(I posted this in the "Share Your Story" thread, but thought more people might see it if I actually start a new thread. Sorry for the duplication!)
My husband's AES student loan has that rate reduction feature where, if you pay your loan on time for 48 payments, you will get a rate reduction.
I was balancing my check book today and saw that our payment never went through for this month. I signed into the website and on the first page it says that we are THREE days deliquent. Following through onto the payment history screen, it says that we are TEN days deliquent.
I called to get information, however, after being added to his account I don't know how many times so I can get access, make payments, fix errors, I was told I can't get any information from them without written consent. I called my husband so he could call right away (we are at work right now) and he is now having trouble getting any information out of them or straightening out the error.
As I'm about to sign out of the screen, the rate reduction line catched my eye. He has been ON TIME for FORTY PAYMENTS.
There are EIGHT PAYMENTS left before his rate reduction kicks into effect. And they are being none to helpful in getting any information about whether they've received the check or if we can make a payment right now and remove the deliquent mark on the account.
BEWARE! If you are coming up on your rate reduction month, double and triple check that all your checks/payments have cleared before the date they are due!!!!
Enroll in automatic payments. The loan companies cannot and will not argue over late payments that they are responsible for collecting.
When I first enrolled in autopay on my PRIVATE loan, the first 3 months were not deducted. Thank goodness I was always checking to make sure the payments went through (and I still do 1 year later). I called them and informed them that I am enrolled in autopay and for whatever reason, the payment did not go through. They even tried to tell me that the payment had been cancelled due to a different payment being posted, which canceled the autopay, and then the "mystery" payment was then cancelled right before my payment due date. I told them I never posted any payments, nor did I cancel any, and that no one (not even my mother or fiance) has access to my loan accounts and therefore it was impossible for these payments to have been made/cancelled. They eliminated every late fee (I had to call monthly). After the third month of arguing with them I talked to a supervisor with ACS and informed them of this ongoing issue. It has not happened again since, but I STILL check every month to make sure.
In the end, you wont have to worry about lost mail causing you to be late.
They are all looking to penalize you for non-payments or late payments. I agree I set up ACH and check every month that they took it and I make sure my bank statement reflect that payment. Any coresdondance should be in writing with signer receipt every time, as if you talk to some one they may not document it the way it is stated with conversation with agent. I have actually been sent from G C Services info on my payments so I have it in written form. Send copies of all made payments showing never late, it's documentation every time.. get name of agent and employee #. This has been the battle predatory lending practices that are not fair nor justified. Yeah we owe, but when we all took out our loans they were pushed by financial office at each college, so sign the dotted line, they have stuck everyone with penalties and compounded interest and getting away with it. Keep it up protest often and loudly.." Another Slave to Sallie Mae"
AES moves quick!
My husband told them about the first page saying the loan is three days late while the account info page says 10 days late.
I knew I should have printed that page out before we called...
They've already updated the first page to show that we are 9 days late. It still doesn't match the account info page of 10 days but I guess its easier for them to explain away then 3 days compared to 10.
If anyone has any advice on how to get them to remove the deliquient mark and put us back in good standings so we can get that rate reduction, please let me know!
(I won't hold my breath though, heh)