Consumer complaint received 2018-06-05
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 (OH)

I contacted AES on XX/XX/XXXX, to discuss payment options. My loan is due XXXX. I owe approximately $ 100K. I am only working part time, driving for XXXX. I am, and have been seeking full time employment since XX/XX/XXXX with no luck. I am only earning approximately {$600.00} a month driving. I have rent to pay, which I currently split with a room mate. I have no extra cash this time. My parents are paying my car payment and insurance at this time, and helping me with living expenses. This totals around at least {$600.00} a month, and my mother is my cosigner on this loan. She does not {$1300.00} ( {$600.00} + {$730.00} ) to pay my expenses and pay the student loan. 

I was giving the option of {$730.00} per month, still due XX/XX/XXXX. I just need more time in order to find full time employment. I have no intention of defaulting, and really would like to be able to make these payments. I simply can not. I need assistance. Distraught over the large payment, I found your letter and forward it to them immediately after I contacted them via telephone. 

This is not my only loan. I do have another loan, a federal loan, where I can defer the payment. That one is around $ 35K. 

I have excellent credit, and would like to remain that way. A deferment at this time is my only option. 

After I called them, I sent the letter provided on your website, and this was the response. 


Monday, XX/XX/XXXX XXXX XXXX Thank you for contacting American Education Services ( AES ). 

Our records indicate that you have previously contacted our office in regards to your reduced payment. You may reply to this email if you need further assistance. 

AES APPRECIATES OUR MILITARY MEMBERS! Based on your service, you may qualify for a lower interest rate and/or deferment of your student loans. For additional details, please visit http : //www.aessuccess.orgXXXX If you require further assistance, please visit www.aesSuccess.org and click the " Contact Us '' link for information on contacting our Customer Service Department . The " Contact Us '' feature also allows you to submit inquiries via secure email. Through your online account, you may view account details and access additional services. 

Sincerely, XXXX American Education Services >> Original Message ... 

>> To Whom It May Concern : >> I am writing to you because I need to reduce my monthly private student loan payment due to a financial hardship. I am requesting a payment that allows me to meet my other necessary living expenses. I am only working part-time currently, but actively looking for full-time employment. 
>> Please conduct a review of my account to determine whether I am eligible for an alternative repayment plan. 
>> I believe I can afford to pay {$100.00} per month toward my loan ( s ). If you require details on my monthly income and expenses, I can provide that information upon request. 
>> If you require additional authorization in order to reduce the amount of my monthly payment, please consider this letter a written request that you contact my lender or other authorized party to conduct a review of my account and provide a response within 15 days of receipt of this letter. 
>> If you do not grant this request for a reduced payment plan, I will be at risk of default. If I receive a reduced payment plan, I may be able to avoid default, which is in the best interest of all parties. 
>> If you determine that you are unwilling to provide a reduced payment plan, please provide the following information : >> 1 ) What available reduced payment options do you offer other than forbearance? 
>> 2 ) For what reason ( s ) am I ineligible for these repayment programs? 
>> 3 ) What steps do I need to take to qualify for these repayment programs? 
>> In addition, if you are unable to provide any of the information or documentation I have requested or otherwise can not comply with this request, please provide an explanation. 
>> I hope we will be able to agree upon an acceptable repayment plan. 
>> Thank you for your cooperation.