After I applied for, and received, several Parent Plus Loans for tuition for my son's undergraduate education,
this company began to mishandle my repayments.
Specifically, AES representitives:
1. Applied payments to loans in an arbitrary and capricious manner;
2. Used accounting methods not consistent with accepted amortization schedules;
3. Changed my loan status to deferment / forbearance without my consent;
4. Delayed the processing of consolidation requests;
5. Denied loan consolidation for arbitrary reasons;
6. Refused to make adjustments to loan and continued to charge daily compounding fees;
7. Refused multiple offers of debt settlement.
In the last several years I have paid thousands and thousands of dollars and I am falling further and further behind because of the 8 1/2 daily compounding rate (i was told it was 8 1/2 per anum. This was supposed to be a loan
backed by the Federal Government and was advertised on the Pennsylvania Higher Education Assistance Agency website.
The clincher came last month when this company refused to apply my check of over $25,000.00 because
" it wasn't the exact payoff amount"& despite the fact that this payoff amount had been quoted to me. From the date that I sent the check by certified mail to the day they received it, they continued to charge 8 1/2 percent daily compounding interest. Representatives told me they sent my check back to me. I still (after several weeks) have not received it.
This company should be investigated for fraudulent and unfair business practices. If at all possible, stay clear of this company.
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