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income-based repayment through Navient Loans

Michael Agruss

Written and Reviewed by Michael Agruss

  • Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
  • Over 20 years of experience in Personal Injury.
  • Over 8000+ consumer rights cases settled.
  • Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.

I am eligible for income-based repayment through Navient Loans. I was approved to pay $16.56 per month for 12 months. This began on September 16. 2012. On November 2, 2012, I authorized AmeriCorps to pay the interest on my Sallie Mae loan, a benefit of being an AmeriCorps member. This amount totaled $301.11 and was for the interest accrued on my loan from August 1, 2011 to June 30, 2012. Today, November 16, 2012, Sallie Mae withdrew $154.75 from my bank account. I was not notified that they would withdraw this amount from my account. I called Sallie Mae to inquire and spoke with Nate (customer ID C48993) who informed me that the $301.11 was put towards my income-based repayment plan and now they were withdrawing the regularly scheduled amount for my loan. I am set-up to receive e-mail notifications on this account. I never received information about renewing my income-based repayment plan or notifications that Sallie Mae would now be withdrawing $154.75 instead of $16.56. I asked Nate if they could refund the amount and charge $16.56, which is what I had authorized. He said they could do that, but not automatically. He said I could either put a stop-payment on the transaction since it was still pending or wait until the transaction posted to my account, send or fax it to Sallie Mae, and they would credit my account. Putting a stop-payment on my Chase Bank account would cost $30, which Sallie Mae would not refund me for. Nate said it could take 7-10 days to post to my account and 10 days to refund the amount. This is at least 2 weeks that I have to wait to be credited $138.19. Waiting this long will result in me not being able to pay other bills, possibly being charged late payments, which Sallie Mae will also not refund me for. They are not able to just reverse the payment that they made to my account.

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