New Reviewer

USAA military student loan highway robbery

Update by user Sep 16, 2011

18% interest BTW

Update by user Sep 16, 2011

In addition, I was never notified via phone or via email that anything had changed. Most companies would have explored other means of contact before forcing this on a consumer.

Original review posted by user Sep 16, 2011
I took out a loan as a student commissioning in the armed services. It looked good, but turned out horribly. I am now still paying for my mistake today. About 3 years into school, I decided to change degree programs and spend an extra year at school. I was told by USAA it would be deferred until I commissioned and was working full time. My mail was going to my home address over a thousand miles away and my family didnt open my mail as a courtesy and I was constantly gone for school or military training. I later recieved word that my supposedly deferred loan payments had plunged me into default. When I called USAA, they wouldnt do anything to help me, despite them prior telling me I would be good with paying it back after school. How was I supposed to pay 450 bucks a month on a loan when im taking 23 credits and working a job only 20 hrs a week?? They didnt care and told me if I didnt pay up it would go to collections..and since I didnt have any money, I had to beg & borrow to the point I had nearly nothing to satisfy them. Now Ive paid over 5700 dollars alone in interest and still paying out my ***. I dont even see half my paycheck and there is nothing they will do to help me lower the interest rate or lower my payments even though Im struggling to make ends meet, take care of my family, and am deploying overseas... For a pro-military company, they sure screwed this soldier good. This has been a VERY expensive lesson. Be warned before you sign your financial independence away to this company...
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ID
#262321 Review #262321 is a subjective opinion of poster.
Location
Jackson, Mississippi
Service
Usaa Loan
Loss
$5700