topic Re: Anyone have any good experiences with Student Loans..? in Student Loans

Anyone have any good experiences with Student Loans..?

Anonymous — Sun, 17 May 2015 04:31:33 GMT

I often check this board out from time to time to see if there are any new posts, and most of the time, if not all the time, they're posts regarding negative experiences with student loans (Lates, GW, etc.).

It's sort of depressing.. Lol. So as the title says, has anyone had a good experience with student loans? Not necessarily good that it was taken out in the first place, but did you have a good experience with a specific lender? Did you receive fairly favorable terms on your loan? Did you pay off your loan without a hitch?

Re: Anyone have any good experiences with Student Loans..?

InvincibleSummer3 — Sun, 17 May 2015 17:42:58 GMT

It's the nature of this particular site; the demographic here is often people who have experienced something negative and tried to rebound. You get more of the sad stories.

Here's the thing though: despite all the drama that came after, my student loans allowed me to finish my degree. That saved me when the recession hit. I had so many friends who couldn't even get an interview without a bachelor's at least. My lender, the federal government, gave me great terms (most of my loans are 2.3% interest) and I have now paid off two of them without problems. The hitch for me came when my family experienced medical problems but they student loan debacle was no worse than I had with any other lender.

I don't know if people just expect something unrealistic or what, but there is not a lender anywhere that is required to be extra nice when someone fails to live up to the terms of their loan.

Re: Anyone have any good experiences with Student Loans..?

SCF — Sun, 17 May 2015 17:46:03 GMT

The purpose of these forums is to help people understand and rebuild their credit, so of course most people have had a negative experience. The people with good experiences just don't have much motivation to post here unless it's to help others because their personal situation is doing OK.

Personally, I have federal loans with Navient and Nelnet and I have never had a problem with either, even during the transition from Sallie Mae to Navient. Both of their websites can be a little clunky at time, but with patience I've always been able to find all the documents and information that they are supposed to provide. I've also never had a problem with making extra payments, or seeing how my payments are applied. I think my experience is reflective of a good chunk of borrowers in my situation. Because I don't have problems paying or a special situation, their self-service options cover my needs.

I wouldn't trade my education for my loans, the experience was worth what I paid for it and then some.

Re: Anyone have any good experiences with Student Loans..?

inara220 — Mon, 18 May 2015 19:19:23 GMT

One of my loans (a small one) is at ECSI. Their website is about as ancient as it could be.

However... they are transparent, I can see exactly how my payment is being applied. Though they will only process payments on 4 days of the month, I have been able to successfully make extra payments to reduce the principal... which is more than I can say for my other student loan company.

I wish I could ask ECSI to buy my loans from Great Lakes... I'd be nice to be able to pick your loan servicer.

Re: Anyone have any good experiences with Student Loans..?

Pat94108 — Mon, 18 May 2015 20:38:24 GMT

My experience with student loans has been good. No complaints. The only thing I didn't like with my loans is that they have been transferred a few times and at times without a warning or email etc. I now have one last student loan with Great Lakes and I like them a lot. I have contacted them a few times and their customer service has been decent. They used to be slow in answering emails (back in the day it could take 2-3 weeks), but they have improved that a lot. I called them a couple of times and again no issue.

Their website more than covers my need and they have revamped it as well. I paid off one other loan I had with them 2 years ago, and they sent me an email and later a confirmation letter by mail. The only thing I don't like with them is that they are sometimes slow at updating your balance after they receive a payment unlike my old servicer, ACS, but it's not that big of a deal.

Let's face it as long as you are able to pay back the money you borrowed, you should not encounter any particular issue. As SCF said, this forum is a platform for people who have issues/questions etc. so evidently, you are more likely to read negative stories or people with bad experience.

Re: Anyone have any good experiences with Student Loans..?

Anonymous — Tue, 19 May 2015 08:50:13 GMT

I've had myfedloan and never had any sort of problems...

Re: Anyone have any good experiences with Student Loans..?

Anonymous — Tue, 19 May 2015 19:47:46 GMT

Like most people I have many student loans and most have been very easy to deal with.

The only problem I ever had was with Nelnet, I have two 90-day lates that fall off next month. My problem was that I had early loans with Nelnet, those moved to a new lender and were paid in full early Fast forward many years (6+ years) and I opened some new loans with another lender finished that degree and started making payments. The payments were through coupons they sent me that covered several years worth of payments. Well during this time they transferred the loans to Nelnet. I continued paying the original creditor as I received nothing from them or Nelnet about the change. My mother gets a call asking for me and telling her to have me call Nelnet. I contacted them to find out they now have my loans and are showing them late. I asked why I was not notified...well they sent me a letter regarding the change, and bills...to the address from my earlier loans from years before with them, not to the new address listed on the new loans. I made payments to Nelnet to catch up and contacted the original lender, they agreed and showed that my account was positive by 3 months and sent me a refund check.

Netnet stated that they would not remove the lates as I did not pay them and they tried to contact me, thier response was that I did not contact them to update my account information with them. Accounts that were closed years before I moved and that were never reopened. I complained that the new accounts had new addresses they should have used, they never would budge. But those come off next month so old news now.

Re: Anyone have any good experiences with Student Loans..?

tiger_uppercut — Tue, 19 May 2015 22:57:18 GMT

@Anonymous wrote:
I often check this board out from time to time to see if there are any new posts, and most of the time, if not all the time, they're posts regarding negative experiences with student loans (Lates, GW, etc.).

It's sort of depressing.. Lol. So as the title says, has anyone had a good experience with student loans? Not necessarily good that it was taken out in the first place, but did you have a good experience with a specific lender? Did you receive fairly favorable terms on your loan? Did you pay off your loan without a hitch?

Great Lakes, which services my federal lons, has been wonderful. I saved 0.25% (every bit counts) on my interest by setting up auto payments, and they adjusted my IBR payments after I called and told them the amount they came up with didn't account for my other student loan obligations. It was zero hassle, and I really appreciated that. They've been fine, no issues.

Sallie Mae and Navient can kiss my arse.

Re: Anyone have any good experiences with Student Loans..?

Pat94108 — Wed, 20 May 2015 03:15:35 GMT

@Anonymous wrote:
I continued paying the original creditor as I received nothing from them or Nelnet about the change. .

Precisely what I was saying in my other post. You'd think they would warn you, sent you an email, a letter or a phone call. Sorry to hear about your experience.

Re: Anyone have any good experiences with Student Loans..?

mmmlive1999 — Sun, 24 May 2015 11:44:40 GMT

I too came from a dark place,with my credit journey. Having 6,defaulted, government student loans. However, I still have only ever had good experiences with my loan servicer,Fed Loan Servicing. My loans were rehabilitated and all of the negative marks removed from my credit report. They are very helpful when I call with questions ,gave me an interest rate reduction and got my monthly payments down by 89% .