Student loan -- Dealing with your lender or servicer -- Complaint #6874364
Complaint Overview
Complaint ID: 6874364
Company: Oklahoma Student Loan Authority
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: Oklahoma
ZIP Code: 73099
Date Received: 2023-04-21T12:00:00-05:00
Date Sent to Company: 2023-05-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have been paying the Oklahoma Student Loan Authority for my Federal Stafford Loans since XXXX after making over 10 years of payments I realized that none of my payments were going to principal even though I was paying over the amount billed. It wasn't until XXXX and XXXX when I found out what Stafford Loans actually were and how the payments were only processed to my interest and not my principal balance. I have paid approximately {$5000.00} in overpayments that have just disappeared. I was unable to negotiate a resolution with the Oklahoma Student Loan Authority and they advised me that my only option to lock in my monthly payments was to refinance with the Department of Education and move my loans which essentially makes me start all over again. Had this information been explained to me I would not have taken out the Stafford Loans or agreed to any kind of interest only payments. It is very deceitful to take students who don't know much about student loans and not give them vital information related to repayment. I have seen many other students online talking about predatory student Stafford loans especially since Stafford loan payments were not suspended during COVID and only when I move my loans to the department of education did I get any kind of COVID relief and the ability to lock in my monthly payment amount to guarantee that my interest would finally be paid.
Frequently Asked Questions
What is Complaint #6874364 about?
Complaint #6874364 was filed against Oklahoma Student Loan Authority regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2023-04-21T12:00:00-05:00.
How did Oklahoma Student Loan Authority respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Oklahoma Student Loan Authority?
Yes, visit the Oklahoma Student Loan Authority company profile at readthecomplaint.com/company/oklahoma-student-loan-authority to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.