AES/PHEAA – CFPB Complaint ID 2711061

Date Received: 2017-10-24T00:00:00

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I have two student loans with payments being handled by American Education Services. Both loans are owned by XXXX XXXX XXXX XXXX XXXX and guaranteed by XXXX. I believe my account balances have been incorrectly calculated over the years, and I ‘m not even confident that XXXX and AES have the proper paperwork to still be collecting my payments.

Both of my loans were disbursed in XX/XX/XXXX ; both are ” standard variable ” interest rate types, and both are non-subsidized, private loans.
AES was capitalizing interest on my loans every few months from XX/XX/XXXX.

The two loans COMBINED had an ORIGINAL balance of {$39000.00}.
My CURRENT balance for the two loans combined is {$40000.00} — – more than the amount I borrowed despite the fact that, to date, I have PAID a total of {$52000.00}.
( {$26000.00} to principal and {$25000.00} to interest and {$210.00} in fees ) Both loans have expected payoff dates of XXXX.

I know XXXX and XXXX have been under scrutiny recently for their record-keeping practices. I have no issue with repaying what I borrowed plus some interest, but something does n’t seem right when I ‘ll end up paying over {$92000.00} on loans that were less than {$40000.00}.

Company: AES/PHEAA

State/Zip: IN 473XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2711061

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