EdFinancial Services
Instead of marketing predominantly to students like some of its competitors, it used a business-to-business strategy and communicated directly with financial aid administrators.In 2002, the company launched eCampusTours.com, which purportedly claims to "allow students to search online for colleges"[ambiguous].[1] In 2022, The Consumer Financial Protection Bureau sanctioned Edfinancial Services for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them.The Bureau ordered Edfinancial Services to contact all affected borrowers, provide them with accurate information, and pay a $1 million civil money penalty.The Department found that three student loan servicers, Aidvantage, EdFinancial, and Nelnet all failed to meet contractual obligations to send timely billing statements to a combined total of 758,000 borrowers.