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 Wells Fargo Student Loan System
Posted Mon January 5, 2009 9:48 pm, by Jennifer Z. written to Wells Fargo
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I graduated from Dental School (UNMC) University of Nebraska Medical Center this past June with my BS in Dental Hygiene and have started working as a Hygienist. I took out some federal loans as well as Medcap loans through Wells Fargo. My loans came due in December of 2008. I worked with Wells Fargo to have my loans due on the same day of each month. My first due date was 12-03-2008. I made my payment on 12-01-08. I presumed since my payment was more than the minimum that was due, that everything was fine. I was very surprised to receive a letter from Wells Fargo stating they had not received payment on my account. I knew that was inaccurate since I did an online transfer from my checking account to my student loan account and had kept the transfer confirmation notification. When I called Wells Fargo, the representitive advsided me Wells Fargo mis-applied the funds and would correct the problem. I asked for a letter stating such and Wells Fargo did send a letter stating they mis-applied the funds and thus have corrected the problem.
I then made my January 03,2009 payment on December 31,2008. When I checked the payment online on 01/05/2009 and saw the funds were not applied to the loans again, I called Wells Fargo again and spoke to Sheldon again and he said the system did not apply the funds correctly again and that he would distibute the funds accordingly. I have done what Wells Fargo has requested me to do and followed their instructions to the letter but their system is not working as it should.
Somebody at Wells Fargo needs to correct the system so that I do not have to follow up with this each and every month I make a payment. Not only that but I have to be on the phone waiting to speak to a representative for over 30 minutes each time I call. I have spoken to 5 different representatives at Wells Fargo and they all have said the system should distibute the funds correctly but they do not know why it is not. Somebody at Wells fargo needs to fix the system. I am also concerned about my credit. I am just starting a credit history and do not need bad credit due to your error or a headache trying to fix it later.
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I am no fan of student loans. I cannot find the percentage now of
students that take them out and do not graduate, and then are strapped
with even more debt. It personally took me 9 yeas to graduate from
college with a Bachelors degree working a full time job, and a part
time job on weekends. I attended a community college, and did my
degree work at home. I never experienced dorm life, or all the
pitfalls that youngins get into. I was not the brighest kid in high
school so I had to pay my own way.
Start with grants and scholarships, which means it would be a great
idea if your GPA was much higher than average. Good grades are an
investment. Students in the top 10% of their classes have many more
options.
Work full or parttime if you need the money. This idea isn't widely
accepted, but if you need the income, WORK! You could also try
attending an affordable local college to get your first few years of
required classes done. Then transfer to the school of your dreams if
you can pay cash.
This does not help you now, I know, but their alternatives, it just
requires more work than signing up for a loan.
Good Day
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What?
by jenjenn01 Fri May 8, 2009 @ 3:24 PM
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by Not myself today Posted Tue January 6, 2009 @ 12:02 AM
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This is a bizarre problem, and you have every reason to be concerned.
I hope they get this dangerous problem fixed and it doesn't affect
your credit. Best of luck!
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by Bill R. Posted Mon January 5, 2009 @ 10:23 PM
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Jennifer Z.,
Excellent letter.
To the point and concise.
Hope they get it straightened out.
Best of luck in your new career.
BillR.
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