Date Received: 2019-05-20
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: To whom it may concern, I graduated from college in XXXX. It is now XXXX and my loan has gone from XXXX to XXXX. I consolidated my loan to help me get all my loans in one place, this averaged my interest rate and actually make my debt load more. I spoke with someone recently at XXXX XXXX XXXX and inquired about lowering my payment. The problem is lowering my payment on a income based repayment plan isnt helping because its the interest that continues to accrue and then balance that continues To go up not down. The woman I spoke to explained to me that my interest at 6.38 % is {$13.00} a day, which is XXXX a month. My {$290.00} monthly payment doesnt even get to the principal balance. If I choose to defer my loan when I have trouble paying the interest is capitalized onto the principal balance and again my loan goes up not down. I have a XXXX XXXX that I owe XXXX dollars on and have paid on for 7 years. The more money I make the more I need to pay so I can never get ahead. I cant find a job with my degree and cant go back to school because more loans. I am writing to try to get somewhere. Ive asked to lower my interest rate to refinance to potentially change companies ( although this companys customer service has answered my questions ) I do feel like I am being taken advantage of and really in a place of desperation as I have children and work as hard as I can and will soon need to retire myself. I dont understand how this company can basically add so much interest that the loan has more of a balance than when I started paying. XXXX more and it will keep growing not shrinking. She said if I defer to keep up on interest. I can not pay XXXX a month in interest when I cant afford my $ XXXX monthly payment. Both my parents are deceased. I am the first one in my family to attend college. I would like to help my children with college. Is this the America Dream to die from student loan debt? I am a XXXX female. I am educated. This feels unfair. I wanted to be a XXXX. I wanted a career. I had a dream of helping children. I cant go back to get a XXXX certificate because my student loan debt is to high. I feel sorry for our future generations of this is what they have to look forward to. Why cant student loan companies charge a reasonable amount of interest and not try to punish you when you struggle to pay or cant afford the maximum payment? Can something be done to make XXXX XXXX more fair to its borrowers? Isnt this company with the Department of Education? Why are they trying to make so much money off of us? What can be done? Thank you for your time.
Company Response:
State: MN
Zip: 55038
Submitted Via: Web
Date Sent: 2019-05-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-20
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: XXXX XXXX XXXX is fraudulent. I've never attended college. I have tried to resolve this multiple times but XXXX XXXX XXXX will not help me. They have intentionally destroyed my credit.
Company Response:
State: GA
Zip: 31024
Submitted Via: Web
Date Sent: 2019-05-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-19
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I am an XXXX XXXX XXXX XXXX member with a student loan account with FedLoan Servicing. I am enrolled in the Public Service Loan Forgiveness Program and currently on track to have loans forgiven in XX/XX/XXXX. I file for employment certification every year. My last accurate count of qualifying payments was on XX/XX/XXXX. In XX/XX/XXXX, I was notified FedLoan servicing had a computer glitch that erased 25 payments I made from XX/XX/XXXX through XX/XX/XXXX. I was told that they would need to manually recount and it would be done promptly. Here it is almost 10 months later and they have yet to fix this error. I am still missing 25 payments due to THEIR computer glitch. I have provided them documentation to show FedLoan previously certified those payments and I provided them records that I was making all those payments under an income-based plan. I have called over a dozen times and I get different information every time about the timeline and what they are actually doing with this review. This company has been derelict in its duties and I am running out of patience. I dont trust anyone that I talk to there ( in fact, one person I talked to last week said my concern about trusted advice is valid ). I have waited 10 months for a resolution - to get these past 25 payments certified a second time. I have done my part, and this company has not. This is urgent as I am only several payments away from completing this program. Thank you. XXXX XXXX XXXX
Company Response:
State: CO
Zip: 80923
Submitted Via: Web
Date Sent: 2019-05-19
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-19
