Sorry you got stuck with that mess. The only differences between the loaning industry and the federal government is the loaning industry works fast with capital recovery as they need to work on a higher volume, and the feds have got forever to get you and they take their time to allow the interest rates to hammer you into submission. Then they can reach so much interest into your loan that they can afford to take a payoff as their bill was already paid earlier as the loan rose in cost. And this way they don’t have to get into a public fight that can make them look the predators they are.
They did the same thing with the housing debacle. And you can do this with IRS back taxes as it is rent free money for them.
rwood
Funny you say that and once again, absolutely right. They provided me an amortization chart. If I had made the payments the way they wanted me to make them, I would have paid back almost double what I borrowed. Crooked, Crooked, Crooked....