Success stories -An alternative student loan- Part 2-
Of course, I was charged with penalty fees and other excess interests, but they were even laughable. Around 20 usdlls per month on penalty fees AND excess interests so it was not hard at all to keep up with the payments. Eventually I learned to handle my economics, keep my family sustained, well, and at the same time, continue my education.
In the end, it turned out that I had been paying in excess! And I did not do any math. I continued paying until one day I saw that in the payroll debit account I had more money that what I was supposed to have so I went to the bank and I asked and yelled. I thought it was a mistake on the part of the bank and that I was going to be pinned with some sort of penalty or something for their mistakes.
After a while and, of course, an endless round of searching and combing around in intricate banking procedures I was answered. As it turns out, indeed they did DO a mistake against me. When I applied for the loan and they calculated the interest rate and monthly payments they did not consider everything through, so I was over charged nearly a 60% each month. And I never knew!
Well, once I paid over the 60% of the loan according to the pre-set interest and loan monthly rate established between the bank, and me they reviewed my case to see if they could offer me an additional loan or any other credit type product, which is when they realized that I had been overcharged all this time.
Therefore, they did one of those things banks are always doing…Mixing things up. I was told that they took the excess payment and returned every single dime, then, they decided that if I had the means, I would pay on advance the remaining of the loan.
Therefore, they took back the same amount that would cover the remaining of the loan and I still had money left over! It gave me the necessary assistance to jump-start my practice. So if anyone would ask me if an alternative student loan works I would answer with an emphatically “Yes”.
One thing I would definitely suggest is that if you are planning to apply for an alternative student loan from a banking institutions is to keep all your business in that same branch office and with that particular executive. It is in this manner, the executive will be fully aware of your case and you will not need to keep repeating over and over again what your situation is.