What is the name of your state? RESIDE IN KANSAS AND STUDENT LOAN IS IN NEW MEXICO
We need help! We are at our wits end. My son attended a school in New Mexico and has been trying to repay his loans. He has 2 private loans and 2 federal loans, both with the same company. The company has mishandled payments from the beginning. We send in extra principal payments by mail and have the regular payments taken out of his bank account on a monthly basis. No matter what we have done. this company takes the payments and applies them however they want. Even when we make extra principal payments and the payments are marked "principal only"---the company will take that payment and apply it to another loan. Now monthly payments that are taken out are also being mishandled . In effect, the company is stopping us from paying extra on principal to reduce interest. The contract we signed states extra payments on principal can be made at any time. We have called, written and sent a certified letter to the president. The president responded and assured us everything was now straightened out and payments would be correctly sent to each account. The next payment was again misappropriated and now the regular monthly payment on this loan is not even being applied to this loan. We are at wits end. In effect my son is being punished for trying to reduce his interest on these huge loans. Can anyone help us? Please???
We need help! We are at our wits end. My son attended a school in New Mexico and has been trying to repay his loans. He has 2 private loans and 2 federal loans, both with the same company. The company has mishandled payments from the beginning. We send in extra principal payments by mail and have the regular payments taken out of his bank account on a monthly basis. No matter what we have done. this company takes the payments and applies them however they want. Even when we make extra principal payments and the payments are marked "principal only"---the company will take that payment and apply it to another loan. Now monthly payments that are taken out are also being mishandled . In effect, the company is stopping us from paying extra on principal to reduce interest. The contract we signed states extra payments on principal can be made at any time. We have called, written and sent a certified letter to the president. The president responded and assured us everything was now straightened out and payments would be correctly sent to each account. The next payment was again misappropriated and now the regular monthly payment on this loan is not even being applied to this loan. We are at wits end. In effect my son is being punished for trying to reduce his interest on these huge loans. Can anyone help us? Please???
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