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I took out loans with this company back in '07, 3 disbursements, 1 at $1,334 and 2 remaining ones at $1,333 for a total of $3,999. Up till this point I had paid $4k in interest alone, so I'm not sure how I still had a bal of over 6k due, which was not going down. I recently decided to transfer this bal over to a 0% cc to try and pay it off, and as I look at my original loans totaling $3,999 and what was paid off in principal $7,582.95 (not sure how this can be) plus interest $4,707 for a total of $12,290, I'm baffled at how this company can get away with collecting over double on such a small loan. If I knew I had a chance at winning a lawsuit and having my attorney's fees awarded, I would definitely sue them. But knowing these people they most likely have a clause on their contract that I signed that prevents me as the consumer from winning the lawsuit. Anyone looking to finance their schooling, I would stay clear from this company!
I have loans with them ranging from '03-'07 when I was in school. My original borrowed amount was about 38k, I have since paid 56k back to them with a remaining balance of 47k. They have changed my interest rates over the year, making it impossible to even make a dent in this. They are horrible and take advantage of young students. After reading some other reviews, I see this is common practice for them. There really should be a lawsuit against them because they are literally just taking your money and make it impossible to get out. I am all for paying back what I borrowed with some interest, but this is ridiculous. They are like loan sharks for students. Avoid them at all costs!!!
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My student loans were ASSUMED by AES from Ed South in 2003. The balance was ~ $28,000.00. I pay $225.00 each month regardless of what the 'balance due / minimum payment' request is. The amount due is typically between $50.00 and $75.00. I have made this payment each month since 2003 MINUS the two years I went back for my Masters and 2 years of personal illness. Taking into account interest accruals +/- monthly payments, let's say my balance went up to $31,000.00.
17 years - 4 years deferred status = 13 years
13 years x 12 months per year = 156 months
156 months x $225.00 = $35,100.00
MY BALANCE TODAY IS $22,500.00
Can someone check my math? I have a Master's degree but I cannot calculate this so that it makes sense? I filed a request for AES Treasury to evaluate... Let's see how creative they are!
I always pay early on my student loans, as soon as I get the bill. I pay the same amount every month (which they have verified numerous times is more than what I owe each month) and somehow every month I have a past due balance of $3 or $5 because "I didn't allocate where my payment should go in the system correctly."
2. I only get one bill every month and it is always for less than what I owe and about 2 weeks before the due date.
3. I have never received an email letting me know I owe more money or that I have a past due amount on the account.
4. I am expected to log in multiple times throughout the month to make sure that the money I paid in was allocated correctly. Last month I went into my account 4 days before the due date and all of a sudden I owed $8 more than what I had already paid.
I reached out to the company because I was upset that they continuously try to say that I'm past due and that their system doesn't work properly to allocate the funds I'm paying in and they sent responses back accusing me of allocating funds improperly. I sent them screenshots of how I pay the bills showing them that I never allocate the funds, I just click on pay now, and they sent me a response back insinuating that I wasn't smart enough to understand how I was paying the bill.
I'm upset that they keep putting my stellar credit at risk by marking me as "past due" every month by $3 even though I overpay the bill by more than that each month. I'm upset that I contacted them, letting them know their system is broken and not working properly, and they treated me like I'm too stupid to understand how to use it properly. I'm upset that I reached out to them, asking for a credit on my bill for all the hassle, false notifications of being past due, and their incompetence in fixing their system and providing great customer service and I never received a response.
This company purposely puts their loan borrowers at risk of having negative impacts on their credit because of a faulty online payment system. Please don't do business with them if you can choose a different company. I notified them, I gave them an opportunity to fix their system, and I gave them an opportunity to make it up to me. I'm letting everyone know that if you're going through this with them, they are doing this on purpose. Causing you stress of being past due after you made a full or overpayment and putting your good credit at risk and also probably charging people late fees on past due amounts. They will never notify you, so you must sign in to your account multiple times to make sure you aren't going to get charged a fee. This is unfair to the consumer and fraudulent activity on their part.
