Student loan -- Dealing with your lender or servicer -- Complaint #4962433
Complaint Overview
Complaint ID: 4962433
Company: Aes/Pheaa
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: California
ZIP Code: 94520
Date Received: 2021-11-30T12:00:00-05:00
Date Sent to Company: 2021-11-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, I am requesting support reviewing and assessing management of my student loan. I received a loan while receiving my education a XXXX XXXX XXXX University in the late XXXX 's. I then went and got a masters between XXXX and XXXX, where I again received a student loan to complete the work. I received about {$50000.00} in total. I later consolidated my loan in XXXX. I recently reviewed my loan because my repayment was going to start again after COVID deferment. It was at that time that I noticed a disturbing piece of information. I noticed on the Fed Loan Servicing website that I had paid {$15000.00} in interest payments out of {$20000.00} in payments. Only {$5000.00} went towards the balance! I have never been delinquent in payments and never received a notice of action to be taken due to non-payment. On my credit report my payment status report " exceptional '' under Fed Loan Servicing. I have received a one-year deferment over the last 20 years when I was between jobs and not earning. After reviewing my payments on the Fed Loan Servicing website, I have noticed dozens of months where whole payments went to pay interest even though all payments were within the " pay by '' due date. After {$20000.00} in payments, I have seen no reduction in the initial disbursement amount! I requested a review by Fed Loan Servicing and received dome documents stipulating the terms of my loan, but no review. I received no explanation as to why the distribution of my payments were the way they are, why dozens of payments have not gone to paying any balance, how I could pay so much interest without ever being recognizably in the arrears, never late on any payments, and never received any information advising that I am managing my loan inappropriately. At this rate I would pay close to {$200000.00} on a {$50000.00} loan. I can not accept that this is correct without an explanation and if it is I would have to find some other way to dissolve this loan because paying 4x the amount of your loan is not feasible or sensible. I would have to consider bankruptcy. I would like to include that my credit is excellent, and I have never had an issue paying my bills. I need help figuring this out. I have called Fed Loan Servicing hundreds of times requesting an explanation, but their staff are unable and just advise having a review done, which I have Every time I call Fed Loan Servicing for support, I have to wait a couple of hours to speak to someone and there Call Queue that is supposed to call back when your turn in line coms up if you leave your phone number, now only hangs up after offering the option. I do not believe that I will get any assistance through Fed Loan Servicing, I will be forced to start paying my loan back without explanation as to why it is managed this way, I will pay an exorbitantly high amount for such a loan and will never achieve remitted status.
Frequently Asked Questions
What is Complaint #4962433 about?
Complaint #4962433 was filed against Aes/Pheaa regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2021-11-30T12:00:00-05:00.
How did Aes/Pheaa respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Aes/Pheaa?
Yes, visit the Aes/Pheaa company profile at readthecomplaint.com/company/aes-pheaa to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.