Complaint / review text:
While paying off my student loan, I doubled up, many times, on my payments. The company did not apply the extra payments to the principal; they improperly applied it to the interest due. Also, in addition to not applying the extra monies that I sent in to the principal, I believe ACS misapplied much of the payments that I made to the interest amount due, leaving me with a huge balance due. After seven years of making payments and paying off over $54,000.00 on a $68,228.36 loan, ACS indicates that I still owe over $42,000.00. The initial interest of my loan, as I understand it, was 7.625%. That interest rate was reduced by one point on October 31,2007 to 6.625% for making 36 consecutive monthly payments on time. I have never missed a payment or made a late payment. My account with ACS is completely current.