CFPB Complaint

AES/PHEAA – CFPB Complaint ID 2743085

Consumer Complaint Submission

Date Received: 2017-11-30T00:00:00

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: During the mid XXXX as a single mother I decided that it would be beneficial for me to earn an XXXX from a B-level University, XXXX XXXX XXXX University, XXXX XXXX XXXX XXXX.

Living in a Midwestern state, my wages were barely sufficient for living, so loans became the option to pay for my graduate studies. Upon completing my studies, I searched for more than 6 months to find new employment since I had been downsized toward the end of my studies. I did not locate a job in the XXXX, but rather had to relocate to the XXXX region for work ( A XXXX XXXX XXXX ). By this time, by daughter was in college, The XXXX XXXXXXXX XXXX XXXXXXXX Ohio ( an expensive private accredited institution that charged more than some colleges, which has since lost its accreditation ).

To fund my daughters education, I obtained Parent Plus Loans to cover school tuition, books, etc. In addition, since I had a student in college, I was able to defer my XXXX loans further throughout her college years. ( 4 years deferred, on top of the original 2 years for my personal hardship deferrals ).

After moving to the XXXX, I became XXXX since the XXXX XXXX XXXX XXXX. During my years of being XXXX, I further needed to defer the loans since the minimum amounts that were required were over {$600.00}. Most recently, the loans to be repaid now are near $ 1500 monthly! I can not defer any longer, and dont know how I will pay without damaging my credit and sinking into a financial abyss. I am over XXXX, have no 401k, and, no significant savings.

What started as loans totaling less than {$85000.00} in original principal now is quickly becoming {$270000.00} in debt ( and presently ONLY showing {$10000.00} in interest ).

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This is debilitating to say the least. Personal responsibility was getting a better degree, being a great parent, providing a loving home, working, being an XXXX, and taking care of my family. However, this level of student loan debt AND the structure that benefits only the companies threatens my ability to care for myself when I retire and live within my budget. For all of the education that I have, experience, knowledge, and skills that I have I am unable to find significant financial relieve.

I am willing to help research, draft legislation, canvass for support as needed.

Company: AES/PHEAA

State/Zip: MD 207XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2743085

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