Wednesday, August 5, 2009

I lost my rebate!

Things are getting frustrating. Right after I found out that I would not be debt free till I was thirty, I decided to update my progress bars. Imagine my surprise when I saw that my balance on my undergraduate loans had gone up about $600 dollars. Now i know that I had stopped paying on my loans when my priorities changed and I wanted to focus on saving. I also know that my interest is calculated daily. But heavens! $600 in 2/3 months? That was ridiculous. I poked around the website and found out that I had lot my rebate because I had not made "one or more of my payments on time."

I was flabbergested. My loans are prepaid till late 2010. I checked my payment history and I saw that I had made a $10500 payment in May of 2008 and had made a payment every month since then. A couple of months I had even made two payments. So what the heck were these people on about? Everyone knows that when you pay school loans ahead of time, they advance your due date.

Filled with righteous indignation, I called customer service ready to give an unfortunate person a piece of my mind. After explaining the situation, the rep. told me that basically i made that 10K payment when my loans were still in their grace period (I graduated in december) and therefore it did not count towards my payments.

Needless to say I'm pissed. I guess it's my fault for not learning more about the rebate terms so I'm sharing my story so nobody else has the same issue. I plan on writing them a letter asking them to overlook it and give me back my rebate (fingers crossed). I'll keep you guys posted.

1 comment:

  1. I had a problem like this in my grace period. Right after that, they sold my loan and it took me two months to find it.

    The best piece of advice I got was to consolidate at a bank you trust!

    These people either give you flat-out wrong info, or the run-around.


Hit me with some tough love