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Accruing penalties when you fail to make payments is typical for almost any kind of loan. It is also totally normal for penalties to be paid before principal. I
by harryh 8y ago
Accruing penalties when you fail to make payments is typical for almost any kind of loan. It is also totally normal for penalties to be paid before principal. I'm really not sure what your complaint is.
- gamechangr 8y agoI did not expect for the interest rate to double with two missed payments. (yes there were low at 2.5% ). I did not expect to be financially responsible for the entirety of the loan - but not be allowed to know if it is current or behind. I did not expect that when an interest rate is capped for student loans, that there is an unlimited and compounding penalties that you are again - responsible for - but not allowed to know if you are in good standing. Every other loan that you owe - they have to tell you what you owe and what the terms are. Not co-signing though
- harryh 8y agoThey have to do that for student loans too. Even if you're co-signing. You should go back and look at the document you signed. It's a contract just like anything else and if your counter-party doesn't abide by the terms then you have grounds to get out of the contract.