Student loan -- Issue with income share agreement -- Complaint #7869654
Complaint Overview
Complaint ID: 7869654
Company: Transworld Systems INC
Product: Student loan
Sub-Product: Private student loan
Issue: Issue with income share agreement
Sub-Issue: Billing or statement issues
State: Georgia
ZIP Code: 30344
Date Received: 2023-11-17T12:00:00-05:00
Date Sent to Company: 2023-11-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Good morning. I receive a loan to go to a film school. The amount of said loan was supposed to be {$12000.00} dollars. Unbeknownst to me the actual loan amount was {$18000.00} dollars with an interest rate of XXXX XXXX and {$5900.00} in what they call interest+fees. {$12000.00} with the interest rate of XXXX XXXX across 60 months or 5 years is a total of {$280.00} month. When I started i was paying $ XXXX {$140.00} up until recently. It has now jumped to {$350.00} a month. In order to have {$350.00} a month payments, the actual interest that is being dealt is XXXX XXXX. {$12000.00} across 60 months with an interest rate of XXXX XXXX is exactly XXXX. This is predatory lending and they are getting away with because people want to purse their dreams and goal in the college or educational programs and institutions of their choosing. This is blatantly illegal and not to mention blasphemous.
Frequently Asked Questions
What is Complaint #7869654 about?
Complaint #7869654 was filed against Transworld Systems INC regarding Student loan specifically about Issue with income share agreement. It was received by the CFPB on 2023-11-17T12:00:00-05:00.
How did Transworld Systems INC 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 Transworld Systems INC?
Yes, visit the Transworld Systems INC company profile at readthecomplaint.com/company/transworld-systems-inc 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.