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Review 11/4/2008
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I submitted an application to consolidate my student loans April 2008. I checked my account status on the website to see if my consolidation was complete and the status of "incomplete" did not change for months. I called customer service several times and got a voice message, and left messages but received no response. I emailed Edfed multiple times and was finally contacted via phone once my email tone became less friendly and more threatening. I was told that my loans would be consolidated and interest rates locked "when the interest rates changed in mid-July." I emailed the company in mid-July and told them to lock in my rates and consolidate but I never heard anything back. I was NEVER notified of these issues via mail so could not obtain any documentation to clear the matter up. In late July I saw on the main website that Edfed was not currently funding consolidations due to the credit crisis, but I figured that since I had submitted my application months before that piece of information, I should still be included in the consolidation. I called Edfed and was told that they were not currently funding and that I was not going to receive anything in the mail, but that I would be called as soon as the status changed. Now I have no idea whether I should just go to another company to consolidate because I'm being given the runaround, so to speak. I have never received A SINGLE LETTER from Edfed AT ALL throughout this entire process.
Representatives were difficult to contact and even more difficult to understand on the phone. Each time I tried to call EdFed's phone number, I was forwarded immediately to an answering service, rather than speaking to a person. Emails also went unanswered, initially, but representatives contacted me after my tone became more threatening. A representative told me the company was waiting until July, when the Federal interest rates would change, to fund my consolidation. It turns out that was a complete untruth.
Since I
1. Did not recieve the service I applied for
2. Was not personally notified that my consolidation would not proceed
3. Was initially lied to about when it would go through
4. Had terrible difficulty contacting the company
And
5. Was never given a single paper document about any of these issues or my application,
I rate EdFed one star. If I could give it a zero, I would.
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