Date Received: 2023-04-05
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: On XX/XX/ I signed a note disclosure statement with XXXX Bank. The amount financed was for {$20000.00}. The annual percentage rate of a cost yearly credit was 10.470 %. The finance charge was listed as {$47000.00}. My total amount that I am to pay to the lender after the payments scheduled is {$67000.00}. My concern comes in form of the variable rate ( APR ) that I was forced to sign. On my disclosure statement, I was to chose one index rate that determines the APR. At that time the LIBOR Index Adjusted monthly was most favorable. However, based upon a recent article the LIBOR index will no longer be used. At this time, I feel my lender misled me with harmful information that affected my financial decisions. https : //www.consumerfinance.govXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX The lender no longer services my account. My payments are based upon a variable rate. On my signed document I was to chose ( 1 ) annual percentage rate option
Company Response:
State: NY
Zip: 11566
Submitted Via: Web
Date Sent: 2023-04-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-05
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: I have repeatedly been reaching out to AES and PHEAA to resolve the following issues since XXXX? Upon AES receiving my loan, Both AES and PHEAA were notified repeatedly that I was victim of a consolidation scam with a company who claimed to be a federal government program since AES took this loan and PHEAA was the guarantor. Why was nothing ever done about this by either PHEAA or AES? Why weren't any of my complaints replied to. After repeated complaints were filed since XXXX. AES and PHEAA were the servicer and guarantor who took over the fraudulent consolidation. No amounts were straightened out by PHEAA nor AES. Absolutely nothing has been done up to this date, this complaint has been submitted to XXXX XXXX XXXX PHEAA, AES and AES Ombudsman, Dept. of Education, Student Aid, AES and PHEAA. Verification of documentation used for the consolidation prior to AES and PHEAA receiving it had blackened in amounts. I have sent in actual promissory notes, checks, and loan applications to PHEAA, AES, Dept. of Education, Student Aid, and Ombudsman and nothing was done. Why was original documentation used to determined amounts owed and increased interest rates and loan amounts that were fraudulently listed remained in place after fraudulent consolidation was processed? What is troubling is PHEAA nor AES never recalled who they actually received the fraudulent consolidated student loans from nor that they were aware of the fraudulent consolidation. Yet PHEAA Bank XXXX XXXX was able to guarantee and issue the funds for fraudulently consolidated loans to AES. This was also brought to AES attention ' repeatedly as soon as they obtained the loans. The initial consolidator explained they were a federal consolidation loan program and PHEAA was also their guarantor. How is PHEAA a guarantor of a company that misrepresents itself to any borrower in a consolidation and not know they are not an actual federal government program. When these questions are asked no one answers. I was told if I agreed to consolidate my loans, my interest would decrease and my loans would be lowered. Even after, multiple complaints of fraudulent consolidation was processed neither PHEAA nor AES ever took any action. Nor did either explain during this consolidation my loans would no longer be federal government and would belong to a private and commercial servicers. In addition to not only being left uninformed, consolidation did not lower my interest rate at all and loans actually dramatically increased and increased overall owed amounts by thousands. After being ignored for several years by both PHEAA and AES. AES refused to answer how they obtain my loans to begin with back in XXXX? Why was none of it further investigated. Verification obtained was repeatedly sent to both PHEAA and AES of the consolidation scam. Nothing was never done. Maybe, I'm not asking the right questions and most certainly not receiving the proper assistance in addressing these issues. It is very unfair after being victim of a fraudulent loan consolidation program claiming to be a federal government one turned out to be a scam and fraud. Everything on my consolidation was left as is by PHEAA and AES. Nothing was changed nor reflected amounts owed prior to loan consolidation. The only response I've ever received in addressing these issues with PHEAA, AES, XXXX XXXX, Ombudsman. Is everything is as is and there is nothing that can be done. Why has no one looked into how AES obtained my students loans to begin with. How is PHEAA the guarantor and also the PHEAA Bank XXXX who paid AES in this loan consolidation transaction but was unaware the actual consolidator processed a consolidation fraudulently. In desperation to straighten my loans and begin making payments and trying to keep up with my loans during extremely difficult circumstances, homelessness, fire, unemployment. Why hasn't PHEAA, AES, nor XXXX XXXX XXXX looked complaints