CFPB Complaint

Student Aid Experts – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-01-08T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Initial contact between Students Aid Experts and I were initiated upon their attempt to reach me via phone in XX/XX/XXXX. They claimed that they had reason to believe my loans were eligible for student loan forgiveness and I had to enroll immediately to assure my approval due to shortage of funds available to borrowers interested in the program. The conversation persisted as the representative asked for my FSA ID and PIN. I cooperated with their request in order to move forward with the application process. Toward the end of the call I was transferred to a financial specialist, XXXX XXXX, who went over the terms of the agreement with me and the specifics of the enrollment process. After going over some details of the process and being promised forgiveness and a specific monthly payment amount ( upon process completion ), it was to my understanding that this company would be responsible for my loans and handling them in the forgiveness program. The agreement was for us ( as clients ) to pay three monthly installments of {$230.00} for my loans and three monthly installments of {$230.00} for my husbands loans starting XX/XX/XXXX. In regards to the installments I agreed to pay, I was under the impression, due to the information relayed to me on the phone, that it would be going towards my loans and I was unaware of their intentions to keep the funds as a document preparation fee. About 2 months after I signed the contract with Student Aid Experts, I was sent a packet of papers from XXXX XXXX XXXX and I was notified that they would be the new servicer for my loans. I had contacted XXXX XXXX XXXX via phone to clarify some details regarding my enrollment in their system. I had asked about the payments I was making too Student Aid Experts and XXXX XXXX XXXX denied knowledge of them but proceeded to warn me of a common scam that seemed to identify with my situation. I then called my bank in efforts to stop further payments being made to XXXX XXXX XXXX and filed a dispute in attempts to get my money back. A temporary credit was issued by my bank to my account and was told that there would be launching an investigation and it would take 30-45 days. About a week ago, I received a packet of papers in the mail from my bank stating that the temporary credit of {$1100.00} was going to be reversed on XX/XX/XXXX. Because of the misleading information given to me by Student Aid Experts and the money I paid to them for services that I later learned could be attained for free, I am looking to further this dispute as I would like a full refund from Students Aid Experts upon learning that I was a victim of their scam.

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Company: Student Aid Experts

State/Zip: MD 212XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2775612

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