Consumer complaint received 2020-01-03
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: AES/PHEAA (NC)

In XXXX I requested Fed Loan Servicing ( myfedloan.org/XXXX ), that 5 of my 6 loans be merged into two consolidation loans, shown as one on my credit bureau, leaving loan 2 of 6, untouched, unconsolidated, with a balance of roughly $ 3k AND AN INTEREST RATE OF 4.5 %, alone, by itself. This all went exactly as I requested. 

However, In XXXX, I asked that this loan # 2, WITH SAID INTEREST RATE OF 4.5 %, be merged into the now loan # 7, of a balance of {$5900.00}, WITH AN INTEREST RATE OF 3.5 %, FOR THE OBVIOUS REASON THAT THIS WOULD BRING DOWN THE OVERALL 4.5 % RATE OF the $ XXXX from loan # 2,  especially since the newly resulting interest, when merging the two loans, takes into account what % of the balance at 3.5 % represents the $ XXXX, against the 4.5 % balance of the $ XXXX, meaning, it's not just add XXXX and XXXX and divided by two, nonono, it is supposed to be, something close to 3.5+3.5+4.5, divided by 3,  since $ XXXX at 4.5 % represents .33 % of the new total of $ XXXX balance that loan 7 would be at the end. 

He said that I didn't need to fill out a new consolidation loan, but rather, just request that loan 2 be " ADDED ''. I asked him to please help me fill out the form. I insisted to please make sure that ... and repeated my aforementioned request, including why I was doing it, and the expected outcome.

Instead, I end up with a " loan 9 ''!!!! And SURPRISE, SURPRISE!!!!! A 6.625 % INTEREST  RATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 

Today I spoke to their Consolidation Team, at around XXXX, and when she said she submitted a request, she SURPRISE, SURPRISE!!!!!!!!!!!! She only stated on this supposed request submittal, that I want loan 9 to be merged with loan 7. BUT NO MENTION OF THE WHOLE INTEREST RATE FIX FROM 4.5, NOT 6.25,  ***BEFORE*** THEY GO MERGING, ****AND INCREASING**** MY LOAN 7 's 3.5 % INTEREST RATE TO THE 6.25 % +3.5 % /AVERAGE, WHICH ALSO TAKES INTO ACCOUNT WHAT BALANCE OF EACH LOAN REPRESENTS IN RELATION TO THE NEW LOAN. 

Can you please ensure that they fix my now loan # 9, to the 4.5 it used to be, before merging it's $ XXXX balance at the wrongful 6.25 % they made it be, into my loan 7 that has a 3.5 % on $ XXXX? 

What they are trying to do is up the interest on my 3.5 %, which is the same strategy of why they conveniently created a whole new loan 9, to up my interest from its 4.5 to the 6.25, definitely not what I requested!!!!!!! 

This is not the only trouble I've had with FedLoan Servicing. All these years, I've asked them repeatedly and emphatically, that whatever they help me to request, when asking to not have to make payments yet, NOT AFFECT THE 20 YEAR FORGIVENESS PROGRAM. Finally, back in 2019, I asked them to provide me IN WRITTING, how many months have counted towards this forgiveness. They reluctantly finally provided it to me, and WHAT DO YOU KNOW!!!!!! OF ****ALLLLLL**** OF THESE YEARS, THEY HAVE THE ODASITY TO TELL ME THAT ONLY 15 OR 18 MONTHS, CANT REMEMBER WHICH THE LETTER SAID, HAVE COUNTED TOWARDS THE FORGIVENESS PERIOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THAT AMOUNTS TO YEARS OF UNFORGIVABLE INTEREST! MY LOAN DEBT IS NOW $ XXXX, FROM $ XXXX IT USED TO BE WHEN I STARTED, WITH NO HOPE OF FORGIVNESS WITHOUT STARTING OVER. 

THIS IS HOW I ENDED UP DECIDING TO JUST MERGE ALL THE LOANS IN THE STRATEGIC WAY THAT I ASKED. AND THEY ARE STILL TRYING TO MESS IT UP EVEN THOUGH I AM BEING ******VERY VERY VERY CLEAR**** IN EVERY SINGLE CONVERSATION I HAVE HAD THROUGHOUT THE LIFE OF THIS HORRIBLE BUSINESS RELATIONSHIP. 

AS IT IS, XXXX UNIVERSITY XXXX**FALSELY/MISREPRESENTED***** THAT XXXX GRADUATES MAKE MORE ON AVERAGE, THAN GRADUATES FROM OTHER SCHOOLS, THEREFORE CHARGING OVER {$500.00} PER COLLEGE CREDIT, VERSUS XXXX UNIVERSITY XXXX JUST A MILE DOWN THE ROAD,  WHO CHARGED AT THE TIME, AROUND {$350.00} PER CREDIT. 

HEREIN I'D LIKE TO ALSO REQUEST THAT MY STUDENT LOAN BE TOTALLY FORGIVEN BASED ON THIS. 

My telephone number is XXXX.