Product: Student loan

On XX/XX/XXXX, I submitted a Direct Consolidation Loan to the Department of Education to take advantage of the limited XXXX Waiver which expires in XXXX of 2022. The consolidation is being processed by AidVantage and once completed will be turned over to XXXX as the new servicer under XXXX ( which has already been approved ). 

On XX/XX/XXXX I contacted AidVantage to confirm that they received my information as I had not received any correspondence from them regarding my consolidation and that I was leaving for 1 week on an international work trip on XX/XX/XXXX ( returning on XX/XX/XXXX ) and needed to review and approve the loan information before then. They stated that the Direct Consolidation Loan Summary was completed and mailed as of XX/XX/XXXX, no email would be sent. When I received the letter later that week I just needed to call them to approve the information so the process could be sped up. 

On XX/XX/XXXX I received the Direct Consolidation Loan Summary document from AidVantage, which was dated XX/XX/XXXX, giving me only 3 business days to review and approve the information in the document and while I was on an international trip. My wife scanned the form and upon review, the loan summary information was incorrect for all loans that are being consolidated and the outstanding loan amounts were all higher than the loans listed by my current servicers ( XXXX for XXXX XXXX and XXXX XXXX XXXX XXXX for my XXXX XXXX ) in my online account portals. On XX/XX/XXXX I contacted AidVantage ( incurring extra charges for international calling ) to report the problem and was told that the information they provided to me was copied directly from what my current loan servicers reported to them. They then told me that they would request a new XXXX XXXX which would restart the 10 day clock for consolidation and that in the interim I needed to reach out to my current servicers to see why the reported information did not match. The total discrepancy is less than {$500.00} across 19 accounts and accounts for less than 1 % of the total loan amount. 

On XX/XX/XXXX ( after I returned home ) I called XXXX to determine why the reported information was higher than my online accounts showed and spent over 90 minutes on the call and was told that the information their systems showed and what my online account showed matched and they were unclear as to why the amount being reported would be higher. I requested a full audit of the account. However, since the consolidation process had started they no longer had access to conduct the audit and only AidVantage and/or the new servicer XXXX could conduct that. 

On XX/XX/XXXX I called XXXX to see if they were able to conduct an audit and find out where the discrepancy was within the system. Since they are not yet my servicer they were unable to conduct an audit or access my accounts fully and advised that I speak with XXXX who is my current servicer. I told them the situation and they advised I contact AidVantage for more information. At this point I called the Department of Education helpline and after much back and forth they advised that I call XXXX, then XXXX, then finally AidVantage as they would have the most updated information. I then contacted AidVantage and they stated that they had seen this problem before and that the issue is that their system is automatically adding in the daily interest that is being compounded before the payoff will be completed. This is incorrect as currently my loans are in a 0 % interest forbearance and no interest is being accrued. I advised them that I would not agree to the loan consolidation until they corrected their mistake and sent me the correct consolidation amount as the document is a legally binding agreement and I refuse to authorize a higher payment to any servicer for fear that that money will not be recovered and I will be on the hook for the additional sum. They stated they would redo the Loan Consolidation form with the correct amounts and remove the incorrectly accrued interest and restart the 10 day clock. I stated that what they are doing amounts to fraud as they are knowingly sending false information to clients and asking them to agree to the incorrect consolidation amounts. 

On XX/XX/XXXX I received the 3rd XXXX XXXX XXXX letter which still has the incorrect amounts with the daily interest added to each loan. The letter was dated XX/XX/XXXX, again only giving me a couple days to deal with the issue before the automatic disbursement would be completed. 

Today, XX/XX/XXXX, I called AidVantage and stated again that the information sent was incorrect and that I was promised on my previous call that it would be corrected and that they would fix their system 's automated daily interest accrual issue. They again advised that they were aware of the problem and that even though the notes stated they would send me the correct version the can not process it correctly without including the daily interest amount. I told AidVantage that I would be filing a complaint with the CFPB and that I will not agree to loan terms that are false, and that AidVantage is knowingly committing fraud and acting negligently in sending false loan data for a legally binding loan to clients. AidVantage stated that after I agreed to the disbursement a further review would be done and the correct amounts of money would be sent to my servicers. However, there is no proof that this will occur, and I refuse to agree to an incorrect Loan Consolidation letter with knowingly fraudulent information. AidVantage is now sending a 4th Loan Consolidation confirmation and I stated that I need an accompanying document stating that the loans being paid will be in the amounts listed on my accounts and not include the daily accruing interest which should be accruing due to the 0 % interest forbearance. 

I need to have this problem resolved and AidVantage held accountable for knowingly filing fraudulent documentation and trying to pressure me into agreeing to said document. This is negligent and fraudulent behavior and I have no confidence that it will be corrected and it may cost me the opportunity to take advantage of the XXXX limited waiver.