Thank you in advance for reviewing my complaint against Younomics, the loan service provider for this private student loan I acquired in XX/XX/XXXX. This case is an example of deceptive lending -- specifically through a now defunct student loan originator ( " XXXX XXXX XXXX '' ).
Younomics was made the second or third service provider for this loan, and the whole process has been questionable. Normally, I would contact the company to discuss this issue, but I elected not to for the following reasons. First, they are going to tell me that they are simply the loan servicer and had nothing to do with the original terms of the loan. They are correct -- but that origination company has gone defunct. When I called XXXX XXXX ( the second loan servicer ) they told me that they are unable to tell me who " owns the loan '' but that they inherited it. In XX/XX/XXXX, Younomics contacted me electronically and introduced the company as my new " loan servicer. '' Second, their website is extremely minimal. The " contact us '' button only gives a XXXX XXXX mailing address in XXXX XXXX XXXX, and a generic E-mail : " XXXX '' Mail Younomics XXXX XXXX XXXX XXXX XXXX NY XXXX Email Support : XXXX  I am not comfortable E-mailing such a company that has a XXXX XXXX and a generic E-mail with such sensitive information. This sort of unprofessional and sketchy company contact page emphasizes my point that this loan was predatory, not backed by a real bank, and exists only to profit off of the needy.
For background, I took the loan when I was facing the decision of having to leave my undergraduate institution because both me and my parents ( XXXX ) were not able to financially support my studies. I searched online, applied through legitimate banks, and was not able to get a loan on my own since I had no credit. My parents were not able to co-sign for me, either, as they were maxed out with Parent Plus loa
ns for my older sister ( who attended another University ) and did not have sufficient credit. I came across one of these aggressive loan companies that prey on needy undergraduates by providing to them the small amount of money they may need at high interest rates. Years later, the Department of Education
under President Obama would implement rules and standards that would prevent predatory lending habits -- which happened to me.
The loan for {$6900.00} was disbursed onXX/XX/XXXX. With the aggressive 10.5 % interest rate, my balance is currently {$13000.00}. I have paid a total of {$7300.00} on this loan, which is over the original principle balance. I graduated from XXXX in XX/XX/XXXX, from the University XXXX XXXX with my XXXX in XX/XX/XXXX, and finally the University XXXX XXXXXXXX with my XXXX XXXX XXXX degree in XX/XX/XXXX.
I took this loan out of necessity at XXXX years old. I have made monthly payments in excess of over {$200.00}, and after consulting with a Financial Advisor, I have come to the realization that there is no way with my current salary ( since I work in a XXXX XXXX XXXX XXXX ) that I will be paying this loan off for an additional 15 years. I am trying to buy a house, put money towards my retirement, pay more federal student loans, and live, but this never ceasing deceptive loan simply wo n't disappear.