Latest Posts
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?)

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.


Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Consumer

This is information that was submitted by a third party and not generated by or Steve Rhode.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.