• Report: #1004233

Complaint Review: aes student loan

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  • Submitted: Sun, January 27, 2013
  • Updated: Mon, January 28, 2013

  • Reported By: jakki — trenton Ohio United States of America
aes student loan
po box 8234 harrisburg pa 17105 harrisburg, Pennsylvania United States of America

aes student loan american education service Loan Sharks!! theft of people trying to better thereself. Scam artist harrisburg, Pennsylvania

*Author of original report: answer to your question.

*Consumer Comment: questions

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I consolidated a student loan in 2001.  The loan was 13,000.00 I thought the rate of 6% was a smart choice then a floating rate and two separate loans. Ok it is 2013 and Now owe 18,000 on the same loan that I have paid since 2001! AES said I have to pay for 15 more years now the loan will be at 50,000 when I finally pay it off, I don't believe it ever will be payed off it just keeps going higher.  I get no explanations other then its all interest.  I did the math at 6% interest I have payed 14,000 in interest and now want me to pay more interest nothing goes to principal.  It' doesn't add up.  I decided to get a lawyer and hope to start a class action against AES. Once again the Banks feel they can do what they want and your at the mercy of the government. It is worse then the IRS.  If you fail to pay you will get garnished you will get what ever intrest they want to take on.  It's our money and I feel we deserve to know where it's being applied and how! I will fight them. I'm tired of people taking advantage of young people who want to do the right thing!  This is out rage! please join in a fight for our rights as consumers!

This report was posted on Ripoff Report on 01/27/2013 08:25 AM and is a permanent record located here: http://www.ripoffreport.com/r/aes-student-loan/harrisburg-Pennsylvania-17105/aes-student-loan-american-education-service-Loan-Sharks-theft-of-people-trying-to-better-1004233. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
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#1 Author of original report

answer to your question.

AUTHOR: jakki - (United States of America)

Yes, I was paying. I took out a hardship.  The loan doubled during the hardship.  Your loan was A thousand $ is that correct? There is a problem with private loans for education.  The amount to go to collage is almost becoming unaffordable to those people in a field of trade.  I don't think people should be charged that amount of interest when in deferment. I asked for print out for the past 3 years nothing yet. It is my money.  The bank got 13,000.00 in interest.    That is not fair.  Loan shark comes to mind.  I see others in the same situation.  School shouldn't ruin  your life, should help.  Congressman Cohen of TN agrees.

There is in Ca a class action for this reason. Not laughable.  
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#2 Consumer Comment

questions

AUTHOR: Jeanski - (USA)

You're leaving out some information that might be helpful. For instance, you say you've been paying on the loan since 2001.  Did you make payments every month, on time?  If just one payment was late, the interest can really add up.

Were you making the minimum payments, or more every month?

Do you have a copy of how your loan payments were applied? Out of curiosity since I also have a loan with AES, I accessed a copy of my payment schedule. All of it seemed accurate - in the past year I've made payments totaling $1000.00 (more than minimum every month), and of that, only $45 went to interest. Next month I pay it off in full :-)

"It's our money" No, it was THEIR money and you agreed to pay it back. And AES isn't a bank so banking law has nothing to do with it. Nor will an attorney take this on as a class action. I don't know why people always want to do that. You have to show that MANY people have been harmed, if you win the amount is almost laughable, and no one gets rich but the lawyers.

Lastly, there is no such word as "payed". 
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