My federal student loans are moving to a new servicer. The third in the past 6 months. How can the federal government get away with this? I really don’t understand why my account has to be inaccessible for 15 days because the government can’t keep its shit in order.
And here’s the thing: It’s actually going to cost me money! Ridiculous. I usually pay my loans on the 15th, yet I won’t be able to make a payment until the 20th of this month on the new website. That’s an extra 5 days that interest will compound on my loan.
Now, that interest is going to compound whether I pay on the 15th or the 20th. It’ll just be compounding on a higher balance if I don’t pay on the 15th. I don’t feel like doing the math, but we’re only talking the difference of maybe $0.15.
It’s the principle of the idea though and its unneccarily frustrating given that I am actually one of those that has put my loans to great use and is paying them off at an accelerated rate. The government should be finding ways to make it easier for us to pay off student loans, not harder.