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New Direct Loan Website Causing Big Problems for Borrowers

October 17, 2011 | Adam S. Minsky, Esq. Current Events

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A couple of weeks ago, the Department of Education’s Direct Loan program switched to a new a new website, run by a private company, for students to manage their Direct federal student loans. If you have Direct federal loans, you will have to manage your loans here: https://www.myedaccount.com/ (note that this is a “.com” address, as opposed to a “.gov” address).

This website has been causing enormous headaches for students trying to pay their student loan bills. The website has been functioning only sporadically, so many student borrowers have not been able to make their payments online. The Direct loans call center has been completely overwhelmed by phone calls from distressed student loan borrowers; after long wait times, borrowers are then told by rude customer service representatives that they cannot pay by phone. If you can’t make your payment by phone or on the website, you will have to mail your payment.

Anecdotally, customer service representatives are informing Direct loan borrowers that delinquent (late) payments will not be reported to credit bureaus unless they are 90 days past due, and the Department expects that everything will be smoothed out within 90 days. Let’s hope so. In the meantime, watch your credit report for any unfair “late” marks on your Direct federal loans if you’re having trouble paying because of these issues.

For more, click here and here.

 

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Current Events

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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asminsky@minsky-law.com
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Boston, MA 02110

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