Student Choice Connect allows Direct Connect but shows loan paid off

Question

I'm using Quicken Classic Deluxe for Windows, I have a studentchoiceconnect.com account and Quicken will Direct Connect to it without errors. But it doesn't download any information and when I click on details it says "Loan is paid off". I have 2 loans with this organization, one is paid off but the other isn't. I've contacted Student Choice but they act like they have never heard of Quicken. Any suggestions? TIA!

Tom Young · Accepted Answer

This looks to be the organization you're connected to:

55458	55458	55458	University Accounting Service	https://www.uaservice.com	1-800-999-6227	https://www.uasconnect.com/auth/login	ACTIVE	 	 	 	BANKING,CREDIT,ACCOUNTINFO&EXP-WEB-CONNECT	NOT_QBP	NA

They don't use Direct Connect as the downloading service.  Maybe they used to but don't anymore?

Downloading loan information using EWC has always been somewhat fraught, it seems to me.

First, all you're actually downloading appears to be nothing more than the loan balance itself, not a comprehensive accounting of any actual loan payments you're making, i.e., interest payment, principal payment, fees paid, etc.

And the whole "EWC" downloading process itself strikes me as somewhat Loosey-goosey (technical term😁) in that the institution is supposed to alert the "aggregator" (Intuit) if they make any changes to their data base that might affect what gets downloaded and not infrequently don't do that, making the downloaded information incorrect.  There's plenty of posts in here that I've seen where people have said that the download tells them the loan is paid off, when it isn't.

So the better approach to monitoring loans, in my opinion, is to make sure that loan payments out of the checking Account are accurate, make the loan Account a "manual" Account, and periodically check with the loan servicer via "statements" or logging into your account with the servicer that the balance you have in Quicken agrees with the servicer.

I'd guess that if you do have (or had) multiple student loans that you'd probably need multiple Quicken Accounts to handle them with each Quicken Account set up for downloading via EWC, if you want to continue to download loan balances.