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: In addition to my TEACH Grants being wrongfully converted to loans in XXXX of XXXX, my loans have now been turned over to the US Department of Education for default. I am NOT in default. According to the most recent escalated rep that I spoke with on XXXX, XX/XX/XXXX, my loans were put in default on XX/XX/XXXX as a result of an error on their behalf. As XXXX, an escalated rep in the XXXX XXXX explained, the method by which they refunded money to me for payments made to grants, threw my loans into default. As she explained on XX/XX/XXXX, this is " A big mess '', and it is by no fault of yours. '' I understand that the loans now must go to the " XXXX XXXX '' and there is no timeline for the " mess '' to be corrected. Meanwhile, my credit is trashed, and there is no estimated timeline that can be provided to me for the correction to occur. The numerous reps that I have spoken with since XXXX regarding my grants, Income-driven payment request, and public loan forgiveness program, have all given me contradictory information, and I have no faith in anyone I speak with there regarding my status on any of the above listed processes. For example, in XXXX, I had an escalated rep guide me through the Income-driven repayment application, wait on the phone until I completed the application, and uploaded to my online account. The next time I spoke with them regarding my expected refund for grant payments, I was told that the refund would not be issued, and that the payments would be credited to the overall loan amount. Yet, I was told in XXXX that I would be receiving a check by XX/XX/XXXX. During that same conversation, I took the opportunity to explain how I was exhausted from having to make numerous calls that usually exceeded 40 minutes, only to have to start over explaining the issues and repeating what I had been told on the previous conversation. Consistently, I was told that I was given incorrect information by previous rep. If it were not the truth, and if it did not cause stress, it would be comical - like a XXXX XXXX XXXX skit. Every rep provided different information regarding the same topic, even among escalated reps ( that I demanded to deal with every call since XXXX ). I complained about how it took 45 minutes and an escalated rep to teach me how to complete my IDR request so that I was not overcharged, and how upset I was that I had paid excessive payments for years because the application did not allow for me to correctly document my financial situation. In other words, I told the rep that the application " baits '' you in to documenting income and spouse information that is not correct, but you are scared not to document it like that because of the liability you are subject to for filing false information. I told him how thankful I was that 5 years in to filing IDRs and making payments, someone was competent enough, and cared enough, to guide me through the application to get payment lowered where it should be. When I described that situation, the representative said that my IDR request provided " false '' information, and that it could get me in trouble! I explained again that an escalated rep walked me through it, and waited on the phone for me to upload it and it be received. He said he can see where that happened, but unfortunately the rep gave me incorrect information. He said I could keep the payment where it is for now, but that I would have to file it differently if my husband and I file taxes jointly. There are many more occasions in which I have been provided false information and guidance, including information regarding the XXXX program. Obviously, Fed Loan Servicing reps have no accountability, and/or competence regarding protocols in any department. I have managed to get through, and have coped with the undue stress and excessive time and aggravation involved in managing my student loans, but default, I can not deal with! This is unbearable, and is negatively affecting my health. I am seeking legal advice. Thankfully, I have documented my calls since XXXX, with employee ID numbers. I am a XXXX XXXX XXXX. I have worked at the same school, in the same position for 10 years. I pay my bills and am a law abiding citizen. Please advise.
Company Response:
State: AL
Zip: 351XX
Submitted Via: Web
Date Sent: 2019-05-19
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-19
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I have a student loan that was consolidated in 2007, I shopped the loan to different lenders.The best quoted interest rate was 2.2 percent so I told that person I would do that loan. I was supposed to get loan documents to sign and send back, I never received any. Instead I received a payment book. So I paid on this loan with electronic payment for 11 years till last year when I received an offer to lower my student loan from the better than 7 percent interest I was being charged. I talked to AES and they told me that was the percentage rate. I have informed them that I did not sign the promissory note and that they really needed to honor the quoted rate as they did not have legal documents to secure the loan. They then sent me an incomplete promissory note with an interest rate of 7.1 percent. Of course there is no signature, my social security number, my employer at that time, the company offering the loan, my drivers license, my email. So the loan documents they provided to me are pretty much legally useless from there perspective. I would have never ever even considered consolidating at an interest rate much higher than I was paying at that time. This loan was consolidated at 7.1 percent interest without my approval or signature and the loan documents provided by AES are not legally binding. They do however illegally report it to the credit bureau which requires that the loan is legally held, and knowing this they still report it thereby committing fraud.
