Someone needs to seriously investigate this company. I have been paying this company for years; however, it seems that my payments are getting larger rather than smaller and the amount owed is increasing rather than decreasing. This company has several payment options; however, none of them are designed to assist the customer. Their payment options are designed to continuously charge you higher interest rates and fees.
Under their Income Based Payment Plan they wanted me to pay over $500.00 per month. That's almost half of my paycheck. They do not care if you go below the poverty line. All they want to do is get paid. I feel like I am paying back for all the people that have defaulted on their loans. My college tuition was 17, 994 and it has now increased to almost a $60,000 loan. I have been paying this company since 2003. How can this happen and no one investigates the matter.
There are thousands and thousands of people out there being affected by this. When you try to speak to a customer service representative you get someone on the line who speaks english but is Chinese. The person normally doesn't care what your problem is just as long as they get more money out of you. Their response is nonchalant. I have yet to speak to an American. How can other people come into this country and affect American citizens so dramatically.
This company is hurting people all through out the nation and yet they're allowed to do it. I don't think they should set up payment plans, which do not benefit you. Interest shouldn't continue to accumulate the way it does. There should be a fixed rate. The customer should know how much interest they're going to have to pay off and what date the loan will be paid out. I have paid this company over the amount of money I borrowed for college yet somehow they're continuing to increase interest monthly.
How will you ever pay them off? It's ridiculous to take advantage of people this way. These people are hurting people that have an income and I'm sure that they're making us pay for everyone who can not pay their loans back. This is ridiculous! Something has to be done and something has to be done immediately. I think they need to give customers a fixed rate of everything they have to pay back and the date when the payment will be paid in full.
In addition as long as the customer is making an attempt to pay on the loan I do not think they should continue giving you these high payments of what they feel is accurate. I have paid for my college tuition and then some. If you purchase a vehicle you know when you're going to be done paying for it. If you buy a house you know that you will be done paying for it in 15, 20, 25, or 30 years.
With this company their is no bottom. It's like water running through a cup with a hole in it. Something has to be done. This company should not be able to get away with ripping people off at their expense. If you're a prayer warrior and you get this message pray. GOD WILL SHUT YOU DOWN!