Irony is the Shackles of Youth

I hate the Federal Student Aid's loan service for one very important reason. Their "electronic debit account" program. On the surface, it sounds like a good idea. set it up so that every month the FSA gets to withdraw money from your account and get a discount on the interest rate you have to pay. They get a guarantee that they'll get paid on time and you get to pay less interest. Everyone wins. So what is the issue?

The issue is that when you set it up, the only option is to make minimal payments. That's it. No other options. Which means that when you sign up, if that's all you do, it'll take you 10 years to pay off the loan and you'll have paid the maximum amount of interest possible and still meet the terms of your loan.

But wait! In the terms of the loan agreement, there is no penalty for paying off a loan early. Which leads me to the next frustration: trying to figure out how to give these people more money than I owe them. There's actually two different ways and both of them suck. First, I can remember to log in every month and send more money as a one-time payment. Yeah, that's not happening. Or you set up a recurring payment option with will deduct an additional amount from any account and apply it to the loan.

So why am I so annoyed?

Because these recurring payments can only last 6 months. That's right. After six months. And after that, you once again have to remember to log in and set up another recurring payment. Otherwise you default back to the minimum payment, maximum interest schedule.

It's so ridiculous. I mean, on one level, I understand. They want to get as much money from you as possible. On the other hand, this is terrible customer service. In order to give them the money I owe them, I have to set up two drafts from my bank accounts. Then I have to remember to go through this process again every six months. Why in the Hell can I not just increase the amount I pay them through their electronic debit account program?

The government. It makes no damn sense at all. -_-

Good idea: not making me repay interest or any fees on the money I have to return.
Bad idea: making me return the money. -_-

I got an explanation on what happened and now know what to do to make sure it doesn't happen again. I will be watching the Financial Aid Office much more closely come fall to prevent another screw up.

At least my free $250 GPS unit will console me. XD

Why thank you, financial aid office, for informing me that you gave me over $4,000 more in financial aid this year than I was supposed to get. The middle of the spring semester is the absolute perfect time to have figured this out. You're damn lucky I happen to have some money squirreled away that I can use to cover this little oopsie of yours.

Asshats.

Was able to talk with the Dept. Head (a gentleman that is so above and beyond my previous adviser that comparing him to her is a little like comparing a beautiful bay Arabian to blue-green pond scum). The $15/hr job I have now? Will continue as long as I want it to during the school year. Hours worked and when they are worked are totally up to me. If it ends (and/or the grant runs out) he basically told me I will be handed any other work that comes along and not to worry, because more work will come along since at this point they are turning away projects because they don't have enough people to do them. Hell, if I want to take on additional projects (and money) during the school year, as long as I manage my time, he will make it happen.

This is in addition to my monthly stipend that comes with my fellowship.

WINZ!