I am in the beginning stages of having problems with this company, and I can see it coming. While I was in school, I took out several loans to pay for it with a local company called ESF. In May, before I graduated, I tried to consolidate my loans with ESF to save a little money on interest and whatnot. During my grace period my loans were sold off to American Education Services, which my mother assured me does happen, this being my first time ever taking out a loan.
About three months went by during my grace period, and I decided to give ESF a call to see how my consolidation was going. They told me everything was sold to AES. So the phone chase began. I called AES and asked about my consolidation. The gentleman assured me that everything was on track and taken care of. After my grace period was up, I started receiving multiple bills from AES, when in fact I should have been receiving only one.
I made a payment for X amount of dollars. The next month my payment tripled, and I realized my loans were never consolidated. I was upset. Now I am playing e-mail tag with them and have reapplied for consolidation again, and I will be posting my progress to let others know the hassle and regret I am dealing with. Who wants to go through school only to be hassled afterward by a loan shark company?
Below is their response to my first e-mail. I also responded to it, very upset about the whole ordeal, because my student loans should have been consolidated and my payment should not have exceeded $150.00 a month, and now they are double and triple that amount. I really need some help on steps to take to get back at this company. I cannot stand corporations that take advantage of hardworking American citizens. I will keep posting my e-mails as they go back and forth.
Their response: Thank you for contacting American Education Services (AES). A copy of your e-mail is being forwarded to Network Consolidation for assistance regarding your consolidation request. Please allow two business days for a separate e-mail reply.
Your signed forbearance request may be sent to our office via fax to (717) 720-3916 or via postal mail to the following address:
American Education Services
P.O. Box 2461
Harrisburg, PA 17105-2461
Your account is currently 52 days past due from December 17 for xxx.xx. An additional xxx.xx is due on February 17. Late fees in the amount of x.xx have been assessed on your loans. You may receive calls and letters regarding the delinquency until the account is current. We report delinquency to the national credit bureaus when a loan becomes 60 or more days past due.
You may qualify for a deferment. We recommend that you consider all options available to you prior to requesting this forbearance. You may view the deferment options online by selecting the hyperlink listed below.
http://www.aessuccess.org/manage/deferment_forms.shtml
During a deferment, the government will satisfy the accruing interest on your Subsidized Loans; you are responsible for the accruing interest on your Unsubsidized Loans. During a forbearance you are responsible for the accruing interest on all of your loans. You may choose to pay the accruing interest quarterly while your payments are deferred.
If you choose not to pay the accruing interest, an Interest Notice will be mailed to you every six months advising the amount of and providing the option of paying the outstanding interest. Although you are not obligated to satisfy the accruing interest while your payments are deferred, it is to your benefit. Any unpaid accrued interest will be capitalized (added to the principal balance) once the account enters repayment.
If you have additional questions or concerns, you may reply to this e-mail, or call toll-free (800) 233-0557 to reach our Customer Service Department, which is open Monday through Friday from 7:30 A.M. until 9:00 P.M. Eastern Time. You may also contact our eCommunications Department via e-mail through our website, http://www.aessuccess.org, 24 hours a day, seven days a week.
Sincerely,
Kristine
AES eCommunications
My e-mail of February 4 at 11:48 AM read: I had applied for consolidation in May of 07 after I graduated. Today I looked at my loan information and none of it has been consolidated yet. I am very upset with this service. I applied for consolidation once again. Also, the last time I called you, which was in September, the gentleman I spoke with assured me that the consolidation was on track to go through. Now I find out that it has not. I cannot afford a xxx dollar payment a month, and I would not expect any college graduate with a two-year degree to afford it. I am also applying for a forbearance today and will be sending it immediately. I hope for some type of resolution within days on this situation.
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