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Money This forum is for support with financial issues.

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Student Loans - June 14th 2010, 01:30 PM

I just feel like hitting my head against the wall because my student loan provider is so stupid. I have a loan through another company and they have explained how the National Student Clearinghouse works to me because my one school didn't use it. The rep for that company pulled up the NSC while I was on the phone and told me the last date of enrollment was listed.

This company is like talking to a brick wall. My school gives me a link to the NSC and I can pull up my enrollment history all the way back to my first college experience outside of high school (and there probably was more but they dropped it because it shows me no longer being enrolled in the school I did PSO.)

So they are waiting for certification from the school. I emailed the school and my mom called the school because she's my cosigner on the loan. They told us both the same thing that they use NSC and the loan provider should be updating their systems regularly. The great thing about the school is they provide me with a link to the NSC and I see they certified my enrollment on 5/27 and again on 6/8.

So I had to argue with the loan provider's call reps and they finally agreed to forward a request to the processing team to check the NSC. Three days for processing and no estimate on how long before the loans will be disbursed. Great?

No. Semester started on the 1st. I have a week before I will be dropped from nonpayment if the loan provider doesn't solve the issue.
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Re: Student Loans - June 17th 2010, 06:03 PM

The American school and loan system goes straight over my head so I've no advise I'm afraid.

Just understanding. Talk to pretty much any University student here in England and I think it's fair to say we have all nearly imploded arranging student finance. It's the most frustrating thing, and they can never seem to get it right.

They've left you in a very awkward position, and assuming you have all of the correct paperwork to hand, you should be able to demonstrate to your school that the loan is indeed pending. If this isn't enough for them, then chase the loan company. I know it's tiresome, but this is your education on the line. Pester them, constantly.

And, if it all goes completely wrong and you're asked to leave your course due to non payment, I'd take the loan company to court for compensation. You have a perfectly good case, based on what you've mentioned here.
   
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Re: Student Loans - June 17th 2010, 10:45 PM

And I thought I had loan headaches! I'm sorry they're causing such a headache for you. My loans have literally changed hands 3 times and I just had to re do my MPN on another loan because the school decided to change companies. You'll have to keep calling and compaining until someone listens to you. If they don't fix this issue you become an innocent victim. Loans are a mess, but you aren't alone.


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