Comments on: Lenders Under Fire! http://blog.studentloannetwork.com/2007/05/11/lenders-under-fire/ News, updates and commentary on student loans Fri, 20 Nov 2009 21:11:29 -0500 http://wordpress.org/?v=abc hourly 1 By: Zen http://blog.studentloannetwork.com/2007/05/11/lenders-under-fire/comment-page-1/#comment-3087 Zen Tue, 29 Apr 2008 16:18:39 +0000 http://www.studentloannetwork.com/student-loan-help/2007/05/11/lenders-under-fire/#comment-3087 I co-signed my son's loan only to find out that the terms are not what they appeared to be. Shortly after depositing the loan check, I received a statment showing interest due. I immediately called the the loan cneter to find out what is going on? I was assured that the loan commences 6 months after student completes/leaves the college. However, since I was not comfortable with the response, I send them a letter asking for an explanation---the response to a letter never came. I then e-mailed them only to get a reply that they need more information. About 4 months have elapsed since the beginning and I'm no closer to finding what is going on? I called them again...again, I'm told that the loan starts 6 months after school, but this time I did something different...I kept on inquiring about the interest and finally got straight response that interest starts immediately. I complained that how can that be since the loan consists of two components: interest and principal. I then informed them that I'm going to turn in the loan immediately...they responded that I can not do this because this loan is more 30 days old. I did turn in the loan; however, I'm stuck with with origination fee and the interest. My understanding is that all financil dealings with the public should be in "good faith". this is anything but "good faith"...is there a recourse that I have regarding my situation? I co-signed my son’s loan only to find out that the terms are not what they appeared to be. Shortly after depositing the loan check, I received a statment showing interest due. I immediately called the the loan cneter to find out what is going on? I was assured that the loan commences 6 months after student completes/leaves the college. However, since I was not comfortable with the response, I send them a letter asking for an explanation—the response to a letter never came. I then e-mailed them only to get a reply that they need more information. About 4 months have elapsed since the beginning and I’m no closer to finding what is going on? I called them again…again, I’m told that the loan starts 6 months after school, but this time I did something different…I kept on inquiring about the interest and finally got straight response that interest starts immediately. I complained that how can that be since the loan consists of two components: interest and principal. I then informed them that I’m going to turn in the loan immediately…they responded that I can not do this because this loan is more 30 days old. I did turn in the loan; however, I’m stuck with with origination fee and the interest.

My understanding is that all financil dealings with the public should be in “good faith”. this is anything but “good faith”…is there a recourse that I have regarding my situation?

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