• Report: #268843
Complaint Review:

AES - American Education Services

  • Submitted: Mon, August 20, 2007
  • Updated: Mon, August 20, 2007

  • Reported By:Seattle Washington
AES - American Education Services
PO Box 2461 Harrisburg, Pennsylvania U.S.A.

AES - American Education Services They said, "You should have shopped around!" Harrisburg Pennsylvania

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Because my local community colleges no longer accept Federal Student loans, I took a private loan out via Bank One and Chase Bank. The loan was substantial: $23,000. I signed my Note at an interest rate of 4.5% with no prepayment penalty.

One month later, when my first bill arrived, my interest rate had gone up to 9.8%! The payment due was TEN TIMES the amount that I had been told I would be paying. When I called Bank One, they said the loan had been sold to AES. I called them, and they told me that there was no cap on my interest rate and that it was going to adjust quarterly.

I asked if I could defer my payments, and the woman I spoke with told me it was too late and that I could not refinance, and could not prepay the loan in full without penalty.

I told her this was not the loan I had signed on for, and she told me that I "should have shopped around a little more".

When I asked for a signed copy of my Note agreement, all they sent me was an UNSIGNED copy of a Note Disclosure Statement (not what I asked for at all) with a breakdown of my loan payment options at an interest rate of 9.8%.

Now I am going to end up paying $60k on a $23k loan that only bought me six months of full-time classes at a community college.

I can no longer afford to take any more classes; my time is spent working to try and pay down this ridiculous loan.

Seattle, Washington

This report was posted on Ripoff Report on 08/20/2007 12:59 PM and is a permanent record located here: http://www.ripoffreport.com/reports/aes-american-education-services/harrisburg-pennsylvania-17105-2461/aes-american-education-services-they-said-you-should-have-shopped-around-harrisburg-268843. 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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