I noticed that the interest on my student loans was about 2 dollars a day. Knowing that I'm stuck with this and they're profiting off me was rubbing me the wrong way, so I recently started requesting pay off letter and history of payment letters daily. It's bad for the environment, but I recycle the letters.
I figure it's helping the failing postal system and hurting the companies bottom line. I wonder if everyone started doing this how fast these companies would all fold, as there's no way they can actually meet their contractual obligations.
You don't even have to wait on hold you can just send and email daily and they'll send out the letter
I doubt it would do anything meaningful even if we all did it
I'm looking at the building where my loans are services and it's like maybe four stories at best. It also has two other business inside. They can't afford to even have a manager there full time. I can't imagine they have more than 30 people working there. I feel like it'd be very easy to overwhelm them to the point that they're no longer profitable. I just need other people on board
I fear messing with the mere worker bees the companies off load the work to.
I don't think you need to, apparently the people that handle your up front customer service concerns all have an NMLS license number and are some kind of certified level of loan servicer. Most of them work for the state and make very good money. I imagine they use a service for their mailing, but this method would only help that company's bottom line as I'm sure they're paid by the volume of letters they send out.
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how do you do this? can you elaborate about what we should do/look for on the fed loan website?
So as near as I can tell there are currently 8 companies servicing student loans. You have a right to request a pay off letter every week day (postage is about 1.50 and it's 4 sheets of paper and an envelope) and a full accounting of payments I believe once a week. You could log on a request the documents via email and then just use that same email chain daily to request forms be mailed. all you'd have to do is change the date of the request.
Sounds good but better to go overseas and then your income is not counted until you reach 90,000 USD. That way you get free health care too and a better standard of living than in hell hole USA.
What loan type do you have that is still charging daily interest?