Date Received: 2018-11-17T00:00:00.000
Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: As a young college student it was necessary to receive student loans in order to receive a college education. Once out of college, trying to understand my credit and loan situation I was sent to XXXX XXXX. I naively asked them to assist in setting up a payment plan to ensure I was covering interest and paying my loans off. The woman on the phone advised that I should use the ” income based ” payment plans, which I did. As a professional helping a young individual sort through the very intimidating process, I had no choice but to trust what she was saying was in fact the truth. I have now applied for a mortgage and come to find out, my mortgage broker was able to find that I have only been paying interest and XXXX towards my actual balance. Long story short, I have simply been paying the company to maintain my loans. Their practice is incredibly misleading. It took me repeatedly asking for an actual breakdown which the representative certainly did not want to give me. Our young are being taken advantage of by large companies and XXXX is the epitome of this. They need to be honest and transparent instead of money hungry and dishonest.
State/Zip: NC 288XX
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 3076955
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