Pam
Stoughton,#2Consumer Comment
Fri, October 03, 2008
I too have delt with EdFund. When they call or send you any info, they tell you that they are a Federal agency. If you check they are with California Student Aide Society. EdFund purchases student loans from lenders, that are about to go into default and offer you a chance to make payments. The only problem that I see, is they charge $50 for every payment you make, as a "collection fee." So, if you send $100 per month toward your loan, 50 goes to them, then a certain percentage goes to interest, and whatever is left over goes toward the loan balance. My Student loans totalled 3100 and after three payments, I owed 3700. I was confused, and they turned it over to another collection agency, whom I made arrangements with and low and behold, every dime went to the student loan, and the balance went done. Unfortunately, that was only for 9 months and it was to go back to EdFund. To date I am waiting for something from them so that I can finish paying off the balance of 2100.
Steve
Bradenton,#3Consumer Comment
Thu, April 26, 2007
This is a collection agency that has absolutely NOTHING to do with the government. Even if they are collecting on a school loan, they are still third party debt collectors, NOT any government agency. Please explain.