Discover Student Loan Complaint

Discover Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Maryland

I used Discover Student Loans to take out a bar loan to sign-up for a bar prep course. I have been making monthly, on-time payments on the loan for over 2 years. The balance of the loan has actually gone up rather than going down, as one would suppose would happen. After researching the issue, I realized that Discover 's minimum payment amount was broken down in such a way as to ensure that the interest will always be - times higher than the principal - high enough to ensure that the balance of the loan remained the same or slightly ticked up through the duration of the " repayment '', thus ensuring that the loan would never be paid off by simply applying minimum payments. All of this means that at 7 % interest, if one were to pay off the loan by making double monthly payments, that I would pay double the amount of the loan, and that Discover would make a 100 % profit on a loan that is at 7 %.


not left " holding the bag '' because financial services companies are allowed to exploit their dominant market positions. I would be more than happy to discuss my case with a member of your agency. Thank you, - - Tel. -