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Home > Ask The Get Out of Debt Experts > How do i get out of a student loan that is charging me a daily % rate? – Luxx

How do i get out of a student loan that is charging me a daily % rate? – Luxx

I attended FIDM and had took out a perkins loan with them. My other loans were with another company.

I was falling behind on payments and I think I was around 120 days late the FIDM loan counselor strongly advised me to consolidate all my loans. At that time all my % rates were 6% or lower and payments I had made most of the payment went towards my principal.

I looked into it and Direct Loan offered me a consolidation and a 6.25% rate and I thought that would be an ok deal. Come to find out DL charges a daily rate plus a monthly…basically my payments are $175 per month and $11 goes to my principal. WTF!!!!

You can image how sick I was after I realized this fact that was not brought directly to my attention. THIS IS SUCH CRAP AND A TOTAL SCAM!!! I would love to sue both FIDM and Direct Loan (is this possible?)

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I really just want my regular payments back. I have a loan, I’m responsible to pay, but I want to pay it off and with this loan I have now that’s never going to happen. Please if you can advise the my best option of resolution.

Luxx

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