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Established Contributor
Posts: 510
Registered: ‎04-17-2007
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Student Loan Consolidation

My Direct Loan payments are due on the 7th of each month and are automatically deducted from my checking account. I submitted a consolidation application to combine two loans togeter, in mid-june. I was told to keep making the payments on my accounts until i have a final letter from them saying that account is now consolidated.
 
Now, i went on Direct Loan site and they didn't take my payment for this month. They should have deducted it from my checking account by now. It is now showing a past due balance of double my minumum.
 
Has this hapened to anybody? Are they going to report this 30 day late ??? They should have deducted the amount from my checking account like they have always been doing, they just didn't do it now.
 
By the way, I haven't received a final consolidation letter yet.
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: Student Loan Consolidation

You need to give them a call ASAP to sort it out.  Explain to them what was told to you.  If you need to manually authorize the payment yourself to prevent it going 30days late then do so.  Normally these loans have some sort of grace period before a late charge kicks in and certainly before its 30days late.  Did you check your checking account?
 
Get the name of the person you speak with and ask them to make a notation on your account of what has transpired.  Just in case they try to give you any BS the next time you call.
 
That's what I would do.  As of now you're only 3 days late so there is time to fix it....CALL NOW!
 
-trini
 
 
Established Contributor
Posts: 510
Registered: ‎04-17-2007
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Re: Student Loan Consolidation

okay i was mistaken. I forgot that 7th was a saturday, for some reason i thought it was friday. It should be posted on my account by the end of business day today. thanks trini!
 
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
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Re: Student Loan Consolidation

Also remember going forward, and this counts for any bill paying that is auto deducted from your checking acount,  that ultimatley the respondibilty falls on the consumer.   It's not an adquete defense to say they didn't.   Even though they should owe up, it doesn't matter.   So if you see that the payment hasn't been deducted on it's normal date,  you need to call ASAP.
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: Student Loan Consolidation



Boswd wrote:
Also remember going forward, and this counts for any bill paying that is auto deducted from your checking acount,  that ultimatley the respondibilty falls on the consumer.   It's not an adquete defense to say they didn't.   Even though they should owe up, it doesn't matter.   So if you see that the payment hasn't been deducted on it's normal date,  you need to call ASAP.


Excellent advice Boswd!!!
 
I pay ALL my bills via online banking and automatic debit and best believe I check, and I make a call ASAP if something doesn't look right.  Not to mention I'm checking my online account everyday to see what's happening.
 
Automatic debit yes, but still stay on top of it:smileywink:.
Established Contributor
Posts: 560
Registered: ‎05-03-2007
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Re: Student Loan Consolidation

in four years the only problem i ever had with online payments was with KHESLC and Access Group.....i still cant figure out which one of them actually has my bar exam loan...i finally started calling the 800 number and making payment over the phone.  i made three online payments in a row that never posted....fortunately the lates were never reported.
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: Student Loan Consolidation



dog wrote:
in four years the only problem i ever had with online payments was with KHESLC and Access Group.....i still cant figure out which one of them actually has my bar exam loan...i finally started calling the 800 number and making payment over the phone.  i made three online payments in a row that never posted....fortunately the lates were never reported.


that's why whenever possible I just let my bank automatically send them out, which so far they've been right on the money with.  Did I ever tell you guys how much I love, Love, LOVE my Credit Union?!  (until the say they screw me over that is :smileyvery-happy:).
SallieMae is pretty good about posting, at least they have been for me and I get a confirm email with a confirm. no that I can always call in with if there's a prob.
 
Point is, you have to monitor.
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