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American Education Services Review - Unfair/illegal loan/collection practices - Student Loan
American Education Services Review

American Education Services Review


Unfair/illegal loan/collection practices - Student Loan

In 2005 I cosigned loans for both my daughter and my son with AES. I specifically asked if loan was simple interest loan and if there were any prepayment penalties. I was told no. I paid faithfully on both starting my son's immediately and my daughter's upon graduation/6months later. My accountant noticed on paperwork that I was sending to him that the principle balance had never decreased and infact on one of the loans had increased. He asked for my "Truth in Lending" statement upon signing the loan. I do not have any....he asked for the payment schedule with listed principal and interest application/I do not have one. He asked met to get that information from them. It took me countless hours with very uncaring and rude customer service individuals and after almost 8 months got the information. NOT ONE RED CENT OF MY 4 YEARS WORTH OF PAYMENTS HAD BEEN APPLIED TO PRINCIPAL. I stopped payments wrote letters to the consumer credit bureau, the attorney general's office and the better business bureau. All are investigating AES and their lending practices. In the meantime I have a very rude and threatening person working with a law firm in Ohio saying he will give me a deal on a payoff that is interest free $3000.00 up front and 250.00 a month for he was not sure how long. on a balance of 16,000. The loan 4 years ago was for approx 17000.00. I asked that he email me the settlement agreement and what would happen if I did not take the agreement. He had verbally told me he would contact my payroll department and garnish my take home pay for 1/3 of the monthly amount. He said he could not email. He would fax the settlement letter/but could not fax what would happen if I did ot settle because that would be considered a threat!! So he could say it verbally, but would not put it in writing. I told him the whole story and asked him if it would not be prudent for a law firm to check the integrity of companies that they were doing collections for/he said that was really not any of his business. I will call the Attorney General's office in PA as it seems that is where the most activity is. I encourage all of you to do the same.

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aesemployee813 says: (9 years ago)
ok as a past employee of aes/PHEAA..if you dont know what you mean its pennsylvania higher education assistance agency.. aes dont control the payment amount on your loans..YOU GUARANTOR DOES! SO..AES DOSNT GIVE OUT LOANS..PHEAA DOES..AND THEY ARE FEDERAL...and some grants..but really, if your in a deferment/forbarance you will accure int DAILY!!! READ WHAT YOU SIGN PEOPLE..that isnt aes fault..and you wont accure int if you loan is SUBSIDIZED..and that means the loan is federal and doesnt accrue int during deferment period..and all federal loans have a fixed rate..so before you call the PA attourny general and they laugh in your face..i would study up on your student loans!!

jbarnettparker says: (9 years ago)
I took out a $28,000 loan from aes almost 2 years ago, and made payments from the first day of the loan, I also noticed that unlike all of my other loans (I am not a newbie in this loan game) no amount 0 was being payed toward the principle. That was after making a lump sum payment of 2500 dollars to help spead up the payment of the principle. All that happened was that I was given a credit for the next 10 months of payments... none counted toward principle. This can not be legal, and i dont understand why no one is taking action! I have written letters to maine senators Susan Collins, as well as Olympia Snowe, with no response what so ever. I am crippled by these student loans, and I all I want is to be treated fairly, this is a lifelong sentence and thanks to bush's alteration of bankrupcy law, none of us will ever be justly handled. If anyone hears anything new on this front please contact me. jbarnettparker@yahoo.com

I wish you all good luck and can only emphasize that NO ONE should ever take loans from AES

ozzyno1 says: (9 years ago)
i've gone through the same thing/no money goes to the principal/maybe $10 and the other $90 goes to the interest/what a joke!!!

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