Technically, it’s loan #3 according to the servicer, but it’s the first loan I’ve paid off. I got the official “paid off” letter this morning, although it was a very interesting road to get there. I submitted the payment (about $6 more than the estimated pay off amount), the loan showed a -$6 balance, then I logged in last week and it showed a positive $6 balance – I owed them 6 more dollars (WTF?!?!). I called, and apparently, it’s super common for the payments to not be applied properly for a payoff. The customer service representative was able to change that so that it was applied properly.
Figuring I did something wrong when I submitted the payment, I asked if I should have done anything differently – and he said nope. So, this just “happens”. With two more loans to pay off, I can guess it’s going to happen at least two more times – so I’m annoyed by the servicer even as I pay off the stupid loans! I’m planning on paying off the next one in June, and the last one in July, and then I’ll be done with the servicer!
That is awesome! Congratulations on this milestone!
Only 2 more to go!
Congrats! It’s a remarkable feeling to pay off a debt! (And to get that official payoff letter! Save it somewhere safe… forever!)
Some advice, although I’m not sure if it will work for you. When I paid off my loans, I called up to get a payoff amount. This amount was always different than what was shown on the loan’s website. I always sent in the amount they told me over the phone, and it zero’d it out just fine.
Even though I don’t like loan companies, I suspect they would have forced it to a zero balance without your intervention. Always a good thing to check, though, I suppose!
I’ll have to try calling them up first next time. I have a few months before I pay off the next one, but I suspect I’ll be calling them before then. I’ve never tried to send them more than my “normal” payment, so I have no idea if it’ll apply to principal or to future payments – there’s no option on the website for that.
Congrats! I bet you were happy to mail that last payment in! go you!
Very happy! Thanks for stopping by.
Congratulations! A great milestone. Now roll that money into the next one and knock those debts out!
Still have a bit more to go, but hopefully, by July, the other two will be paid off – hopefully with less hassle!
Let me know if you’re interested in reading either of my books. ‘We Got Outta Debt’ or ‘Retirement for All Ages’.. details on my blog. Email me if you’re interested and I’d be honored to gift one of them to you.
Pingback: Weekly Favorites, Gratitude, and Giveaways #132 | Budgeting In the Fun Stuff
Congratulations on paying off your student loan. The fact that this error “just happens” would annoy me as well, but at least you only have about 6 more months left to deal with them! 🙂
Next month will be the first time I try to send in more than my ‘normal’ payment, but not enough to pay off the loan. I’m hoping the online system can handle that instead of applying it to future payments. If not, at least their customer service is very friendly and helpful. Thanks for stopping by!