So I missed the deadline for re applying my income driven repayment plan and as a result, a lot of money was taken out of my account. I did not get any notices that I needed to recertify. I immediately completed the application to recertify. Am I able to get reimbursed for the money that was taken out of my account?
May 3, 2014
They definitely should have given you notice about the income driven plan ending.
You should first call your loan servicer to see about getting a refund on that money. Based upon my prior experiences, I’d expect them to refuse. If possible, you should contact them via email so you have a record of these conversations.
If they do refuse to refund the large payment, I’d next file a complaint with the Consumer Financial Protection Bureau. Be sure to highlight the fact that they never told you that your plan was ending and that you didn’t authorize them to take such a large payment out of your account. Here are the basics on filing a CFPB complaint: https://studentloansherpa.com/file-compliant-student-loan-company/
The CFPB in my opinion is the best bet to getting those funds back.
Also, if your previous payments were less than the monthly interest on your student loans, your interest may have capitalized. This is another issue you may want to investigate and potentially include in a CFPB complaint: https://studentloansherpa.com/federal-student-loans-capitalized-interest/
Keep us posted on how it goes!
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