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  1. #1
    Join Date
    Oct 2007
    Posts
    1

    Default Student Loan Error in My Favor?

    I am a resident of MD and over a month ago I made a large payment in order to pay off my student loan completely. My last statement recorded my balance as zero. The problem is the money has not yet been taken out of my account. I called the company dealing with the loan and they told me it was paid off and they received the money for it. I then called the bank and they told me there are no checks on hold or pending payments. The student loan company told me there is no need to write another check, but I don't want them to come after me 3 years from now demanding I pay. What should I do with the money? The loan company won't accept it since their records show I owe them nothing.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,805

    Default Re: Student Loan Error in My Favor?

    Don't do anything with it. The odds are, it will be deducted from your account sooner or later and that if you take it out or spend it you will be bouncing checks.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Student Loan Error in My Favor?

    Agree - the bank will more likely than not recognize the error sooner or later so I wouldn't spend the money.

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