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  1. #1

    Default Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    My question involves policies of Direct Loans, the DOE, and financial student aide with in the USA.

    I recently found out that Direct Loans has stopped sending a monthly statement and pay coupon. I have been sending in my payment by mail every month and I also got a monthly statement of my loans every month. Apparently, Direct Loans is not sending these by mail every month now, because their policy has changed. Direct Loans is only sending a packet of pay coupons for half the year along with envelopes. I have a legally tapped conversation of a manager from Direct Loans explicitly stating that they are doing everything that the US DOE and FSA are requiring and that they are not required to send such a monthly statement and monthly pay coupon with an envelope. The manager said that the monthly statement was only available online or by asking about it by phone, which I’m not sure how one would get a paper copy of the monthly statement by phone if they are unwilling to send it by mail. The manager said that the yearly coupon could be sent again only if I request it by phone every month. This is unacceptable as a requirement to call Direct Loans every month to receive a monthly statement and a pay coupon with an envelope.

    My question is:

    Is Direct Loans required under US federal law to send a monthly statement and pay coupon with an envelope every month unless I have specifically stated that I do not want them to send me a paper copy.



    I know that Credit Cards are required under US federal law to send monthly statements and billing coupons with envelopes unless I have specifically stated that I do not want them to send me a paper copy but I am unsure about the federally funded Direct Loans. It seems illogical that this agency is not covered by the same laws that are regulating Credit debt with regard to at least sending monthly statements and a pay coupon with an envelope.

    I do not want to access this information online and I do not want to make online payments even if they are willing to give me a 0.25% interest decrease.

    All I want from Direct Loans is a monthly statement and monthly pay coupon so that I may have a paper hard copy that gives proof of payment every month and hard copy of bills waiting to be paid without putting my personal information online into their website.

    I don't think this is fair and it seems as if this may affect more people than anyone knows. Please help.

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    I find nothing requiring a monthly issue of payment coupons and envelopes, neither does it seem uncommon for servicers to send out packets for the half year or full year.

    As long as they provide you with a statement when you call, it appears they're in compliance.

  3. #3

    Default Re: Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    Hi,

    Thank you for the response.

    Your not finding, a "law"?, in "where"?

    They never said they would send a statement, only a pay coupon, the statement is only available online or by phone with no hard copy.

    You mentioned that "it appears they're in compliance". What are they in compliance of? Which law are you referring to that they are in compliance of? If there is a need to be compliant, there probably are laws that are requiring the compliance? Do you know which specific law covers this subject? Would you reference the law that you are thinking of so that I may read the law completely?

    Thank you for your help.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    as with many situations; yes, you must comply with any required actions. If there are no required actions, then you are in compliance with the law simply by not doing anything.

    so, I am presuming missy could not find a law that mandates they send you an envelope and coupon so they would be in compliance regarding any laws concerning sending you an envelope and coupon even if they do not send you those items.

  5. #5

    Default Re: Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    Hi,

    Thank you for responding too as well.

    I presume that there are laws covering federally funded loans and that these laws have requirements for compliance for Direct Loans. If there is a requirement for them to send a pay coupon that has 6 months in advance then there must be a law that says they are required to do this action. I reject that there is not a law that stipulates exactly what they must do in this situation because if there was not a law, they would not send any pay coupons at all. I believe that the manager said that they were in compliance by only sending the 6 month pay coupons. Which law are they in compliance of?

    The question has not been answered with facts and references of those facts yet, and I’m still wondering if someone might be able to help out due to the fact that there are probably many people being affected by this. Please help.

    Thank you.

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Direct Loans Stopped Sending a Monthly Statement and Pay Coupon with an Envelope

    The United States Code is here. The Code of Federal Regulations is here. Have fun searching.

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