This is with regards to XXXX/Mohela account # XXXX. 

Last month I refinanced and consolidated XXXX of my student loans into XXXX. In doing so, XXXX estimated the payoff $ amount, which ended up being {$120.00} higher than what was needed to pay off the old/refinanced loans and caused the loan balance to turn negative by this amount. On XXXX/XXXX/2016 I sent a written request to XXXX/Mohela through the message center on their website, asking them to promptly refund me the overpayment. They replied on XXXX/XXXX/2016 and said, " Thank you for contacting MOHELA. According to our records, you will have a refund in the amount of {$120.00}. We will initiate the refund process 21 business days after the date the payment posted to our system. After the waiting period has passed, a check will be generated and mailed within 2-3 business days to the address on file. If you have any questions please contact MOHELA XXXX XXXX at XXXX or via secure message. '' I was very upset about this response, because XXXX/Mohela 's practice of requiring such a waiting period and not refunding the overpayment is hurting me. Effectively I am paying interest on the overpayment, which is in the form of the new loan, while not getting the benefit of the funds. I believe that XXXX/Mohela has such a practice in order to maximize their liquidity at the detriment of the little guy - the student loan borrower. Why should they have a right to my cash? They have the administrative power to process extra loan payments within just a few days - why do n't they refund within just a few days? 

I responded to XXXX/Mohela 's response on XXXX/XXXX/2016 and explained the above as well as re-requested a prompt refund. It is now XXXX/XXXX/2016 and I have yet to hear back from them. I am concerned not only for myself, but also for the many other student borrowers who are being harmed by this practice. They should promptly refund any negative loan balances! 
