Nelnet is handling my loans for the Fed apparently. Long story short: I graduate with an engineering degree, get a good job, and go to start repayment. I sign up for Kwikpay because, being a fiscally conscious individual, I thought that whopping 0.25% interest rate reduction was better than nothing.
Enter my first payment and first problem:
- I have 2 due dates at the beginning of the month
- I signed up for Kwikpay to withdraw more than the minimum payment on the first due date.
- First payment date comes up... minimum payment for a few of the loans comes out (1/3 of what I agreed to let them draft).
I was working 60 hours a week on an international project so I didn't catch it until a week later. So I dutifully went online and made a manual payment for more than the remainder. I have a receipt and confirmation number for the payment... 4 days later and still no dice. The money is still in my account and Nelnet automated system now claims I owe almost 3 payments (despite my first due date being the 6th and it is now the 18th).
Called customer service and they want to screw with my due date, cancel Kwikpay, and do another payment on the phone. No explanation of where my payments went, no removal of the 2 weeks of accumulated interest... hell, I didn't even get an insincere customer service-esque apology. Their only solution is cancel my Kwikpay and let me manually submit payments every month, thereby losing that stellar interest rate discount.
I have a feeling this is going to be the start of a annoying and thankfully short business relationship. Thank God I have a solid job and will be done with your company this year.
Maybe I should check with a lawyer and see if it's legal to draft, without my consent, an amount other than the one listed on the signed formed I submitted? Probably isn't...
Moral of the story:
NEVER TAKE OUT STUDENT LOANS FOLKS.
If you can't afford it up front than you need to get a second job or research grants and scholarships. Guess these incompetent folks are my payback for wanting to have a little fun in college. :-P