Consumer complaint received 2016-04-18
Product: Student loan — Non-federal student loan
Issue: Dealing with my lender or servicer — Trouble with how payments are handled
Company: CITIZENS FINANCIAL GROUP, INC. (MA)

Hello, In the fall of XXXX, I began a XXXX program for XXXX XXXX XXXX at XXXX University. It is a partnership through my company, XXXX XXXX XXXX University XXXX XXXX XXXX. At that time, I applied for a student loan via Citizen 's Bank. I assumed that the loan that I 'd applied for was acceptable for the XXXX program for which I was enrolled. The loan was approved in the amount of {$5400.00} and disbursed to the school. In XXXX XXXX, I began repaying against the balance of the loan to XXXX XXXX. According to Citizen 's Bank, they do not manage the payments, they use a company called XXXX XXXX, to manage any and all payments towards the loan. I made XXXX payments of {$72.00} on XXXX/XXXX/XXXX, XXXX/XXXX/XXXX, and XXXX/XXXX/XXXX ( I have email confirmations ). The last payment I made to XXXX XXXX was after I 'd completed the Fall XXXX semester, I 'd received my grades, and applied and received my tuition reimbursement and the payment was made on XXXX/XXXX/XXXX in the amount of {$4300.00} ( I have an email confirmation ). After that payment, I still had a balance of approximately, $ XXXX. In XXXX, I went back to Citizen 's Bank website to apply for the same type of new loan for the XX/XX/XXXX semester. I was approved on XXXX/XXXX/XXXX, again and I thought everything was okay. As XXXX XXXX approached, I found out that the loan was rejected. I could n't understand why. So, I went to check my student account and I noticed that I had a significant balance that included both the fall XXXX and spring XXXX semester, and that did n't seem correct. At that time, I called the school ( XXXX ) and I was told by the school that because I was enrolled less than half-time for the fall, I was n't eligible for the loan that I was approved for and they canceled the loan and sent the loan disbursement amount of {$5400.00} back to Citizen 's Bank. I also found out that I could n't apply for that loan for the spring semester either. At that time, I contacted Citizen 's Bank on XXXX XXXX, XXXX, and I spoke with XXXX. I explained what happend and she transferred me to XXXX ( Citizen 's Bank ) XXXX XXXX XXXX XXXX XXXX XXXX. In XXXX the money that the school sent had not been received. However, at this point XXXX 's XXXX XXXX has received the {$5400.00} back. They also have {$4500.00} of what I 've paid towards this loan before all of this occurred. I 'm very concerned about the amount that I 've paid because neither company will own up to whom would provide me with my refund. I 've explained that I do n't care if they send it back to XXXX ( I 'd prefer for it to go to the school ), but they are not entitled to keep that money. The balance has now shifted to the school, and the delay in receiving this refund is affecting my ability to apply the amount I 'd received from my tuition reimbursement and with other payments to the balance. I 've contacted and notified my financial counselor, Citizen 's Bank, XXXX XXXX and at this point I 've been told by the school that they have n't received anything, Citizen 's Bank XXXX XXXX XXXX, both acknowledge that the loan from XX/XX/XXXX was canceled, that the XXXX sent {$5400.00} back to them and that there is n't a balance on my account. XXXX XXXX, acknowledges that there was an " overage '' on my account that they have sent that back to XXXX since, XXXX sent in the " last payment '' which what the {$5400.00}. I 've contacted XXXX XXXX on XXXX/XXXX/XXXX, XXXX/XXXX/XXXX, & XXXX/XXXX/XXXX. On XXXX/XXXX/XXXX, I spoke with XXXX and he stated that the refund was processed on XXXX/XXXX/XXXX and that they would have been sent out on XXXX/XXXX/XXXX. XXXX has n't recieved anything as of yet. I 'm concerned, because I recently had a hold on my account because of this and unable to retrieve my grades to apply for my spring tuition reimbursement. I was able to get an exception to access my grades.