Anyone else noticed how difficult the gov makes it to even keep up with where we need to pay our payments? They just move us around from one payer to the next…. One company then another then another. So sick of this racket.
WHY do they make paying down student loans SO HARD?
byu/Mint_272 inStudentLoans
Posted by Mint_272
8 Comments
I personally have never been moved between servicers but my understanding is that you should get quite a bit of mail/emails if you get moved and you can always log in to the FSA website and see who is the current company.
Not sure I’d qualify it as a racket, especially when recent years a large chunk of people getting moved was because of companies getting out of servicing federal loans.
Mine is charging me interest and telling me that I can save 0.25% if I set up Autopay. The problem is they also tell me I’m in Deferment and I’m not allowed to set up Autopay until I have a payment. 🤡 🤡 🤡
Servicers change, names of servicers change, it’s all terrible.
I have no issue with the expectation that I pay back my loans, I just hate the scammy way they go about it.
Why not consolidate/refinance with a private lender? I did in 2021 and benefited from lower interest rate (7% federal vs 3% private). I know the rates have went up some sense, but I still think it’s lower compared to federal.
It’s not THAT hard. A servicer is a servicer. Once you set up an account it’s not that difficult to work work them. They don’t change all that often either.
How many times have you been moved to where it’s been that inconvenient? I’ve never had mine switched. It takes all of 5 minutes to set up an account and set up autopay even if your servicer does get moved.
I was on a graduated loan style program meaning every few years the monthly payment increased to hit the principal more.