Discover Student Loan Complaint

Discover Student loan department,

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

I have a private Student Loan through Discover. The already outrageously high interest rate ( 9.875 % ) raised without notice to 10 % this statement. This is the second time this year the rate has increased. This time, however, no notice was provided for the increased rate. I 've previously tried working with the loan servicer to find out how I can reduce the interest rate ( whether through refinancing through Discover or any other means ) and they have been unhelpful. Aside from the fact that my auto loan and mortgage have interest rates that are nearly half that of my private student loan, I am concerned about the rate continuing to increase. Furthermore, I have attempted contacting the servicer for an explanation on why the rate has increased without notice, and a request to return the rate to what it was before the increase happened ( again, without any notice to me ). Not only has Discover not addressed my concern, Discover simply has not engaged with me. I have not received any communication since my inquiry, several days ago. I 'm worried that I have an outstanding debt to a private institution that operates similarly to


unfair provider. The feeling of despair and hopelessness grows more each time they chose to unjustly raise the interest. What is more troubling, the interest steadily started rising as soon as I started paying more than the minimum. It is as though Discover was dead set on making a specific profit from my account, and now that I can afford to pay more to the account, they will make up for the fact that I will be debt free sooner by charging me exorbitant fees lacking representation. I do understand that this loan has a variable rate ; however, if my provider is going to exercise it 's right to increase the rate, it absolutely must give me proper notice. It was the only thing that separated it from a slum lord, and I fear I do n't even have that now.