As you may of read in my previous post about why FedLoan Servicing is the Worst Student Loan Servicer, I have a big beef with this company. To add insult to injury, I was trying to update my accounts at Mint.com, and FedLoan is unable to be added as an account. I was able to add my Sallie Mae student loan just fine, but not FedLoan.
This company continues to live up to its reputation as the worst student loan servicer. Its time to invest some of the profits you are making off our student loans in to technology that will allow you to function as a responsible company! And maybe at the same time, you will learn how to actually process account payments accurately, and train your staff as well.
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This post was written by...
Robert – who has written 317 posts on The College Investor.
Robert is the founder and editor of The College Investor, a personal finance site dedicated to young adult and college student finances. You can learn more about him here and connect with him on Twitter or Facebook.
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I’ve already had some trouble with them in just 4 months of repayment. The very first bill they sent was late and so I was delinquent right out of the gate. The skipped sending me a bill this month. I don’t trust this bank and I can’t wait to complete my consolidation to get rid of this bank. I’ve haven’t had a good experience so far and I don’t want to have to find out what the future might hold if I get stuck with them for the life of the loan.
My loan got bought by them about a year ago. I signed up for the online service and everything. In the past year I have never received a bill and my online profile doesn’t list how much I owe, how much my loan with them is, nothing. The only information it shows is what I put in, such as my address and whatnot. I haven’t heard from them in so long that I forgot I even had a loan with them until I was sorting through old papers and found the only piece of correspondence I ever received from them. What a joke.
I read your posts thoroughly. My Direct Loan Student Services loan was recently purchased by FedLoan and I was notified via U.S. post office mail. I was also notified that my loan was put into forbearance status. I called to ask why that was since I had not requested this chance. FedLoan told me that while my loan is in the transition process it is automatically put into forebearance for a period of one month. I logged into the system and made a manual payment anyway. They then told me that my direct deposits would then automatically resume and I do not have to fill out any paperwork. Now that I’ve read the details of your experience I will be sure to keep my eyes on them! I like your car purchase idea and DEFINITELY agree that the idea is to payoff your student loans ASAP. That will also help your credit score.
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