further prior to just passing the loan from one servicer to the next? I was taken advantage of and misled into a consolidation of my loans by a company claiming to be a federal government agency. XXXX XXXX XXXX, XXXX XXXX XXXX and PHEAA was their guarantor. There are so many different servicer 's names yet PHEAA was made aware that XXXX XXXX XXXX obtained the loan fraudulently. When I realized there were countless issues with this consolidation I began to complain about the wrongful consolidation process with the consolidator and PHEAA. Why wasn't anything done to assist me with it? They immediately sold my loan to American Education Services without my knowledge and did not notify me of this until much later. PHEAA was notified of this and did absolutely nothing. My loan was obtained via this consolidation and transferred to XXXX XXXX XXXX on XX/XX/2007. Both PHEAA and American Education Services who now have my loans were both notified of the entire fraudulent consolidation pertaining to my loans and the wrongful consolidation of loan amounts and all complaints fell on deaf ears with all parties. Although AES now has my loans and obtained them back on XX/XX/2007. This is how my account presently reads. I am disqualified XX/XX/2007 by AES for rate reduction. AES knew of my financial hardships and knew I was unemployed because they have an unemployment deferment they received during this time period. Again PHEAA did nothing nor AES has repeatedly done nothing to correct any matters brought to their attention. Amounts were dramatically increased. As shown in the Consolidation letter I obtained after searching for a very long time as to what happened to my loans after wrongful consolidation. I am requesting this matter be further reviewed and looked into. As a borrower I am tired of the scams, and calls and assuming that I am speaking with Ombudsman groups in seeking resolution when I'm actually speaking to PHEAA and AES XXXX, and other persons who claim to work for Ombudsman, who actually work for PHEAA and AES. This entire ordeal has been unfair and I am seeking answers to legitimate questions as a borrower and victim of fraudulent loan ( XXXX ) consolidation. Documentation and verification has been repeatedly sent regarding this issue to PHEAA, AES, XXXX XXXX, Ombudsman, and have attached documentation submitted to them.
Company Response:
State: MD
Zip: 21206
Submitted Via: Web
Date Sent: 2023-04-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-04
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: There are ( 6 ) student loans being reported under FED LOAN SERVICING reporting inaccurate late payments. It clearly indicated on my credit report ZERO PAYMENT MONTHLY DUE. there was NEVER ANY PAYMENTS DUE ON ANY OF THESE LOANS PRIOR TO IT BEING TRANSFERRED. THESE LOANS HAVE BEEN ON MY CREDIT FILE SINCE 2010. WHICH LRGALLY IS AGAINST MY FCRA RIGHTS anything after 7 years NEEDS TO BE REMOVED FROM MY CREDIT FILE. THE INFORMATION HAS BEEN REPORTED INACCURATE SINCE 2010 PLEASE REMOVE ALL 6 ACCOUNTS AND ALL LATE PAYMENTS. THERE WAS NEVER ANY MONTHLY PAYMENT DUE.
Company Response:
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-04-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-04
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: Ever since the government started promising to forgive student loans, my interest rates have risen on both my American education services loan and my private XXXX loans. I feel they are doing this to get the most out of the government forgiveness prior to being forgiven and increasing amounts due to them from the borrower, in the meantime.
Company Response:
State: PA
Zip: 19468
Submitted Via: Web
Date Sent: 2023-04-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-04
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I sent an IDR application for re-calculation over a week ago. My two other loan servicer 's have already approved my application for re-calculation. I will be paying {$23.00} a month to XXXX. AES is trying to make me pay {$130.00} a month. AES is telling me that after re-calculation, it will take 1-2 billing cycles for my new payment to go into effect. I emailed AES and told them that I can not afford to pay {$130.00} a month. I think they are trying to cause my loan to go into default.
Company Response:
State: KY
Zip: 41071
Submitted Via: Web
Date Sent: 2023-04-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-04
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: Fedloan violated my rights by : ( IAW 15USC 1681 [ Fair Credit Reporting Act ] ) sharing my information without my written consent. Also, Fedloan has consistently harassed me by sending numerous notifications via email, supplied multiple reports of the same account to the credit reporting agencies ( which make my credit report look even more unfavorable ). I contacted all three of the primary credit reporting agencies about this problem last year, but none responded to me in any positive manner to assist in correcting this issue. I contacted all three of them again in XXXX of this year, and received responses that, again, were not helpful.
