Runaround Refinance for Student Loan Beneficiary | 7 On your side

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NEW YORK (WABC) — A college grad from New Jersey says he is refinancing after thinking he lowered the interest rate on his large student loan.

But instead of getting a break on his bill, it doubled. That’s why he called Nina Pineda and 7 On Your Side.

“At this point they are threatening me,” said student loan recipient Mike Petruk.

Mike Petruk has a $36,000 problem. The check that pays off his student loan with Discover is MIA.

“Wherever that missing check is, I am now paying the same loan twice,” Petruk said.

Last June, when interest rates started to fall, Petruk and his mother – who co-signed his student loans – made a savvy decision to refinance the 2020 graduate’s debt with a new loan company named Ernest. .

He sent Discover, his former lender, a refund check for $36,000. The check was received by Discover and it even showed the total amount paid into Petruk’s account at the end of June.

But he still debited Mike’s bank account for loan repayment in July.

“I refinance now and pay the same loans twice,” Petruk said.

His mother, Cindy Riehl, said Discover acknowledged receiving the check, but did not know where it was.

Petruk has never missed a student loan repayment since earning his restaurant management degree from the University of Stockton. He is now the manager of the Bistro Bar at Red Bank.

Petruk and his mother say they can’t figure out where the funds went after Discover got the payout.

“She said I had sent a request to the team that looks for missing checks and they weren’t getting back to me, if a Discover supervisor couldn’t get anyone to respond, I didn’t know who to turn to, so I turned to 7 On Your Side,” Riehl said.

Within 24 hours, Petruk received confirmation that his original loan with Discover had been fully repaid.

7 On Your Side contacted Ernest and Discover and both companies said they could not comment publicly on customer accounts, but both thanked us.

Ernest said they were able to confirm payments to Discover would be made in a timely manner. And Discover said the information we provided helped resolve this issue for their client.

And within days, Petruk and his mother received confirmation that their original loan had been repaid in full.

READ ALSO | 7 Money Moves on Your Side Dos and Don’ts for the Student Loan Forgiveness Plan

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