Hi everyone,
I am presently paying off 2 student loans issued through ACS. I am trying to find a way to ensure the company has been calculating balances and payments correctly and request recommendations on how I can best do so. I went to the ACS website and was able to generate a table showing in consolidated form my total monthly payments, how much was applied each month to principal, and how much was applied to interest. There is no break out available for the individual loans and the table does not show how much my balance has come down on a monthly basis for either the individual loans or the loans in combination. I called ACS and they said they could not provide any information beyond my current balances and what I saw on the table. (I wanted to go back over the past 12 months and try to confirm my payments have been handled appropriately.) The loans have a variable rate and the amount of interest owed apparently changes daily. By contrast, my US Dept. of Education loans have very detailed statements and are easily checked. Does anyone have ideas on how to confirm that the funds are being handled correctly? Thanks!
