Anyone else think this is unfair? I took a class in the spring term (May/June), so my loan went into deferment, supposedly until 2010 – the year my university listed as my graduation date. But that wasn’t correct since I graduated just after that spring term in August 2007. (And I thought loans were automatically in deferment until 6 months after graduation??)
Dear Direct Loan Borrower,
Thank you for your inquiry regarding your Direct Loan. Prior to October 11, 2007, we listed your separation date from Oakland University as December 31, 2010. However, our records show that on October 11, 2007, the college notified us that your last date of attendance as a half-time student was June 27, 2007 and not October 11, 2010 as they originally certified. We updated your separation date to June 27, 2007. Because this action would have created a past due status for your loan, we applied a forbearance to your loan to postpone the payments due for July 21, 2007 through October 21, 2007.
They didn’t even give me the option to pay the bills from July to October; they just automatically put my loan into forbearance (which also expired immediately), and that tacked on $122 in interest! So I have to pay extra because my college didn’t report the correct graduation date?
Can someone with student loan experience explain this to me? I never had student loans as an undergrad, and I only borrowed for the last year of my graduate degree, so this is all new to me.