Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

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

In - and - I began making extra payments on the my loan with Wells Fargo to get ahead of my balance. This resulted in my payment due dates being pushed forward-so at - point I did n't have a payment due for 1 year out. I made a decision in late - to utilize that feature of the pushed forward payment date because I needed the extra cash. It was not a forbearance or income continent loan. My statement indicated that I did n't owe a payment for close to a year and I did n't make the payment. I understood interest would accrue. However, at no point via my statement or a separate letter did Wells Fargo inform me that when I resumed payments they would only applied to the interest accrued during the timeframe. Also they did n't notify me of the amount accrued during the time and how long it would take to pay it off. It was n't until - - that I started to realize my balance was n't decreasing at all. I was set up for auto payments and saw several adjustments include - reductions for my monthly payments. It was messaged to


that must be paid and I am still accruing interest while i '' m paying that off. They informed me that I likely would have a balloon payment at the end of my loan term to account for the additional time to pay off this accrued interest. There was a complete lack of transparency regarding this process, the impact of my decisions and my ability as a consumer to make an informed decision. If I did n't call and ask all of these questions, I still would n't know what was happening. They shared that they no longer have this practice but I had been grandfathered in. Lucky me! Wells Fargo went out of their way to provide just the bare minimum of information via statements and their website without any concern about the impact to the consumer.