My question involves a consumer law issue in the State of: Minnesota.
Hello all,
I have a student loan through a very large well-known banking institution. (I'll spare their name for now.)
In college when I took the loan, the terms said that I would supply the minimum payment every month which just covered interest on the loan. I've done that, month after month, and now I've been in my career field for a couple years. This loans interest rate is more favorable than some other loans I have so I have just been paying the minimum on this loan to try and get the others down.
Last week I logged into the online system for my loan that I've only been paying interest on through this large banking institution. I tried to make a payment but their system does not allow me to make any additional payments besides the autopayment. Coincidentally the autopayment is that minimum payment that just covers interest. I contacted their customer support and told them of the issue, and they stated back to me that the system will only take minimum payments for autopayment and that if I would like to make additional payments I can do so online (which I can't).
I mean honestly I haven't cared about this until a week or so ago, but all this time I have had basically no option to even pay anything extra if I wanted to. They are collecting the interest off of me and my loan is impossible to pay off at this rate.
I'm curious if I should get a lawyer involved with this as it seems really shady, or if I should just ignore it and wait for them to provide a solution?
Hello all,
I have a student loan through a very large well-known banking institution. (I'll spare their name for now.)
In college when I took the loan, the terms said that I would supply the minimum payment every month which just covered interest on the loan. I've done that, month after month, and now I've been in my career field for a couple years. This loans interest rate is more favorable than some other loans I have so I have just been paying the minimum on this loan to try and get the others down.
Last week I logged into the online system for my loan that I've only been paying interest on through this large banking institution. I tried to make a payment but their system does not allow me to make any additional payments besides the autopayment. Coincidentally the autopayment is that minimum payment that just covers interest. I contacted their customer support and told them of the issue, and they stated back to me that the system will only take minimum payments for autopayment and that if I would like to make additional payments I can do so online (which I can't).
I mean honestly I haven't cared about this until a week or so ago, but all this time I have had basically no option to even pay anything extra if I wanted to. They are collecting the interest off of me and my loan is impossible to pay off at this rate.
I'm curious if I should get a lawyer involved with this as it seems really shady, or if I should just ignore it and wait for them to provide a solution?
Consumer Law Issues: Student Loans Only Allowing Me to Pay the Minimum Payment
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