Consumer complaint received 2019-12-27
Company: KEYCORP
State: MD
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
4 ) Attachment A8 : See Federal Truth in Lending Disclosure XX/XX/XXXX ( Provided with Loan Docs Request ) : Annual Interest Rate may not change more than four times per year on the XXXX of XXXX, XXXX, XXXX, and XXXX if the change rate changes a. Is this a Federal funded or private school loan? What does the Federal inclusion in the title indicate? What are the applicable guidelines and regulations? 
b. Change Rate occurs more ( or less ) than four times per year [ see A14 ; XXXX five times and XXXX one time ] c. Does not always occur on the XXXX of XXXX, XXXX, XXXX, and XXXX [ XXXX ; XXXX ; XXXX ] d. Status Changes on XXXX, XXXX, and XXXX ; Why were rate and status changes applied XXXX & XXXX during forbearance and repayment periods? 
e. Occurs if the rate doesnt change [ see Repayment Schedules attachment A14 ] f. Rates reflected on statements do not reflect interest reflected on Repayment Schedules 5 ) See Attachment A17 ( page 3 ) Loan Interest Capitalization Dates : Why was XX/XX/XXXX in the amount of {$1000.00} not disclosed in any financial summaries? 

6 ) See Attachment A5 : Invalid Loan Docs XXXX a. See KeyBank letter XX/XX/XXXX ( Account # : XXXX ) payment of {$200.00} not received, cosigner notified. The {$200.00} was the amount due on XXXX  XXXX Statements Loan Seq XXXX ( See Dates XX/XX/XXXX and XX/XX/XXXX ) b. See Statement XX/XX/XXXX for KeyBank MDACHVR Loan Program ( Loan Seq : XXXX ) amount due of {$100.00} ; Amount Past Due : {$0.00} XXXX See Statement XX/XX/XXXX and XX/XX/XXXX for XXXX  XXXX Loan program ( Loan Seq : XXXX ) d. See XXXX Letter XX/XX/XXXX Loan Seq XXXX ; Loan Program MDACVR Past Due XXXX XXXX ) See XXXX : Loan Federal Truth in Lending Disclosure XX/XX/XXXX ( not provided with my previous loan document request ) : a. This was Consolidated on XX/XX/XXXX correct? 91-day T-Bill Index? The TILA reflects variable rate to equal XXXX T-Bill rate and there is no margin indicated. How is 8.87 used when the 13-week T-bill rate on the treasury website is 5.05 %? 

8 ) See A16 : The interest rates indicated on the statements before XXXX include the additional 2.65 % per annum? 

9 ) Financial Summary XX/XX/XXXX : Disbursement was in one lump sum of $ XXXX 10 ) Financial Summary XX/XX/XXXX : How can I be late for payment during a forbearance period? 
11 ) Financial Summary XX/XX/XXXX : Why was {$10.00} allocated towards late fees? 

12 ) Financial Summary Dates : Why were payments during forbearance periods not fully allocated towards interest? a. XX/XX/XXXX b. XX/XX/XXXX c. XX/XX/XXXX d. XX/XX/XXXX e. XX/XX/XXXX f. XX/XX/XXXX XXXX ) Financial Summary : During repayment periods, monthly payments are due for Principal and Interest. Why are payment portions not allocated to Principal ( or decreased from balance ) when Amount Due reflected in the statement is fully satisfied or overpaid? a. Payment Date Range : XX/XX/XXXX to XX/XX/XXXX b. Payment Date Range : XX/XX/XXXX to XX/XX/XXXX c. Payment Date Range : XX/XX/XXXX to XX/XX/XXXX d. Payment Date : XX/XX/XXXX 14 ) Inconsistent and Inaccurate Statements Provided : a. Statement format and fields changes disclosed less loan information, rather than more for clarity. ( i.e. loan status, current interest accrued ) b. Why does the monthly statement during the repayment period not include consecutive monthly payments in Current Due for the month? 
c. XXXX/Loan Financial Activity recently provided after this compliant, includes Interest Accrued at the time of payments. During the repayment period throughout the life of this loan, why is the listed accrued interest greater than Total Amount Due and/or Total Principal and Interest fields on the statement? If there was any outstanding interest or monthly payment, why is not reflected in Amount Past Due of the subsequent statement and disclosed in Outstanding Interest field ( i.e. Statement XX/XX/XXXX )? The statement examples are attached. 
d. Inaccurate Principal & Interest Paid Since Last Statement fields not equivalent to statements & financial summary : i. XX/XX/XXXX Payment of {$350.00} : 1. Financial Summary XX/XX/XXXX : a. Amount To Principal : {$170.00} b. Amount To Interest : {$170.00} 2. XX/XX/XXXX Statement : Total paid since your last statement : {$350.00} a. Total paid since last Interest Satisfied : {$170.00} b. Total paid since last Principal Satisfied : {$170.00} ii. XX/XX/XXXX Payment of {$300.00} 1. Financial Summary XX/XX/XXXX a. Amount To Principal : {$3.00} b. Amount To Interest : {$290.00} 2. XX/XX/XXXX Statement : Total paid since the last statement {$300.00} a. Total paid since last Interest Satisfied : {$2.00} b. Total paid since last Principal Satisfied : {$290.00} e. Outstanding Interest or payments due is not reflected in subsequent statement Amount Past Due or Outstanding Interest for most statements i. XX/XX/XXXX Statement : Total Amount Due : {$3.00} 1.  XX/XX/XXXX Financial Activity Transaction : Interest Accrued {$210.00} ii. XX/XX/XXXX Statement : 1. XX/XX/XXXX Payment of {$150.00} all allocated to Interest 2. Amount Past Due : {$0.00} 3. There is no Outstanding Interest field. 

15 ) See A19 : All financial Aid documents were filled and submitted through XXXX website : KeyBank was the only option! KeyBank would not finance all dual program cost, therefore a combination of loans was required to ensure available financing ; supplemental loans were available with XXXX & XXXX through the 'dual program ' through XXXX XXXX XXXX ;

Company response to consumer: Closed with explanation