Consumer complaint received 2018-08-07
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Can't get other flexible options for repaying your loan
Company: AES/PHEAA (NJ)

On XX/XX/XXXX, my mother passed away suddenly leaving me with a large financial burden, including a mortgage and household costs that I was not solely responsible for in the past. Since her passing, I have had many sleepless nights trying to work out how to pay my school loans and support myself in the most frugal way possible. This is the reason I have been trying to obtain a more manageable monthly payment plan for my loans while I work towards becoming more financially secure. 

I have been making monthly payments of {$260.00} on a single loan since XX/XX/XXXX that apparently was not able to be deferred, and I have been struggling to make that payment each month however, have not missed a payment yet. About a month before the rest of my loans were to exit deferment ( unfortunately, I dont have an exact date but it was sometime in XXXX ) I called AES and requested that the three loans be deferred further due to my current financial circumstances. They proceeded to ask a couple of questions about the reasons for the deferment and I explained to them about the dire financial issues I was having and that it would be impossible for me to support myself and make these payments. They informed me that they filled the request for deferment and that I would receive a response in the mail within 30 days. 

Approximately 30 days later, or mid-XXXX  I received a bill from AES for {$1400.00} due on XX/XX/XXXX. I called AES and they informed me at that time that my deferment was apparently still in the middle of processing. At that point I couldnt do anything more and gave it a week and called back on XX/XX/XXXX. During that call I was told that deferment wasnt an option at all for me so I would have to request forbearance by filling out a form and mailing it in. I explained to the person I was on the phone with that last time I called, they filled out a request without me having to mail anything in, and I asked them to check that this was the right form. He assured me that this was the correct form and my only option ( XXXX HARDSHIP FORBEARANCE REQUEST ). 

I printed out the form and began to fill it out and had a few questions about it so I called AES back. The previous person told me that I had to have my co-signer fill out the form but there was not a section for that. This person told that this wasnt required and all they needed was my signature, which did make my life much easier. She then informed me that according to this form, I would have to make 12 months of payments before I would be able to get 2 months but encouraged me to fill it out anyway because anything is possible. I asked about other possible solutions to this situation and she informed me that this was the only option I had. So I filled out the form and sent it in on XX/XX/XXXX. 

After many sleepless nights and multiple XXXX XXXX over my situation, I just dont understand how this could be the only solution. I absolutely CAN NOT afford to make 12 monthly payments before I can possibly get a 2 month break. I am just barely scraping by now. There has to be a better compromise or something that can be done. I want to be able to make payments, but right now, I need those payments to be affordable and reasonable. I do not want to be in the position where I have no choice but to pay the {$1400.00} or default on my loans.