I was deployed to Iraq in 2010 and called you to help me out with my loan as I would be deployed for a year and did not have the ability to make payments consistently. Great news you said as we offer any military member special services that will help them while they serve our country. THAT WAS A HUGE LIE! You charged daily interest on my account taking my 9,000 loan and making it 15,000 because of the accrued interest. So now I'm paying more on a loan than when I took it out all because you promised a veteran they would be taken care of. Screw this company! Take my advice and steer clear from them!
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I have had to deal with this company for many years. I recently refinanced. I have had multiple issues with their payment system reporting the wrong amounts due, me paying, and they still show a few dollars due. They have had to correct incorrectly reported late payments twice after I had to go through all the trouble of protesting the, and providing documentation. They have embarrassed me by calling my references when payments were not truly late. They would not refi, and I paid them tens of thousands of dollars in interest for eight years because I couldn't refi. They are not a good company to work with. There are much better options out there now. At the time, this was the only option. Look elsewhere, online will give you many options. They don't want to help you, they only want your money.
I had a student loan managed through American Education Services (AES). During my time paying off my loan through AES's website with consistent early, on time payments I was greeted with a message within my dashboard that stated I was no longer eligible for the Borrower Benefits Program (BBP) due to two late payments. A review of my bank statements reveals this not only to be a mistake on their end but that I made my payments a business week early and paid above the minimum required. Attempting to resolve this through their support services failed and remission of my bank statements proving the payment dates in question did nothing to change this outcome.
While this loan shuffled through two other debt management services (Reliamax and finally Launch Servicing, LLC... both of which accurately tracked my payments with Launch receiving my final payment 01.2019). I wanted to write of my experiences to warn others against using AES. AES will mismanage your account and blame/ punish you for it.
I’m just yet another one of these stories. Took my loan out in 2007 for just over $16k, here we are 12 years later and I still owe over $17k. I’ve paid $5k towards principal and $12k towards interest. They were supposed to have removed my co-signer after a couple years of good payments (always been paid on time) and yet they’re still stuck on this loan with me! So here I am drowning in a debt to keep my credit good, but also my co signers who should have already been removed! Who has a lawsuit already against them? Has anyone spoken to Lawyer? Something isn’t right here!!
My husband started paying on his AES Student Loan in 2004. His starting loan was $57k, today in 2019 AES shows we still owe $34k. I added up the total amount of money we have paid on this since the beginning and total we have paid this company $59k. The interest rate has gone up and very seldom down. Our payments have ranged between $250-$600 per month. A couple examples of how payments are broken down are: Payment $488.06 of that, $403.48 is interest and $84.58 is principal. Payment $600 of that,$526.69 is interest and $73.31 is principal.
I am going to contact a lawyer to see if there is anything we can do to dispute the remaining balance with this company. My suggestion to anyone looking to get a student loan, do NOT use AES. Maybe see what kind of rates you can get from your bank for a personal loan? I don't know but, it's ridiculous that I have a car with a starting price of $41k that I am able to pay off in 6 years and a student loan at $57k that will take us 15+ years to pay off.
I have been trying to pay off my loan for weeks now. I get messages saying they returned my payment because it was rejected by my financial institution (PNC). I have spoke with PNC two times now and they say they never received any payments, or have never rejected anything. That something is wrong on AES end. I have called AES and customer support does not know what's going on. I have been placed on hold numerous times and transferred to multiple people. No one knows the answer. I'm basically stuck. And to kick it off, Every single day $1.25 is added to my loan through interest. So I am now on day 20 since I've tried paying off the loan. That is an extra $25 so far.
I am on the phone with them right now and they now say it will be another week until things clear on their end to see my situation. However, the interest still builds. They "unfortunately" cannot pause interest or revert it back to my original payment. So because they are making mistakes on their end, I have to pay an extra $30-50 (don't know how long it will take). It's not a great deal of money in comparison to the loan. But anyone who paid off a large student loan will tell you, this hassle and extra money at the end is devastating. I just want it paid off but they basically aren't taking my money. Look elsewhere when trying to fund school.
American Education Services Company Information
- Company Name:
- American Education Services
- 1200 North 7th Street
- Postal Code:
- United States
- (800) 233-0557
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