Outsmarting the student loan servicers

2 thoughts on “Outsmarting the student loan servicers”

  1. I don’t know of a way to raise the monthly auto-debit amount, but what my husband and I did was get ahead on payments, and then make our own payments. If you’re more than one full payment ahead, they won’t auto-debit until that date. (Check the “Next payment due” date.) We were able to drop a lump sum payment that was equal to about six months onto the loan at one time, which in essence “canceled” the auto-debit, and then we just scheduled our own payments that fit our budget. The more we paid, the further that “Next payment due” date got into the future. Today it is sitting in March 2017, but we fully expect to pay the balance on the loan this week.

    My other word of caution is that their glossary lies. I’ve been watching our Payoff Good Through date this week, because, as I mentioned, we’re planning to pay off our loan this week. BUT… the amount changes DAILY, even though the date doesn’t! Last Wednesday, I scheduled a payment that matched the “Payoff Good through” amount to the penny, for the 11th. But, when I logged back in on the 5th, the amount had gone up by $0.27. Now it’s gone up again. I’m ticked. If they’re going to give us a “Payoff Good through” date… what’s the point, if they’re going to change the amount we have to pay on a daily basis. This means that if I put a check in the mail today, it would be at least $0.75 too low by the time it got to them. And they don’t let you make a payment for less than $1.00.

  2. Hi Stephanie, thanks for your comment, and congratulations on being within sight of the payoff finish line! Excellent point about making a lump sum payment and then being in control of subsequent installments. But how infuriating re: the fluctuating payoff amount — that strikes me as borderline nefarious behavior on the loan servicer’s part. I’ll be curious to hear how you and your husband overcome that ridiculous moving target.

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