Quick Answer: A borrower with an AES private student loan should not stop payments without a legal strategy, despite potential payment misapplications over 15 years. The recommended approach is requesting a full accounting history from AES or consulting a consumer attorney before interrupting payments to avoid damaging consequences.Question:Dear Steve,I took out a private loan in …
Quick Answer: A consumer successfully discharged $132,652 in Coronado Student Loan Trust debt through bankruptcy when the creditor failed to defend itself in court. This case suggests Coronado may lack proper documentation to validate debts, similar to issues plaguing National Collegiate Student Loan Trust.A bankruptcy Adversary Proceeding was filed in December of 2018 and one …
Quick Answer: AES illegally consolidated federal and private student loans into one account despite stating this wasn’t possible, then defaulted only the private loans while federal loans remained current. The borrower should demand proper separation of loan types and documentation showing payment allocation, as mixing federal and private loans violates consolidation rules.Question:Dear Steve,After graduation, I …
Quick Answer: AES student loan defaults result in tripled balances due to fees and penalties, as shown by one borrower’s $30k debt growing significantly after job loss and Hurricane Katrina. Borrowers should first determine if loans are federal or private, then consult student loan affordability guides or legal counsel for payment restructuring options. Question: Dear …
Quick Answer: Private student loan consolidation options are extremely limited, as demonstrated by Adam’s $96,000 debt situation with Wells Fargo, Navient, and AES. Few programs exist to lower interest rates on private loans, leaving borrowers with monthly payments exceeding $1,000 and little principal reduction.Question:Dear Steve,I have about 96,000 in PRIVATE student loan debt. I got …
27 year old with $200,000 in student loan debt and I really have no idea what to do about it. I make around $25,000 a year and as of right now I pay $32 a month towards my federal loans which total about $48,000. The rest is in private and I make no payment on …
Quick Answer: AES complaints show the company defaulted a borrower’s loan just 7 days after payment was made, despite previous assurances about qualifying for reduced payments. The consumer was denied income-based repayment options and faced additional fees after the unexpected default status.Date This Problem Happened: February 7, 2012State You Live in: North CarolinaRace/Ethnicity: Black or …
Quick Answer: Todd’s wife owes $18,000 in AES student loans at 4.75% interest, but her $150 monthly payments barely cover the $900 annual interest charges. To pay off the loans in five years, she would need to increase payments to $340 monthly.“Dear Steve,My wife returned to school several years ago and took out some student …
Quick Answer: When facing student loan wage garnishment, borrowers should persistently contact the servicer daily if necessary and consider Income Based Repayment programs for relief. AES/PHEAA’s three-month delay in responding to hardship requests is unacceptable, and consulting a bankruptcy attorney may help eliminate other debts to create breathing room.“Dear Steve,I have a family of four …
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