Acs / Added unsubsidized interest on subsidized loan with no justification and ignored complaint
My school loan changed hands multiple times--so many times it became confusing. Eventually, it ended up with AFSA, that then changed its name to ACS.
I never missed a payment, I never made a late payment, and I never took out an unsubsidized loan.
One day I looked up my account online and discovered close to $200.00 in unsubsidized interest listed as owed. I called the company and I wrote to them. After multiple phone calls and multiple different reasons provided as to why that debt was on my account, the last explanation provided was that they did not know why it was there because it was there when they took over the loan, thus I had to pay it. I wrote to them again, sending a registered letter they had to sign for, outlining the problem and my interactions with their company, disputing the debt, instructed them to provide an explanation in writing and that the interest be removed from my account.
I received one letter telling me they would investigate the problem and get back to me. Illegally, I never heard from them again. They continued adding interest to the unsubsidized interest. Eventually, I paid them $500.00 that I never owed them but I paid it when I paid off the loan in a large lump sum because we were buying a home and I wanted a perfect credit score. When I paid it, however, I included a letter telling them why I was paying it and that I still disputed the debt.
ACS never bothered to contact me, and they took their sweet time posting my final large payment so that they could charge the federal government more interest on the subsidized loan before they closed the account.
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