Student loans, off topic

iVillage Member
Registered: 09-08-2011
Student loans, off topic
3
Thu, 09-06-2012 - 5:56pm

I know all of us are either off work or expecting to take some time off soon with these babies.  So even though this isn't a "pregnancy post" I thought I'd give people a heads up anyway.

I have federal student loans from college that are debited monthly from my bank.  This month, my loan payment was taken out at DOUBLE the regular amount.  I got no warning the payment would be doubling, and didn't have that much in the bank, so now  I'm stuck with huge overdraft penalties.

I called the federal loan hotline to figure out what was going on, and was told "Sorry, the government is now hiring outside service providers to manage loans.  You need to call your new provider."  So I called the number they gave me.  The new provider only played me an automated message saying, "Sorry, your loan is new and the transfer is still being processed and we can't access your information, please call back in 10 days."  The federal website also has a message saying something like "New loan servicing companies have authority to change your payment dates and amounts."  When I access my loans online through the federal website, it looks exactly the same, there is no warning at all that my payment has changed.

If anybody else has federal loans, make sure your account has extra money in it and watch your statements closely! 

Momma to:
Madelyn, February 26, 2001
Aaron, January 2, 2005
Baby #3, October 2, 2012

iVillage Member
Registered: 02-06-2006
Fri, 09-07-2012 - 7:19am
Ugh, I'm so sorry! My husband always asks me why I don't just set up direct debit for my student loan so I don't have to log in and make a manual payment every month - this is why!! You can't trust anyone!

I can't believe you're stuck in this ridiculous limbo period where you can't even address the situation. I hope you get it all sorted out soon.

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iVillage Member
Registered: 02-16-2008
Fri, 09-07-2012 - 9:34am
Oh geez! That really sucks. Thanks for the heads up for those who need it!
by sara photo sigbysara.jpg
iVillage Member
Registered: 01-27-2012
Sun, 09-09-2012 - 12:26pm
Wow. Sounds like the double charging fun we had with the phone company a few years back. If only there were somebody like the BBB to report this kind of stuff to. Or is there? Does your bank have any say on unauthorized debits or are they just happily racking up the fees?

- JM