Report: #946389

Complaint Review: American Education Services

  • Submitted: Tue, September 25, 2012
  • Updated: Tue, September 25, 2012
  • Reported By: Inspire — Erie Pennsylvania United States of America
  • American Education Services

    United States of America

American Education Services AES, BRAZO Rip off. Raised interest rate, increased payment length of time. Internet

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AES, the bank and the university I attended all ripped me off thousands of dollars with my student loan.

The original loan was through a bank and the college I attended. I paid on the loan while attending school. I thought this was the smart thing to do. Little did I know that the bank was going to sell my loan to AES/BRAZO. During the transfer, thousands of dollars that I paid on the loan mysteriously disappeared. The school listed me as "withdrawn" at one point and the they also listed my loan as "deferred". They also changed my graduation date to a 4 year graduation, instead of 1 year. I actually graduated from a 1 year advanced degree MBA program, with a 3.95 GPA. I never deferred my loan at any time.

The original loan that was presented by the college was completely messed up. They kept changing the amount and kept sending me new letters regarding the changes. They also offered a low interest rate, which I thought was great. Well, when I graduated I received information that my loan was being consolidated?? I had no idea why, but there were no other options. My loan went from a 10 year payoff to 20 years...and the interest rate increased...and in the transaction, thousands of dollars that I paid into the loan had disappeared. Even with a degree, I could not figure out all of the paper work they were sending. The amount they said I owed was over $10,000 more than my original loan.

Can anyone figure this out...I paid off over $12,000 on a $24,000 loan before it was sold. After it was sold, the new figure that I owed was over $32,000?? How does this compute? I called AES and they have no explanation. I even spoke with someone who used to work for the bank that held my loan and for AES. He indicated that the bank completely screwed up MANY loans, and many loans were "lost" (I guess because I am not related to a politician, my loan was not lost). He said there is nothing I can do.

I cannot believe that there is not a class action suit against AES. How can they knowingly get away with ripping people off???
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