My new student loan servicer is boggling my mind
February 4, 2013 5:22 PM Subscribe
My loans were recently transferred from Direct Loans (the government) to a private servicer (VSAC). I am almost sure that someone somewhere made an error, because my new bills are blowing my mind. I was silly enough to throw away my old payment receipts. Who do I call to get my old records of payments and to make sure the new people aren't messing up my account?
posted by mermily to Work & Money (9 answers total) 2 users marked this as a favorite
I didn't keep the paperwork for the loans before they were transferred (dumb, dumb). I also am not highly competent with how interest accrues etc. etc. but do know that I pay my bills on time and that my account was current.
Some unpleasant surprises since my loans were transferred:
- First payment billed as past due. Was current on Direct Loans, never received any communication from VSAC until the past due thing.
- I suddenly have $860 in outstanding interest according to VSAC. I have been making regular payments on my loans for a few years. I am on the income contingent plan but it covers the interest. Is there any possible explanation for this?
- My payment seems to mysteriously have bumped up about $120 per month. I was paying 130 per month before and the first invoice was $250 (mysteriously). I paid it because I figured that they'd messed up with the transfer and not billing me on time and I figured it would just get me current or ahead of schedule. Then the next invoice was for $260. No word or explanation about why.
- I know that the most direct answer is going to be to ask VSAC. I have had considerable difficulty speaking with a non-automated human being despite several calls/emails and would like to plan what I say in advance since human contact seems so terribly rare with this company.
Sorry to sort of send this out into the ether, I am getting desperate and highly frustrated with not being able to understand what is going on and having no idea of what consistent payment will be expected.