After college, I was sent to Iraq with a National Guard Unit. I placed my student loans in forbearance. When I returned from Iraq, I was solicited by EDFINANCIAL. The guise was that Wachovia was selling my loans to them and they would be offering me a consolidation to coincide with the transfer. All I needed to do was sign the forms mailed to me to consolidate.
What really happened is that EDFINANCIAL stole my account from Wachovia by deceiving me. My interest rate was hiked to almost 7 percent. I am getting charged over 8 dollars a day to have the loans with EDFINANCIAL. If you do the math, you will see that this company is no better than a scheming credit card company or a mortgage company or a bank authorizing a ridiculous car note.
CITIFINANCE-EDFINANCIAL and CHASEBANK (Owned by a Saudi Family) are all taking advantage of our weak GOVERNMENT. People wonder why we cannot get out of a financial rut. Why we are spiraling into a recession. It is because we do not have any honest big companies on our planet and we have worse people regulating them.
I re-enlisted with the Reserves to take advantage of the student loan repayment plan. EDFINANCIAL will take a lump sum payment during the year, but will keep charging me daily interest on the entire amount. It seems to me that they should be charging me daily interest on what is due for the respective year, not the entire amount. I can pay 3912.00 a year back and only decrease my 41,000.00 note by only 1188.00 a year.
Why do people in our country fail to go to college? It is mostly due to cost. We are cannibalizing our country and our GOVERNMENT lets it happen. We are bilking millions out of people who can barely afford to get by. I think the whole country that has financing with any facility, should declare bankruptcy, or just stop paying their bills.
We are letting big companies ruin us slowly, why not speed it up and get it over with.
CITIFINACIAL-EDFINANCIAL-CHASEBANK are all crooks. When is our country going to unite and stand for what is right?
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