Consumer complaint received 2015-08-17
Product: Student loan — Non-federal student loan
Issue: Dealing with my lender or servicer — Trouble with how payments are handled
Company: AES/PHEAA (AL)

On XX/XX/XXXX I took out a student loan to pay for the remainder of my schooling at University XXXX. This loan was used for school and living expenses. In XX/XX/XXXX I entered the XXXX XXXX and on XX/XX/XXXX I was discharged from the XXXX XXXX with a XXXX. 



The original loan amount was {$21000.00} on XX/XX/XXXX. After making {$16000.00} in loan payments, the loan balance today is {$25000.00}, far more than the original amount borrowed. It is clear that despite making years of payments, the principal balance has not, and will not be reduced even when monthly payments are made. 



It does not make sense that the principal balance continues to rise even as monthly payments are made. I have listed XXXX preferred resolutions below. 

This student loan is a personal financial crisis. I ask the CFPB to help me to file a complaint and to take action to remedy the wrong that has been done by the financial institutions involved in victimizing a XXXX veteran. What Happened : On XX/XX/XXXX I took out a student loan to pay for the remainder of my schooling at University XXXX. This loan was used for school and living expenses. In XX/XX/XXXX I entered the XXXX XXXX and on XX/XX/XXXX I was discharged from the XXXX XXXX with a XXXX. 



The original loan amount was {$21000.00} on XX/XX/XXXX. After making {$16000.00} in loan payments, the loan balance today is {$25000.00}, far more than the original amount borrowed. It is clear that despite making years of payments, the principal balance has not, and will not be reduced even when monthly payments are made. 



It does not make sense that the principal balance continues to rise even as monthly payments are made. I have listed XXXX preferred resolutions below. 

This student loan is a personal financial crisis. I ask the CFPB to help me to file a complaint and to take action to remedy the wrong that has been done by the financial institutions involved in victimizing a XXXX veteran. 
The University XXXX in XXXX. I went to financial aid and was told to get a loan with AES, I was not told it was a private lender. I felt like this is a predatory loan lender. These loan payments have been going on for years, and I can not make any headway. I have my mother as a co-signer and she is now XXXX years old, and I can not get her off the loan because I had to be in forbearance. I also thought that I was able to consolidate all of my loans, including this XXXX, and so I missed a XXXX of payments, so they wo n't let her off the loan, and this is a hardship on her, having it on her credit report. 
My other student loans were forgiven because of my XXXX, this company would not allow the loan to be consolidated, they could have if they wanted to, and therefore it has become a huge financial burden to me and my family. I told AES of the financial difficulties I had with paying the loan back, they told me to go to school and use the XXXX GI bill and get the money from that to pay back my loan to them. I went to school, and because of my XXXX I did very poorly. I had to drop classes, I got bad grades, it messed up my GPA and now I want to try school again, the University said that my attempted credit hours and completed credit hours were too low for me to attend using government aid, and I would have to use personal funds to attend school. I only have XXXX credit hours left to graduate, and I ca n't attend school. AES will also not grant an in school deferment to me. I have contacted my congressman, he could n't do anything. I have shown this to lawyers, they have told me if my mom was n't on it, then they could n't collect and eventually it would go away, but she is on it, and that would totally destroy my credit