Consumer complaint received 2017-07-10
Company: AES/PHEAA
State: PA
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:
I 've had my loans with the same processor since I graduated and started making payments in XX/XX/XXXX. I received information that my loan was being transferred in XX/XX/XXXX from XXXX to AES, a division of PHEAA. My loan was transferred on XX/XX/XXXX, and my payment was due XX/XX/XXXX. I could not set up online access to my account, and contacted AES via their website " contact us '' option. I did n't receive a response until several days later, after a second attempt to contact them on the date that my payment was due. I also received 2 pieces of mail from AES the same day, one dated XX/XX/XXXX that read " There will be no change in the terms and conditions of your loan as a result of this transfer. '' The second was dated XX/XX/XXXX, and read " There has been a change in the repayment terms for the loans listed on the reverse side of this letter. '' Due to this, my loan payment amount went up approximately $ XXXX/month from $ XXXX/month to $ XXXX/month. After multiple calls and speaking with various departments and individuals and getting different answers as to why I had no access to my account online, and why my payment amount had changed and why I had received 2 letters on the same day from AES with completely conflicting information, I did 2 things. I sent via fax documentation that I was told was needed to confirm my married name and change from maiden name in PHEAA records and I received confirmation that the fax had went through. I also filed a complaint with the BBB, which is still ongoing. Per the complaint, AES is claiming that they sent me a formal response on XX/XX/XXXX, yet I have received nothing and there has been no attempt to contact me, outside of a paper billing statement for my student loan account and a paper telling me that they were raising my interest rate ( which seems to be punitive in nature, as the raise in interest rate occurred after the filing of the complaint with the better business bureau ). This increase in my interest rate is now the second rate increase in 2 months ( XX/XX/XXXXand XX/XX/XXXX ). I finally contacted AES via phone today, as I do not want to end up negatively impacting my credit score with late payments, and was told by a supervisor that he could not change the monthly payment amount because I had to have it paid off by the amortization date that they had set upon taking over the servicing of the loan. I was also told that they still have my maiden name in PHEAA system, which is why I can not create an online account to access my loan, and they also have no record of my documentation being sent, which included important personal information - a copy of my Drivers license, marriage certificate, and social security card. I confirmed the fax number that it was sent to, and it was the correct fax, and I have the documentation of everything that I have mentioned and described above. After 14 years of making payments on loans, I find it absolutely insane that one company can transfer my loan to another company and then they can change my payment amounts, interest rate, amortization date, etc. any way that they see fit.

Company response to consumer: Closed with explanation