My student loan was approx. $25,000. My payments were over $300 a month. It should've been paid off in 6 years. I was having a difficult time making the monthly payments. I discussed my situation with the loan company over the phone. They suggested that I consolidate my loan to lower the monthly payments. I consolidated it on the computer and electronically signed. They said it would take 30 days for approval and they'd send me a letter with my scheduled payment plan. Well, I received the letter and there is an accumulation of $25,000 interest. So, I'm suppose to pay $25,000 for the loan +$25,000 interest for a total of $50,000. I'll be paying $200 a month for the next 20 years! My loan that should be paid off in 5 years will now take 20 years to pay. I need to call the loan company and talk to them, but I'm not sure what to say. Any suggestions what I should do?
2007-09-04 04:04:46 · 5 answers · asked by ☆skyblue 7 in Business & Finance ➔ Personal Finance
The numbers are the approximates. That's why I said approx. $25,000 and OVER $300 a month. I don't have the exact figures in front of me because I'm at work and the letter is at home. When I get home from work, I'm going to call them and I want to make sure I do the right thing.
2007-09-04 04:51:47 · update #1
Yes, something is terribly wrong there. I think it would be best just to be honest when you call them and say something along the lines of "I think I'm getting ripped off here..."
Did you consolidate with your original loan company or a different one? Also, do you have any paper work at home (the info you e-signed) stating what the terms would be when you consolidated? It would be a good idea to read over that application and make sure you did not sign up for this. When you speak to them, tell them that this was not laid out in the paperwork, not what you wanted, and that you want it fixed.
2007-09-04 05:50:14 · answer #1 · answered by KS 7 · 0⤊ 0⤋
Something is wrong with your calculations. Paying $300 a month for 6 years (72 months) you would only have paid $21,600, which would not even have paid off the $25,000 principal, let alone any interest. And $200 a month for 20 years wouldn't pay even the principal you now mention of $50,000, let alone the interest you'll be charged during that time.
2007-09-04 11:38:01 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Immediately call them and tell them you decided to decline
their offer and if they give you a hassle immediately report
them to the Federal Trade Commission and the State
Attorney General of your State. You definitely were taken
advantage of !!!! Your clue should have been when they
made you sign it before your approval. I would seriously
call and consult with a consumer law lawyer in your area !!!
2007-09-04 12:57:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you need open all your wayIs found interesting information about your answer, college loans, scholarships, college grants & partime works here. http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.html Good luck!
2007-09-05 10:45:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-09-05 19:22:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