Consumer complaint received 2016-10-04
Product: Student loan — Non-federal student loan
Issue: Dealing with my lender or servicer — Trouble with how payments are handled
Company: AES/PHEAA (WI)

To whom it may concern ; I have been working with AES, the loan servicer. The loan lender is the National Collegiate Trust which is a private lender. I called the servicing company, AES to seek help with my student loans, the company was resistant to work with me regarding my student loan payments. Not only were they reluctant to work with me, I wastransferred six times and told that the department supervisor would call me. I then contacted consumer advocacy to try to get someone to work with me. 

I understand that I took this loan, however, I feel taken advantage of. Considering the loan was originally through XXXX bank, in which I trusted. The contract was complicated and sent to my parent who also may did not understand the details. I was their first child to go to college and it seemed like it was our only option. I feel taken advantage of, similarly to the housing crisis 10 years ago, or those who took XXXX XXXX student loans and were unable to pay them off due to interest being compounded. 

This loan seems to be predatory to the middle class and those who do not have the proper education to make the financial decisions. While we ( my father and I ) did sign this student loan agreement and the company works within the bounds of the law, I believe they are victimizing many middle class Americans who are unknowingly or uneducated students looking to get an education that will better their future. 

To outline the financial burden I have acquired, my original loan was for {$32000.00} in XXXX, Since I have taken out this loan I have paid over {$10000.00} in interest and paid {$10000.00} towards the principal, so a total of over XXXX dollars in payments. Despite these payments my outstanding principal balance as of today is {$36000.00} and my payoff amount for XXXX/XXXX/XXXX is {$39000.00}. I have never defaulted on a payment. I did have a period of forbearance while finishing my bachelors ' degree. 

Personally, this debt seems like XXXX that I can not get out of. I pay and my principal balance continues to increase. There was a period of time that I payed {$1000.00} per month to try to get ahead and yet, my principal is still higher than the original borrowed amount. 

I am concerned for middle class families in the future with this company and the principals they operate under. While I fully understand my responsibility to make payments, I am concerned that student loans are victimizing young, middle class people with good intentions. 

I have worked with AES consumer advocacy, and they have tried to contact the lender to try to negotiate a payout. The lender National Collegiate Trust refused to respond. I am also concerned that I am not able to contact the lender. I have to rely on the ability of intermediates to discuss anything. 

I wanted to file a formal complaint about this company for two reasons. One, to be able to have a conversation with them and negotiate a settlement. And two, to advocate for financial protection of the upcoming generations. Thank you for your time. 

XXXX XXXX