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re: Student loans and predatory lending (in TX)
Posted on 5/31/13 at 8:29 am to Catman88
Posted on 5/31/13 at 8:29 am to Catman88
quote:I'm not familiar with this, Cat. Where is it located on their site?
You can log in and pull your account history and pull an amortization and compare how the money should have applied
1
Posted on 5/31/13 at 8:41 am to ForeverLSU02
I was talking about the payment history off their site. Its linked on account details. They dont have an amortization on their page but they have a calculator that does a shite job. You can find what your rate and terms are and apply it in a amortization calc like this one.
LINK
LINK
Posted on 5/31/13 at 9:01 am to Catman88
Gotcha. Thanks 
Posted on 5/31/13 at 9:04 am to ForeverLSU02
BTW there are different types of repayment plans that ACS has. Knowing which one the OPs wife has could help solve this mystery.
Posted on 5/31/13 at 10:45 am to sneakytiger
Do the terms of the loand state there is a prepayment penality? I have see people with loanns that the terms of say a 5 year loan calculate the interest over the 5 years and thus that is the total payback required on the loan, so paying off early with extra payments does not help reduce the amount of "interest" on the loan.
IE. $10k loan at %5 interest for 1 year ($10,500) is required to pay the loan back, even if yo pay off one month later,,,,,
IE. $10k loan at %5 interest for 1 year ($10,500) is required to pay the loan back, even if yo pay off one month later,,,,,
Posted on 5/31/13 at 11:22 am to tigeraddict
I know ACS doesnt state they have a prepayment penalty. Its asked in their FAQ.
Posted on 5/31/13 at 11:55 am to tigeraddict
This what I'm worried about. I have not seen the actual document but I know the terms are very unfavorable.
This post was edited on 5/31/13 at 11:58 am
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