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What to Do If Your Student Loan Servicer Screws You Over https://ift.tt/2LAVvfb Student loan scams are on the rise, but it’s not just third parties you need to worry about getting the best of you. In many cases, your servicer can mess up payments, stall loan applications or sell of your debt without proper notice. If any of that happens, you’ll want to be ready. Student Loan Hero has the rundown on what to do if your servicer screws you over. Your Loans DisappearIf you log into your account to make a payment or check your progress and your balance is suddenly $0, it’s likely not the miracle it appears to be—in fact, it’s a strong indication that your loans have been sold to another servicer. Here’s how to find your missing loans, per SLH:
Once you do, make sure you stay on them to update your information and accept your on-time payments, or you could be in trouble. Extra Payments Aren’t Applied to the Principal BalanceAs I wrote here, if you’re making extra payments, you need to clarify with your servicer that the money is going toward paying down the principal amount of the loan, as opposed to the interest. This will not only lower your loan amount, it will mean less interest in the long run. Advertisement Here’s an example of what to send to the servicer to ensure that they apply any extra payments to the principal, from the Consumer Financial Protection Bureau:
Keep a copy of anything you send them and all payments made for your records. Issues Adjusting Your Repayment PlanTrouble with applications for income-driven plans and deferment are common reasons borrowers complain to the Consumer Financial Protection Bureau about their loan servicers, according to SLH. If yours is stalling your application, follow these steps:
Most importantly, you want to keep all paperwork and correspondence with your servicers, just to be safe. Take screen shots of payments you make and account balances often, and if you suspect something is wrong, contact them or a student loan ombudsman. Gadget News via Lifehacker https://lifehacker.com July 25, 2018 at 03:28PM
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October 2020
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