Pennsylvania Higher Education Assistance Agency

Review: I took out this loan ten years ago for $32,000 and to date have paid back $36,000. According to my calculations, the loan should be paid off by now. According to the lender, I still owe $27,000.I am in failing health and may soon have to retire with medical disabilities. I really need to be released from my obligation to repay any more of this loan. When I call to ask why the balance is still outstanding or learn which programs are available to assist me in having the stated balance waived, I get the run around. I would appreciate the Revdex.com providing me with some assistance.Desired Settlement: To be released from my obligation to repay any more of this loan.

Business

Response:

September 27, 2013

Dear [redacted]:

Kindly accept this letter as a formal response to the inquiry AES received through the Revdex.com concerning the status of your educational loan account. We trust the following information will be of assistance.

AES currently services one privately-insured Alternative Undergraduate Program ([redacted]) Loan on behalf of the owner, National Collegiate Trust (NCT). As the third party service provider, AES administers the loan in accordance with the terms of the signed Credit Agreement. AES is required to perform billing, credit reporting, and servicing activities. The chart below details this loan.

Disbursement Date Loan Program Original Principal Balance Current Principal Balance

July 2, 2003 [redacted] $32,258.06 $24,878.00

In your inquiry, you expressed concerns regarding the amount that you have paid to date on the loan. It is important to note that you previously utilized the Modified Graduated Repayment Schedule (MGRS), which featured 24 months of reduced payments. The first 12 months of payments were equal to approximately 50% of a level installment amount. The next 12 months featured payments that were equal to the 31-day interest amount that accrued on your loan. Following this 24-month period of reduced payments, your payments were recalculated to a Level Repayment Schedule consisting of interest and principal installments. As a result of these reduced payments during 2011 and 2012, your principal balance decreased only slightly during this period of time, as the majority of your remittances were being applied towards satisfying the accrued interest.

Interest accrues daily on the loan. Any payments are credited towards satisfying any applicable fees (first), the outstanding accrued interest (second), and the remaining principal balance (third). A statement of account detailing the financial activity of the loan has been sent to you under separate cover.

AES empathizes with the circumstances described in your inquiry, and we wish to assist you as much as possible. Although you have already utilized the MGRS, your loan remains eligible for nine months of Temporary Hardship Forbearance, as three months of the cumulative 12 months of eligibility has been used. During periods of forbearance, the monthly payment obligation is temporarily postponed. However, interest would continue to accrue on a daily basis and all unpaid accrued interest would be capitalized (added to the principal balance) at the end of the forbearance. You may choose to make the interest payments during forbearance, which would prevent the principal balance from increasing following the forbearance period. To apply for this option, please complete the appropriate sections of the enclosed application and return it to our office.

At this time, the loan is current through the installment due in September 2013. A partial payment of $224.65 remains due by October 7, 2013. Based upon the current Level Repayment Schedule, the loan is expected to pay off by November 7, 2025. AES is not permitted to alter or negotiate the terms of the signed Credit Agreement. Therefore, we remain unauthorized to waive any portion of your loan balance. However, if you wish to reduce the overall finance charge on the loan, you may pay down or pay off the principal balance and outstanding interest at any time prior to this expected pay-off date. No penalty would be assessed for paying off the loan ahead of schedule.

If you have any additional questions, you may call our Customer Service Department at ###-###-####. Our loan counselors are available Monday through Friday from 7:30 a.m. through 9:00 p.m., Eastern Time, to review your account. To access current account information, send email, or download application forms, as needed, you may visit our website at www.aesSuccess.org.

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted]

I am rejecting this response because:

To date I have paid $36,000. According to their calculations, I must pay an additional $36,000. Over the past ten yeas they have not put enough of my payment toward the principle and used too much toward the interest. This is nothing more than legal loansharking!!! This madness must stop! I need the rest of this "debt" forgiven!

