Consumer complaint received 2023-02-20
Company: TRANSWORLD SYSTEMS INC
State: NE
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
To whom it may concern, My son went to XXXX XXXX  in XXXX in XXXX. He was not eligible for a government loan so applied for a loan from the college. He was given a loan and graduated in XX/XX/XXXX with a degree in XXXX XXXX. He then went to the XXXX XXXX at XXXX and graduated in XX/XX/XXXX. He received 3 student loans and a cost of living loan. I was a co-signer to the loans. I worked with -- - XXXX - XXXX | Financial Planner | * XXXX -- - until XXXX XXXX, which XXXX had become a part of, was declared a failed college. The CFPB charged XXXX XXXX with predatory lending and exaggerated claims of employment and ruled that 40 % of the Federal student loans were to be repaid. XXXX XXXX XXXX a percentage of the XXXX XXXX. My son 's loans were in that group. 
I received notice that the loans had been bought by UAS- University Accounting Services . 
XXXX, Thank you for your help yesterday on student debt relief. Unfortunately when I call and spoke with the them I found this is for federally funded loans only. XXXX had a private loan serviced by XXXX XXXX. They do not service these loans anymore ; as of XX/XX/XXXX University Accounting Service, LC ( UAS ) will collect all payments. I have been unable to contact UAS by phone. The menu comes up, I give the info, and then I am disconnected. I receive an email from UAS but the only web address directs me to set up acct info before I can be assisted... 
I had called the Consumer Finance Protection Bureau and found that the information I had was correct, but they said I have to go thru the loan servicer who should have contacted all students by XXXX, XXXX. At that time the loan servicer was XXXX... 
After speaking with a representative from UAS, XXXX XXXX XXXX, I find that some of the private loans from XXXX were eligible for debt relief and some weren't. The loans that were eligible are being serviced by XXXX XXXX XXXX XXXX... 
If XXXX was purchased by XXXX and students who borrowed through XXXX 's now defunct XXXX loan program are to see an immediate 40 percent reduction in the principal balances, then I don't understand why some loans are eligible and some aren't. The representative stated that the student 's account information was late getting to UAS. The information from the Consumer Financial Protection Bureau said that eligible students would be notified by their loan servicer, XXXX. Because we have not been notified he said we must not be eligible? No contact number is available for XXXX XXXX XXXX yet... 
I finally was able to contact UAS in XXXX. 
In XX/XX/XXXX we were sent notices about the 3 loans saying that we were eligible to re-amortize the loans.Longer time to pay off the loans but overall the loans cost more. We did elect to re-amortize. 
In XX/XX/XXXX, Calvillo Manriquez v DeVos, the court finds the policy limiting debt relief for some XXXX XXXX students illegal. 
I contacted UAS about this and we were not eligible. 
Here is the contact information for the current lender... 
University Accounting Service , LLC XXXX XXXX XXXX XXXX WI XXXX Phone : ( XXXX ) XXXX email : XXXX Website : XXXX Thank you for your consideration

Company response to consumer: Closed with explanation