Equitable Acceptance Corporation
Student Loan Program Charges Interest, Balance Barely Drops

So last year I just got off the streets, cleaned up my act, got a great job, had my first and only baby, and got an apartment! I was doing great! I got a call from a man who claimed to be a part of a government program to lower my student debt. I'd pay $39.49 a month and in about 2 years or so my debt would be gone.

I'm young, still am, but I was coming up in the world. I thought "great, what a way to help my financial future!" I even told the man I was just homeless a few months prior and that I was juggling a full time job, a new place, and an infant.

They charge me half of what my payment is in interest every month. Here I was doing the math thinking I'd be done with this payment by 2017! I already paid almost $500! Right!?

Wrong!

The way they have it set up is I pay the 40 bucks and every month before I pay them again they take 20 away. The interest never gets smaller, it's always 20 dollars.
I started with $1,305 that I needed to pay them. I've put forth $500 and you know what I still owe them? $1,105...

I'm honestly about to cry as I write this. How is this fair? How is this allowed? Less than half of my money is being put towards my actual "loan"?

If they call you, for anything, just hang up the phone. These people are worse than garbage.

Company: Equitable Acceptance Corporation
Country: USA

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