Regards,

Review: I am a co-signer of a private student loan with my son [redacted]. In January 19, 2010 I filed bankruptcy but we continued to pay our student loan debt to AES( as this was the company we applied for the loan through and this was the billing address and payment arrangement address provided ) In spring I noticed my payments were being returned from my online bill pay to my account. I contacted [redacted] Bank to investigate and they said there was no such account and eventually refused payments as they were being returned regularly. I then wrote AES a letter explaining the problem asking for help as We did not wish to get behind in payments or want penalties for late fees when we had been paying the debt. There was no reply. I went to their web site and it stated we had a ZERO balance and eventually over the next two years it said there was no such account. I have paperwork to prove all of these things. Meanwhile our credit is being ruined further because it is now being reported as a collection and we feel this is unfair as we have only tried to pay our debts. It is so complicated, now we know what we did not know originally, the Union Federal Savings Bank truly owned the loan and that AES are the servicers of their loan. When it reported as a collection We didn't even know what it was as it was now a collection from a law firm for a debt owned by [redacted] and we never had a loan from them and were very confused. We had the credit bureau investigate and discovered it was a student loan. We hired a lawyer to contact the law firm and they never replied. I wrote a letter to the law firm and they never replied. Meanwhile as this is getting tossed around my son and myself are being punished all because we wanted to pay our debt. Please help:

These are the companied involved:

American Education Services

[redacted].

account no.[redacted] WWR: [redacted]Desired Settlement: We want to reinstate our original payment agreement and remove fines etc. back to monies owed in May 2012 and correct negative statements on both of our credit reports

Business

Response:

Please let us know if we can be of any further assistance.

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted] My computer is rejecting your file as having a virus so it will not let me see the results. Could the results we mailed to me? [redacted] I am very interested in this matter and appreciate the Revdex.com's help. Sincerely, [redacted]

Review: I have a student loan with this company and they are about to raise my monthly payment almost $200 more than what I'm already paying per month. I told them that I cannot afford to make this new payment amount and I asked if I can keep paying them what I've been paying because that's all I can afford. She then just told me that there is nothing that neither they nor I can do and if I don't pay, that my loan will default.Desired Settlement: I want to be able to pay them the amount that I have been paying them. I would also like to get my interest rate down because I've been paying this loan for over a year and I've only paid $119.66 towards the principle. I also don't understand how by the time I pay off my original loan of $29,859.02, by following their payment plan, I will have paid a total of $71,565.80.

Business

Response:

See attached PDF file.

Review: this company is harassing me. A friend used me as a reference( unbeknownst to me) and this friend has moved and this company has been calling my phone once a week and mailing me urgent letters to update her address at least 2x per month. Recently, american educational services has resorted to calling my 85 year old father asking him for this "friends" address. I have told them repeatedly that I dont know her address and to please STOP CALLING ME. I have no business dealings with these people and this is disgusting business practices. I am outraged that they can continue calling me and now harassing my elderly father as well. ITS DISGUSTING. Please make them stop. Again, I have no loan or any business with this company. They are harassing me to get the information of the person who used me as a reference.Desired Settlement: PLEASE MAKE THEM STOP CALLING and MAILING ME REQUESTS TO GIVE UPDATED INFORMATION ON THIS FRIEND,HER NAME IS [redacted]. I DONT KNOW WHERE SHE LIVES, AND THEY HAVE BEEN TOLD NUMEROUS TIMES. ALSO, PLEASE MAKE THEM STOP CALLING MY ELDERLY FATHER, HE HAS NO INFORMATION EITHER.

Business

Response:

January 15, 2014

Dear **. [redacted]:

Dear **. [redacted]:

This letter is in regards to the inquiry we received from the Revdex.com (Revdex.com). We trust the following information will be of assistance.

AES records confirm that you were listed as a reference on [redacted]s educational loan account serviced by AES. References may be contacted in an effort to locate a customer when their demographic information listed on their student loan account becomes invalid. We understand from your Revdex.com inquiry that you are requesting to be removed as a reference. AES has complied with your request and your status as a reference on **. [redacted]’s account has been inactivated. You will no longer receive correspondence or telephone calls from AES.

You indicated that you wanted your father removed from the account as well. References who wish to be removed from an account must contact AES directly. Please have your father contact **. [redacted] directly and AES can perform the adjustment to inactivate his status as well.

For your convenience, I have asked [redacted] to assist with any additional questions you may have. If you require any additional information or need further assistance specific to this inquiry, please call **. [redacted] directly at ###-###-####. **. [redacted] is available Monday through Friday from 8:30 a.m. until 5:00 p.m., ET.

Sincerely,