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modig
Aug 20, 2002
Does anybody know anything about the new student loan paying portal, myedaccount.com. My loans end their grace period in early November, so I'm figuring out how to pay them. I have 4 loans, loans 1-3 have like 2% interest, and loan 4 has like 7% interest. Naturally I'd like to pay loan 4 off first. The website has some ability to allocate loan payment built in, but only to different loan groups. All of my loans are group A, so I can't pay one before another at the moment.

I tried called tech support and talked to a fairly useless person, who seemed to know less about the website than me. She eventually told me that you can't allocate within a group, and she couldn't tell me how the money would be applied within the group. She did request a letter (10-14 days) to be sent to me that would explain how the money within a group would be allocated. I also made a $10 payment that should go through soon, so I can see how that is allocated.

At this point my best guess is that their grouping system just doesn't work. One tooltip about groups said that they are supposed to group loans by origin and interest rate, to make them easier to manage. I think the by interest rate part either doesn't work, or just hasn't worked in my case. So I think I'll try calling tech support again, and ask them to change how my loans are grouped.

Any extra info or corrections to how I think it works would be great.

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modig
Aug 20, 2002

Guy Axlerod posted:

From what I've seen, money gets allocated proportionately based on balances.

Thanks, thats what I guessed. I called back, and after 20 minutes of talking to a rep, and some meaningless babble where she tried to tell me the high interest loan would be paid off first, but actually had not idea how the money would be distributed, she told me they would regroup the loans in 7-10 days. Once they are regrouped I should be able to allocate it correctly online. I wish I had a recording, some of the things she said made so little sense I can't even remember them.

modig
Aug 20, 2002

baquerd posted:

You have to call customer service after your payment to correctly allocate your payment. Weird how they're running the government for profit like they are.

Odd that they never mentioned this as a possibility in either of my customer service calls. I would have just done that since I intend to pay off my high interest loan in one payment.

modig
Aug 20, 2002
The $10 payment I made disappeared from the website as a pending payment for a while. Then it went through and reappeared. The money was allocated to each loan based on it's proportion of the balance, despite customer service's incoherent babbling to the contrary.

Hopefully your $100 payment magically reappears soon.

modig
Aug 20, 2002

Konstantin posted:

If you want to be extra safe, switch to writing paper checks, and write a brief note with each payment detailing exactly how you want the payment allocated, attaching it to the check. It's a lot of trouble, but it's the best way if you don't trust them.

If they don't regroup my loans, I'll probably go with this plan.

modig
Aug 20, 2002

maverick99 posted:

I think I am getting screwed over with my student loan payments. I am paying around $160/month and around $73 of that is being taken out for interest. Apparently interest accrues every 10 days or something, according to the direct loan website. Is this normal? Anything I can do?

This is what I got from the site:
http://i.imgur.com/Zvplf.jpg

Make larger payments.

modig
Aug 20, 2002

maverick99 posted:

So if I made lets say, a $500 payment, would only $70 be applied to interest?

Yeah, your payment gets applied like this:
1. fees and poo poo
2. accrued interest
3. principal

1 and 2 just keep you from getting sued, 3 reduces how much you owe, and reduces future interest accrual.

modig
Aug 20, 2002
My experience with myedaccount.com customer service
:bang: Please regroup my loans by interest rate so I can pay off the high interest rate loan first
:witch: Sure it will take 7-10 days.
9 business days later
:bang: I called before to get my loans regrouped, and they should be by now, but they aren't.
:witch: It has only been 9 buisness days.
:bang: So does that mean it will be done tommorow?
:witch: No we don't regroup them anymore.
:bang: So how do I pay off the high interest loan?
:witch: Make a payment, then call and ask for it to be applied to a specific loan.
:bang: I don't believe this will work, but I guess I'll try it.
I make a payment on the website, wait 2 days. First it disappears completely from pending payments, then a day later it shows up as a posted payment. Notes balances of all loans.
:bang: Make my new payment apply to the high interest loan.
:witch: 7-10 business days.
10 business days later.
:bang: I want to speak to a manager. Short summary of how I have been jerked around and lied to multiple times.
:witch: But I have to try to help you first, let me tell you statistics about your interest. Your interest is $2.66 per day.
:bang: I don't care about statistics about my interest rate, let me talk to a manager.
:witch: Is there anything I can help you with.
:bang: No.
:j: Hello I am a manager, how can I help you.
:bang: I tried to get my loans regrouped, but it was a lie, and..
:j: I will regroup your loans now.... ok its done. Anything else I can help you with?
:bang: Thanks. That was very helpful.
Loans are actually regrouped.

