American Education Services [AES] review: unethical 9

My terms are as follows:

4.940% interest rate
$18375 balance. (Original balance was $22000)
$154.75 payment per month

They changed me to an "interest only" loan basis. If this was the case the payment calculates to around $74.60 per month. I do not understand what they are doing and they will not explain what they are doing. Every payment I make of $154.75 makes my principal balance decrease by $0. Can anyone make sense of this for me?

how many payments have you done so far ? this doesn't make any actual sense that none of the payments you've done has decreased the principle. Can you go into one of their offices to get it explained.

They buy my loan from another company to which I had made successful direct debit payments for years. I get no notification of the buyout until after it occurs. Just prior to this I moved and closed that bank account. I had filled out the appropriate form with the first loan company to change the bank info. AES keeps trying to pull from that account. Fortunately I discovered that on the due date of the loan. I contact the old company who informs me of the buy out. Then I get a hold of AES, painstaking as that was. I fill out their forms which state to wait 60 days. So for the next two payments, I make online payments myself. The third month they try from the old account again. I call customer service who simply talked over me. The supervisor hung up on me. So they can just buy my loan, don't tell me, attempt to pull funds from a closed account after all docs and requirements are met, charge me late fees, mark my account delinquent, act rudely and arrogantly all after I've been ontime for years. They aren't Education Services, they're simply loan buying sharks.

I have a big issue with AES, I mistakenly got some loans to continue my education with this company using a cosigner. I had some life events that stopped me from graduatin and it came time for repayment, Woah big mistake ! I borrowed around 25G in total, but my payoff is over 86G..I cannot afford these intrest rates they now want almost 900$ a month in payments. Ihave tried working with them and asking for any available options for me and my cosigner, she has 3 kids and a morgage and cannot take o nthis dept if I were to default and private loans are not included in bankrupsy's. I feel like i have no way out and no options...I need help and it seems every were I turn I can get any real help or answers about what to do from AES or anywere else.AES claims I cannot deffer anymore, there are no payment options to lower my payments and dont qualify for the extended 10 or 25 year plans..I feel like they set you up to fail or default so they can take you to the cleaners. The reps that answer you questions give out incorrect information and the superviosor's are no better !

I had a plus loan with american education services (Aes) on which we were making quarterly interest payments while the loan was in forebearance (Principal deferment until my son was out of college.) for some reason that was never explained to us, aes changed the invoice format on these quarterly interest payments to ones that had a big this is not a bill watermark across it and a $0.00 amount due in the invoice section. However, in very small font above the invoice section, it stated that you could make interest payments if you wanted to. Since I set up the loans, and my wife usually pays the bills, she just started filing these when they arrived in the mail thinking that they were some type of status statement. As these were quarterly payments, a year passed before I realized something wasn't right with the loan balance. The situation was even more confusing given the fact that we had another direct student loan in my son's name with aes in which the invoice format hadn't changed, and we had continued to make payments. I tried for over six months to get account information back from aes to determine the correct status of the plus loan, and each time I contacted them, they either gave me incorrect information or told me they would get back to me and then never did. This incompetence went on so long that the interest owed was re-capitalized into the loan principal, causing additional unwarranted interest owed. I paid the original loan principal and filed a civil suit against them for the unwarranted interest amount. They petitioned the court to have the suit transferred to harrisburg knowing that it would be very difficult for me to represent myself 250 miles from my home. They were granted the petition, and I had to withdraw from the suit. The bottom line folks is that this company is both incompetent and unethical, and you should, at all costs, avoid doing business with them!

didn't you already post this?

I would never get a loan from this company! I started attending college in 2017. Well I received one by aes and I wish I would have never even bothered! This was the worst experience I have ever had! They give you a complete run around. They tell you to fill out one form for deferment and the next thing you know its the wrong form so you send in another and thats the wrong one too! They have no idea what they are doing! It is a complete mess. They never help you and next thing you know your loan will be in collections! Do not get a loan from this company!

email me at aeshelp77@yahoo.com

Gonna add my two cents. This all started with me defaulting from Mohela. I am kicking my self for that. My first call to AES put me in touch with someone who managed to tell me that i was about to get charged 19% of my loans. "Because i was now with aes and that was a transfer fee." I now had 75 days to pay off the entire loan or they would charge me 19% for the remainder. Wonderful.
All the calls that i had with aes were different. The associates haven't been trained or something. They(the employees at aes) all said something different. I got like 9 different things that i was supposed to do to stop this 19%, and then i got transferred to the default collections department. So you know; when they say "im going to talk to a manager" it means that you will be waiting for 10-30 more minutes, or until you become frustrated and hang up. Defaults collections knows nothing about their jobs either.
So after 3 weeks and 15 different employees at aes i finally received an account statement in the mail. The amount that i owed was correct but their were additional charges that made no sense. I paid it off in full. Thank god i had enough money to do that.
One week later i called them back to see if the account was taken care of. I then found out that the additional charges on my statement were the daily accrual. They don't charge you by the month at aes they charge by the day. Daily accrual, that's right i now owed them 91 more dollars. Yah while my check was in the mail it accrued 91 dollars.
THESE PPL ARE CON ARTISTS. Their is no longer any doubt. I wish you all good luck with this corrupt company!