Company Response:
State: MN
Zip: 55432
Submitted Via: Web
Date Sent: 2019-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-19
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I been making payments consistently on fedloans and they are not processing my payments and now my credit score went down 90 points so I cant even get a car and its because of them Ive been making my payments and its completely unfair
Company Response:
State: VA
Zip: 236XX
Submitted Via: Web
Date Sent: 2019-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-18
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: What school were you attending when you got the loan? This question was posed earlier in the form but it only allows you to input one school. I pulled out loans while I was attending the following two schools : -XXXX XXXX XXXX XXXX XXXX ( XXXX XXXX , CA ) -XXXX COLLEGE ( XXXX, MI ) Issue : I started employment at a XXXX organization ( XXXX XXXX ) on XX/XX/XXXX. This non-profit qualified for the PSLF Program. However, not all of my payments have been attributed to PSLF Program while working at the non-profit. XXXX XXXX acknowledged the error and provided two reasons why this happened : Reason 1 ) Some of her payments were not categorized as PSLF because they were overpayments, and if they are overpayments, they are disqualified as PSLF payments. Payments must be the exact amount due. Two things to fix problem. 1 ) Turned off notification that disqualifies her payment if it's an overpayment - DONE. 2 ) Request put into accounting to do an audit. Go back through all of the payments made from XX/XX/XXXX ( The XX/XX/XXXX payment will not count because she started working at XXXX XXXX after she made payment for that month ). Identify payments that were overpayments, remove the disqualification status and then marking the payment as PSLF. Case # XXXX. This will take 2-3 months. ( XX/XX/XXXX will mark 6 months from today ) Once its completed, XXXX will send letter in mail. Reason 2 ) Not all loans at the time XXXX began employment with XXXX XXXX qualified for PSLF. It was not until they were consolidated in XX/XX/XXXX that they qualified for PSLF. This is subject to debate because XXXX previously gave XXXX the impression/verbal that all her loans did qualify for PSLF. This may have been a consolidation error. We checked on the status of this issue on the following five dates but the phone representatives did have any additional information : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX As of XX/XX/XXXX, we are still awaiting resolution to this issue. Details may be found in the attached XXXX XXXX Event Log. Please note there are two tabs in the spreadsheet.
Company Response:
State: CA
Zip: 92116
Submitted Via: Web
Date Sent: 2019-05-18
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-18
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I have my student loans through " XXXX XXXX XXXX '' and two times now they have moved me into forbearance / deferment status without my approval. The first time I was in deferment for at least 6 months before I noticed. For years I was paying my bill electronically out of an account I do not pay much attention to. One day I happened to notice that my student loans stopped coming out. When I inquired about it they would not respond with a reasoning. They can not tell me why i was in deferment. However, in that time i did accrue interest and my balance only increased. This morning I received an email ( something I did not last year when it first happened ), and this email said I was approved again for forbearance / deferment. Again, i never asked for it and they just put me in there with no explanation. I am trying to pay down my student loans, but when this company puts me in deferment with no explanation, no reasoning, no advanced notice - I can not get out of debt. This is a scam, they are wanting me to defer so i increase the interest I owe and i extend my payoff period. I need them to stop putting me in deferment. But more importantly, this must be investigated to find out how many other people they are doing this too. Surely they are not just picking on me - but rather this is a practice they employ.
