CFPB Complaint

AES/PHEAA – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-05-11T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am on income driven repayment and received inadequate notice from my servicing company regarding the critical deadline that was approaching for my annual recertification. I received absolutely no US Postal mail from the company, no phone calls, or text messages. The only notification I received was an email on XX/XX/XXXX with the unspecific subject ” Action Required : View the message in your Paperless Inbox and take action! ” Unfortunately this email was received after my loan servicer had already capitalized all my outstanding interest ( interest capitalization occurred on XX/XX/XXXX ), and had also increased my monthly payment from {$320.00} to {$2300.00}. I received no notification from the company that either of these two major changes to my account had taken place. I had to discover these changes for myself by logging into my account. Upon calling my servicer on XX/XX/XXXX, I was told my only option was to go into forbearance while they reviewed my now submitted ( submitted XX/XX/XXXX ) annual recertification I was also told to call my bank and do a stop payment for the payment that was due the next day. I did inform my servicer that I could still make a payment, just not the full {$2300.00}. My servicer told me that there were absolutely no negative ramifications from going into forbearance. After my initial call is when I discovered that the interest had already been capitalized. I called my servicer back ( still XX/XX/XXXX ) and they said there was nothing they could do to undo the capitalization of interest.

Company: AES/PHEAA

State/Zip: WI 530XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2902727

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