tswtrm (too short want to read more) Every single call they go through social, date of birth, name with middle initial, address, read my my phone number, do you want to add a second phone number, read me my email. And anytime the first line agents are feeling confused about what you want they will start reading off statistics on your loans. "You have loan 1... loan 2... loan 3... and loan 4. Loan 1 has balance blah, interest rate blah, and the interest ist blah per month."

tldr 7-10 days is bullshit. Ask for a manager if they say that.

modig fucked around with this message at 17:07 on Dec 1, 2011

modig
Aug 20, 2002

Effexxor posted:

Hey now. I get the massive frustration with dealing with ACS, I think we all know how I feel about them, but there are some things that do legitimately take time to fix, and a lot of the times the customer service rep you're talking to can't do anything else. Remember, there are people on the other line and they are (hopefully) trying. Also, ACS is relearning a whole new system that they process on, so they're on a really insane position right now.

My experience is that when they told me 7-10 days they just didn't do it. When I talked to a managed it took less than 60 seconds.

modig
Aug 20, 2002
Can somebody point me to a guide that shows how to find all your outstanding student loans?
I went to myedaccount.com and I thought that was everything, but now a servicing company is claiming I owe $6000 on a Perkins loan. I'm guessing they are right, but I'd much rather they were wrong or trying to scam me. I thought myedaccount.com was the official place to look up all your (non-private) loans, but I'm guessing that is wrong.

modig
Aug 20, 2002

Guy Axlerod posted:

This should help: http://www.nslds.ed.gov/nslds_SA/

You want the "Financial Aid Review".

Thanks. Well poo poo there is another $6k on there. That sucks.

edit: Umm... the loan date for that extra loan is listed as 01/01/1900, that seems fishy. Though when I click on the more info it says 2004 which is actually reasonable.

modig fucked around with this message at 18:33 on Dec 28, 2011

modig
Aug 20, 2002

Guy Axlerod posted:

Ok, how do I get ACS to group my loans the way I want? I've tried calling and tried emailing, they only offer the option to send an email after each payment.

Edit: Just noticed I got "Important Informatino (sic) regarding your KwikPay." Apparently, my next payment will be debited on 200.00 in the amount of $07/28/12. Good job guys.

If ACS is myedaccount.com call and ask for a manager. Don't accept 7-10 days.

modig
Aug 20, 2002

Guy Axlerod posted:

They didn't even offer 7-10 days. I don't think they even understood what I was asking for.

I had exactly the same problem, I posted this summary of my experience. How I got them to regroup my loans. Basically, ask for a manager, explain that you want the loans regrouped by interest rate.

modig
Aug 20, 2002

Wiggy Marie posted:

Double reply to try and make sure people see this:

Everyone reading this thread, I want to reemphasize something I said in my last post.

As of July 1st, 2012, graduate and professional students will no longer be able to get subsidized loans. At all. Ever. This was part of the first debt deal that was signed last year, and no one knew about it until the deal was signed. Awesome!
Weak. I avoided 7 years of interest on my undergrad loans with my graduate subsidized loans.

modig
Aug 20, 2002

mongeese posted:

I'm on IBR and have been making payments for a bit and was thinking about making additional payments on top of my minimum IBR payments. My consolidated loans are part subsidized and part unsubsidized. This is probably just a dream, but would it be possible for me to indicate that I want my additional payments to be only on the principal of the unsubsidized portion of the consolidated loan instead of being split up between the subsidized portion and the unsubsidized portion?

If this is on myedaccount.com call and ask for a manager. They can regroup your loans in like 2 minutes.

modig
Aug 20, 2002
Say that my brother in law had some student loans in the 6-8% interest range. And say that I had some money I wanted to invest. What would best way to loan him money at say 4%, in order to pay off the loans? Can I pay Wells Fargo or someone to service it for me at any reasonable rate? Are there sample contracts I could use?

With this amount of money I'd want to do something formal, legal, and ideally not just use a spreadsheet to keep track of it.

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modig
Aug 20, 2002

canyoneer posted:

Does that not happen automagically? That's US law for credit cards, right?

My experience was that it was a huge pain in the rear end to get extra payments applied to the correct loan, including lots of misinformation when I called for help, and when the distribution was finally right a month later it retroactively changed to being wrong.

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