Student loan -- Dealing with your lender or servicer -- Complaint #6874062
Complaint Overview
Complaint ID: 6874062
Company: College Ave Student Loan Servicing, LLC
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: Ohio
ZIP Code: 452XX
Date Received: 2023-04-21T12:00:00-05:00
Date Sent to Company: 2023-04-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/XXXX made an extra payment to be applied to my principal balance. XX/XX/XXXX checked my account- part of payment was used to pay off interest and the rest was applied toward principal. My account showed my next payment lower than my normal amount. called and asked why this happened after I selected the setting for the payment to go directly to loan amount and not my next payment. They advised me they would fix it no problems. XX/XX/XXXX received an email saying my payment would be returned. checked my account the payment showed in their system as they had received it and checked my bank account and it showed they had taken the money from my account. my next payment still showed the same amount as yesterday. called and they said disregard the email and to give it another day or 2 for the account dashboard to show the proper information. XX/XX/XXXX - Dashboard still showed the same amount and the transaction log showed multiple instances of returned funds and then applied payments. My payment for the following month still showed a lower amount than what I normally pay ( the difference was the extra payment I asked to be applied on XX/XX/XXXX ). Called and asked why hasnt the changed applied was put on hold for around 15 min. When they came back to the phone they said they had fixed it. My next payment was the same amount as always but then when asked why did my principal balance not go down they could not give me a straight answer. Once this fix had gone through I noticed my minimum payment was raised to XXXX. The difference was the same amount as my extra payment. When I asked about this they had no idea what I was talking about and made it seem as if I was making this number up. It seems as if they raised my minimum amount just to make sure that the amount due next month was the same after my extra payment. They also informed me all extra payments go first to paying off outstanding interest and then applied to the principal. When asked again why i never saw my principal drop at all after these payments they said you have interest accrued. I asked why these didnt show up on the transaction history to verify the amount on the principal loan balance is correct I was answered with silence. Screenshots of everything that occurred on XX/XX/XXXX are available.
Frequently Asked Questions
What is Complaint #6874062 about?
Complaint #6874062 was filed against College Ave Student Loan Servicing, LLC regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2023-04-21T12:00:00-05:00.
How did College Ave Student Loan Servicing, LLC 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 College Ave Student Loan Servicing, LLC?
Yes, visit the College Ave Student Loan Servicing, LLC company profile at readthecomplaint.com/company/college-ave-student-loan-servicing-llc 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.