Private College Student Loan

Question for people with a Federal direct student loan, help?

I have a federal direct student loan. My goal was to pay it off before Christmas, and I'm running into a snag. I made a large payment on October 20th, and a day later the federal loan website showed the reduction on my principal balance and interest. The problem is that the money has not been debited from my bank account. I've checked with my bank (citibank) and they don't see a problem on their end. The federal loan agency has been very dodgy about this whole situation. They have no explanation as to why this could be. I've talked to several different people and supervisors, and they all tell me the same thing "We recently updated our website and we're working through some of the issues, others have complained about the same problem." When I ask them to send me something in writing saying there is a problem, they tell me they can't do that, and it's against policy!! What the f@#$! The point is, that money didn't come from me, so either they never received it, or it came from someone else who I'm sure is not very happy about losing $1,000. I don't want them to hit me with a notice 10 years down the road saying I still have a principal balance of $1,000 and $15,000 in accrued interest. I'm a hardworking American trying to get out of debt, and I feel like I'm being scammed, has anyone else had the same experience with their new website?

Public Comments

  1. maybe its just a technical difficulty
  2. The same thing has happened to me and it is not a problem. They didn't do anything wrong and they didn't take the money from somewhere else. They show immediately that you made a payment. They acknowledge that the information was sent to them and that they received the money. It then takes them awhile to process the payment on their end and get that information back to your bank. It will be posted on your account as a debit within 5-7 Business Days. If it does not post by Midnight (Eastern Time) then I would contact them about this tomorrow.
Powered by Yahoo! Answers