Consumer complaint received 2022-09-29
Company: Goal Structured Solutions, LLC
State: IL
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
During XXXX of my semesters art XXXX University - XXXX XXXX I entered into an agreement called " XXXX '' to help pay for tuition that was presented to me by the university. The idea of XXXX  was a self-sufficient XXXX XXXX based fund that alumni who previously were in the program would help to pay for other students tuition. This was labeled as not a " loan or credit '' on the information website and that it would be allowing you to help contribute to other students education process in return for helping your own. The loan was presented to me as a " contingent debt '' when in hindsight it was a XXXX private loan that was advertised to us. Through my research I have discovered that XXXXXXXX was seemingly funded through hedge funds and XXXX XXXX with the help of XXXX XXXX XXXX XXXX high-cost income based private loans that are avoiding the label of being branded a " private loan ''. This is shown by the loan also not need to be paid if the recipient is unemployed. 

Beyond this the amounts that are charged for the repayment of the loan are extremely astronomical. During the years XXXX & XXXX at XXXX University, I received funds from XXXX for {$8600.00} & {$15000.00} respectively. These private loans now hold a repayment amount of {$19000.00} & {$34000.00} for a total of {$54000.00}. The difference between the initial {$24000.00} has nearly doubled with the payoff amount. This is unacceptable considering how this XXXX XXXX was presented to me and how it has failed to truly identify itself as such. ( The attached documents show more information relating to the loans ) I feel as if I was mistreated and wronged by XXXX when trying to better myself with a higher education. I feel as though I have been cheated and lied to about the nature of these private loans and what is backing them. Through my research I have found a variety of articles and other individuals who are experiencing the same issues. This situation seemed at first to be something bright and exciting, but has turned into lies and almost a Ponzi scheme for hedge funds / wall streets to trick high earners from a prestigious school into receiving high-cost private loans that do not follow private loan guidelines, for instance there is no payoff amount for the entire loan due to the fact XXXX hides behind the idea this loan is a " contingent debt '' when in fact it is a true to life private loan and has even been classified as such in the standards of the XXXX. of XXXX. To add to the suspicion of bad loan policies and mistreatment of students through this program, XXXX has closed this option of funding for the past two years with no intention to bring it back after only a few short years in use under XXXX XXXX. This to me is a eye opener for the fishy loan tactics and misinformation that has been spread regarding the program during its time in use. 

This program to me had the ability to be a good thing to help people like me get a wonderful education, but that did not end up being the case. This program has seemingly betrayed the students of XXXX and anyone that was misfortunate enough to enter such a rigged and cheated system. This ISA should be abolished at XXXX and across universities in the country until it is better understood and managed properly for students. 

This compliant is fully directed at XXXX University, XXXX, and Launch servicing. 

Here are some links to stories that have popped over the last year relating to the issues that are apparent with the XXXXXXXX program. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX? XXXX & XXXX & XXXX

Company response to consumer: Closed with explanation