First off, it took 1.5 months to fund my loan due to their finance department being backed up. Secondly, this company does not have the "capabilites" to apply additional payments to the principal portion. Some servicers make you allocate but this servicer doesn't even allow you to. I have found no help from customer service.
Their autopay takes any additional payments past the minimum amount and instead of paying towards the principal, applies the payment towards future months' payments, therefore extending out your next payment due date. This only happens until you reach 24 months in advance, at which point they stop applying auto payments towards the loan altogether. If you want to keep paying down the loan, you have to process payments manually. There is no notification on their part that they are no longer applying autopayments towards that loan group. They make it as difficult as possible for you to pay off a loan ahead of time so that they can collect as much interest as possible. Its all a system to keep you accruing interest as long as they can. Not sure how people that work there can sleep at night, its terrible.
I wasn't able to get a loan through traditional banking channels as I'm not a US citizen. This platform helped me secure a loan from my personal network and well beyond my own network. The legal agreements and endorsements on the campaign assures the 3rd party individual lenders of my crediworthyness.
We've uploaded about a dozen documents. Every time we submit what they say they need on the application, or what they say they need in an email, the document gets rejected. My paystub got rejected; we needed to upload my wife's paystubs to show household income. We uploaded that, then that we rejected. Now they needed 1040. Next they needed proof of my wife's residence and were told to upload her DL. We did that, but then that wasn't good enough, we had to upload her voting id or utility bill. Still waiting on that one.
Meanwhile, by 19 year old son uploaded his DL (govt issued id as requested on the application). That was reject, they emailed us a form and he has to go to a notary public.
This has been the biggest runaround and so timeconsuming.
They need to give everything up front that you need to apply rather than this back and forth game.
We found one person that thinks it's a mess and had vowed to straighten it all out and help us. She thinks we've given more than enough information they need. We will see what she is able to do.
as a Salie Mae customer for a long time, my account was switched to Navient. Sallie Mae and Navient both did away with paper billing, but i like to see my statement because you cannot pay extra on the principle online.
Navient and Sallie Mae were not forthcoming and different answers to the same questions. No option for PLSF, a program that when done correctly, (like though a legitimate non-profit organization like myfedLoan.gov) will forgive any left-over amount owed after 10 years of affordable repayment and working in a non-profit or governmental agency. Sallie Mae and Navient conveniently switched from charging simple interest accrued once a month to compound interest accruing daily just like a credit card years ago and no-one noticed because it is in the fine print. I notice online that the over-payment I paid was conveniently held onto for 7 days after the post date to conveniently pay for accrued compund interest. I looked into a court case against them but found several slow-moving class-action suits against them.
if you have a loan with them, run away and consolidate with the non-profit myfedLoan.gov immediately. Do not call Sallie Mae or Navient. Navient will tell you that you cannot consolidate their loan which is false.
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