Company Response:
State: MO
Zip: 63301
Submitted Via: Web
Date Sent: 2019-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-18
Issue: Dealing with your lender or servicer
Subissue: Need information about your loan balance or loan terms
Consumer Complaint: I have ask XXXX XXXX on XX/XX/2019 via email to provide me with the estimated value of my loan in 25 years when it will be forgiven. No response see was provided until XX/XX/2019, which stated that it is impossible to calculate. I gave them an average payment I make per month and the interest rate and asked them to calculate that on XX/XX/2019. No response was given until XX/XX/2019 stated it was impossible to calculate. The problem that they refuse to acknowledge is that I have a right to know the approximate value of my loan at the end of the term. I owe {$180000.00} at this point. I have paid {$26000.00} in 6 years on the loans and only {$1000.00} has gone towards principal. I have no way of getting ahead on these loans without information. They refuse to provide that. It is criminal how little of my payments have been used to cover principal and I am also complaining about this. I have called in multiple times in the past to find out if there are better programs available to me and none are given. At this point, i can only guess that I will owe over {>= $1,000,000} at this rate putting me owing an amount of taxes I will never be able to afford. I need help to figure this out because I am in financial ruin over this and will most definitely be bankrupt at the end of the term and need to figure out my options. I can't do so without an somewhat accurate idea of what my financial situation will be which is based in this loan and some sort of payment plan that doesn't have me giving tens of thousands of dollars to a government agency via a ridiculous amount of interest they charge that can not even be applied to hiring staff educated enough to answer a simple question. I have paid {$26000.00} for 1 simple question to be answered and I would like a response.
Company Response:
State: WA
Zip: 98116
Submitted Via: Web
Date Sent: 2019-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-17
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Problem with personal statement of dispute
Consumer Complaint: On XXXX XXXX XXXX I received an alert that my credit score had dropped. Upon investigation, I learned that it had been reported that I had 7-8 Delinquent Accounts from myFedLoan. The issue being that to my knowledge I was enrolled in automatic payments as of XXXX of XXXX and I had received no communication ( via mail or phone ) to alert me to any issues with the account prior to the credit alert. It was only upon calling myFedLoan that I learned they had the wrong email address, were not sending mail to my address ( the one they have on file ), and were not calling my phone number ( the primary phone number on the account ) but rather some other phone number that I dont even recognize. I did get these matters cleared up ( the representative updated my email address, made it so that in the event of any issues with the account my primary phone would be contacted, and took my payment ) and I was assured that once payment was brought up to current my credit would be corrected within 30 days. As such, I paid in full the very same day and waited one month for the correction to be displayed on my credit as advised. However, a month had gone by and the delinquency is still showing on my account. I am trying to correct everything and get things back to normal ( prior to this issue with my account ). I am merely asking that myFedLoan uphold their end and do what was promised when I called in to correct the issues with my account. XX/XX/XXXX Employee # XXXX Spoke to this male representative and told him what I was trying to do. He advised me that my claim/form had been denied and that the most he could do was send me another form to resubmit. I requested to be transferred to a supervisor. Employee # XXXX Was not transferred to supervisor, was sent to member of service recovery team highest member you can speak to right now. Didnt know why they werent contacting my primary number or why nothing sent to my address. Will send a review request that takes another 30 days. XX/XX/XXXX Start call XXXX XXXX XXXX : Employee # XXXX credit dispute form sent in checking on request. Refused my newest ( 2nd ) dispute. Representative informed me that they have direct deposit beginning for me on XX/XX/XXXX then ending on XX/XX/XXXX. Started new direct deposit on XX/XX/XXXX. After 35 minutes was told that she didnt have any information for me right now and would call me back within the next 7-10 business days. I have been attempting since XXXX of XXXX to get this resolved and am incredibly disappointed in myFedLoan. I understand that issues arise and that there may have been some system error where my direct deposit was not processed but for them to not contact me for 3 months during which my balance was not being paid, then alert my credit ( again before alerting me ) 7-8 times, then lie to me promising me it would be resolved when I paid my balance in full within 2 hours of finding out there was even an issues is disgusting and dishonest. I am not unable to even refinance with a new, more trustworthy provider as my credit now shows multiple, severe delinquencies all due to a lack of communication. I had been paying myFedLoan faithfully and without issue prior to this issue and am enraged at how myFedLoan has chosen to handle this situation. They have their money as they should but my credit is now damaged all because they could not get their company together, not to mention whatever information they left on the unknown phone number they were calling.
Company Response:
State: NV
Zip: 89139
Submitted Via: Web
Date Sent: 2019-05-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A