that traditionally purchased and held student loans. Right now, the Department of Education has its own service provider, and it’s not Edfinancial Services. We love what we do and would like to continue servicing your student loans through repayment. We’re hoping to have the chance to service loans held by the Department of Education in the future. Until then, bear with us as we work through this transition together.