Company Response:
State: TX
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-05-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-31
Issue: Struggling to repay your loan
Subissue: Can't get other flexible options for repaying your loan
Consumer Complaint: I filed bankruptcy XXXX XXXX in XXXX and it was discharged. I received a student loan from XXXX XXXX XXXX in XXXX ( now debtor is AES ) for {$10000.00}. It was paid directly to me and exceeded the cost of tuition and expenses. I was a single mother attended XXXX school full time. I have paid on this loan for at least 10 years and I have paid {$25000.00} + yet still owe {$18000.00} +. I believe it was 1. A predatory loan and 2. It should be discharged under the XXXX XXXX bankruptcy that I filed and the judge granted. I tried to tell them but they said it didnt qualify to be discharged. I have XXXX children, I cant afford to keep paying this bill that seems like it will never be paid.
Company Response:
State: MD
Zip: 21207
Submitted Via: Web
Date Sent: 2023-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-28
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Was not notified of investigation status or results
Consumer Complaint: In XXXX, I began my education at XXXX XXXX University. By spring of XXXX, I was experiencing some family issues that caused me to fall back in all my classes. Due to these personal issues not being resolved by summer of that year, I decided not to attend classes in the fall semester. I never received any refund nor did I attend any classes that fall. So I was under the impression as a young naive student at the time ; that the loans had been closed and I would be dropped from classes before the drop period. I would eventually officially withdraw from XXXX XXXX in spring of XXXX, without attending any classes that whole academic year. I was out of school for a while but eventually defaulted on my loans and refinanced in XXXX. I have been on an income driven payment plan since, up until the pandemic. During the time, I decided to go back to school to finish my courses and attain a XXXX XXXX at University XXXX Maryland XXXX XXXX. Upon receiving my transcript for transfer from XXXX XXXX, I noticed I had all XXXX grades for the fall of XXXX. It confused me because I never attended lectures and had assumed I would be dropped if I was not in attendance for class before drop period ended. This meant I was charged for classes I did not take in the fall of XXXX. This would also equally mean my loan has been maturing on an inaccurate principle. So I disputed this with the credit companies after failed attempts to speak to a XXXX XXXX financial advisor via phone call. I did not receive any reply but noticed after a month or so the loan was now being reported as closed on my credit. I assumed it was sorted out. The interest has grown over the years and the loan amount has now doubled. A few months ago, without notice, the loan reappeared on my credit report. This caused me to be quite confused. I am reporting this incident to see how I can proceed to get the correct documentation proving that I attended college at XXXX XXXX University the fall of XXXX and that the current loan amount is as it should be. Absent this proof, I am requesting that my loan be reviewed for a possible correction so that I am not paying what I do not owe. I am also requesting that the credit agencies provide, if possible their result of my initial investigation that I filed in XXXX, and an explanation of why the debt was removed then added again without explanation.
Company Response:
State: MD
Zip: 21703
Submitted Via: Web
Date Sent: 2023-03-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-28
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: On XX/XX/2023 American Education Services ( PHEAA/AES ) reported false/incorrect information to the credit bureau causing a huge change to my credit rating. I contacted AES on XX/XX/2023 when I was made of aware of my credit score changing and they confirmed incorrect information was sent in error. I requested they send a correction immediately and they refused. I filed a dispute with XXXX on XX/XX/2023 and reached back out to AES to respond to the inquiry but they failed to respond to XXXX. This issue has caused my excellent standing to fall from an XXXX credit score to a now XXXX score. This issue was initiated by AES and they refuse to resolve this matter with any sense of urgency. Due to the negligence of this company my financial status with other accounts is now in jeopardy.
Company Response:
State: NJ
Zip: 07203
Submitted Via: Web
Date Sent: 2023-03-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-28
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: XXXX Some of the information in my credit report is inaccurate or incomplete, or both. Please correct all of the inaccurate and disputed issues below. AES - LATE PAYMENT 90 DAYS I have asked you to verify this late payment and send me, via USPS, how you determined that I paid late. I do not have any late payments, but my credit report shows otherwise. Please fix this. I paid this debt. I disputed this debt with the furnisher, but its not reporting as disputed. ] Please correct this information. Please send me all proof and any information you receive from your investigation, and tell me what procedure is used to decide the correctness of the information you report, plus the business name, address, and phone number of any people/companies that give you information. Also, please send me a complete copy of my credit report. Thank you,
Company Response:
State: FL
Zip: 33133
Submitted Via: Web
Date Sent: 2023-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A