Student loan -- Dealing with your lender or servicer -- Complaint #5060343

Complaint Overview

Complaint ID: 5060343

Company: Acs Education Services

Product: Student loan

Sub-Product: Private student loan

Issue: Dealing with your lender or servicer

Sub-Issue: Trouble with how payments are being handled

State: Maryland

ZIP Code: 208XX

Date Received: 2021-12-31T12:00:00-05:00

Date Sent to Company: 2021-12-31T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I finished XXXX XXXX in XXXX and had Stafford loans which I consolidated probably at the end of XXXX or beginning of XXXX, so these are older loans, so I'm not sure if they are considered Federal loans anymore because I consolidated them, but they were stafford loans originally. I consolidated to lock in a 2.87 % interest rate. I began making payments, and at some point the loan service was changed to ACS Education Services. My due date was changed to the XXXX of every month. So I made electronic payments that they would get on the XXXX every month, but it took them between 5-10 business days to recognize the payments, so they considered them late. I would get phone calls typically by the XXXX of the next month, saying XXXX payment is late, and that they would contact credit bureaus if I didn't make my payment. This started probably around XXXX. The next day typically I would get an email confirming I had made the payment, but they apparently would consider the day they confirmed my payment as the date of payment. I had contacted the Virginia Attorney General 's office about this, but since I wasn't being charged late payments, and this wasn't going to affect my credit, I didn't pursue the matter, and i just started making the XXXX my payment date. However on XX/XX/XXXX, I found out from my current servicer, XXXX, that I was disqualified from a 1 % loan interest deduction which was a benefit I was elligible for, if i made 48 on time payments ( XXXX shows I was disqualified in XXXX, while ACS or Conduent ( conduent is what ACS changed its name to ) ). So I could have saved hundreds of dollars per year had I gotten that interest rate deduction. I did some research on ACS and there were lots of complaints, so much so that the Department of Education made most of ACS ' loans transferred to other servicers. I lost out on saving a lot of money, would have been thousands, because they were incompetent and didn't process my payments in a timely manner. Is there anything I can do? XXXX only has the information ACS provided, which just shows I made late payments, but it doesn't show my complaints to ACS. I can supply emails showing my complaints to ACS, complaining about how long it took them to process my payments. I've also found my email to the virginia attorney general office. I just didn't pursue this more because I didn't realize I lost out on an interest rate deduction due to ACS ' incompetence. I have also seen ACS was sued by several states over their servicing issues.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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