American Education Services has a creative way to charge late fees. I have a Parent Plus loan for my son's undergrad education. The loan came in four disbursements but is all under one loan number. For the past year, when I pay the monthly charges of two of the loans together, AES sometimes decides to credit only one of my loans—thereby charging a late fee on the other loans. So they keep telling me I haven't paid on my loans even when I have. I called them several times to try to reconcile the payments— but the loan officer was very difficult. For example, I told her I made a 1,100.00 payment but it did not show that anything was paid on the statement. I asked four times where the money was applied and she just kept saying that I was delinquent in my account and I would be reported to the credit agencies.
I asked for her to send a computer print - out (I had to ask a second time because the first request was not honored) but even now I still cannot figure out how their account system decided to apply payments.
I do not see the actual amount written from my checks on their printout— so I have no idea how they applied each check.
It seems that this past year AES has become much more difficult to work with. And I used to be able to understand how payments were applied. Now I need a forensic accountant.
Additionally, my son is having trouble with one of the loans that he consolidated— it should be at 3% interest but the loan is at 6.5%. I believe these errors are intentional errors and that there may be many more of us out there that are being charged multiple late fees for no reason or having our interest rate changed.
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