Bank Error In Your Favor

I know that most of us feel like this is a completely untrue premise…that this never actually happens in real life.  This week, however, either some of the old Ernest Greene luck or divine providence kicked-in.

Since I was a youth minister for so long, I worked for a very long time in positions that paid well below market rates for people with $124,000 educations.  Couple that with some genuinely bone-headed financial decisions between 1998 and 2003 and I ended up with a student loan that stayed in deferral for far too long.  Now, I’m forty-six and still paying off a student loan where the balance is actually greater than the original principle from twenty years ago.

Thankfully, and to my great surprise, I got a notification from my lender this week.  Apparently they had made a serious error on their end some years ago.  Although I have been faithfully paying for well over fifteen years, they had not been billing me properly or in accordance with our loan agreement.  As a result of their error, they credited my student loan balance to the tune of about $6,600 and adjusted my payment terms.

As a result of their error and subsequent adjustment in my payment terms, I should be shed of this burden in about five years.  At that point, Master will have given Dobby a suit of clothes and he will be a free elf.  Dobby will finally be freeeee!

Seriously, modern student loans feel so much like indentured servitude and all it takes is the mistake of taking out a consolidation load to remove most of your rights and stick you with a ridiculous interest rate.  This is such a huge blessing.

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