Discover Student Loan Complaint

Discover Student loan department,

Non-federal student loan Dealing with my lender or servicer Don't agree with fees charged New York

I have previously submitted a report on - -, and now I would like to submit my complaint with Discover. I have - Discover loans, - being 8.8 % interest equaling $11000.00 ( $10000.00 originally ) and the other being 7.2 % interest equaling $19000.00 ( $18000.00 originally ). The problem with the loan is NOT the amount, rather the fraudulent interest rates I am being charged. Because the interest continues to compound, my payments barely eat into the principal leaving me with a bigger loan than I started. I make every payment on time, however it seems to make little difference if I pay more than what is due. This is ruining my credit report because my debt to income ratio looks horrible, even though I make all my payments on time.


an acceptable level. Paying $ -- $1200.00 a month in student loans is not feasible when I am barely cutting into the principal and lowering the loan amount. In every case of my loans, they are now currently bigger than when I first received them even though I am paying this amount of money EACH month. This should not be allowed and is a form of loan sharking. I am not asking for my loans to be forgiven, however I am asking that my interest rates be put at a normal level of almost all other loans in this country at 2 % interest. There is no reason I should be suffering from an fraudulent interest rate ; students should not be punished for seeking a higher education. After calling each of these companies several times, I have found NO help in trying to refinance my loans. The only option I get is to go into forbearance, which would mean a lifetime of debt for me and possibly other family members. Please review my case and understand where I am coming from. I can not express enough how these interest rates undermine my consumer rights.