Removing these false reports can be difficult, too. Some borrowers seemed to be playing whack-a-mole with bad information on their credit reports. But we do know they are an example of bad communication on the part of the servicer. One borrower had defaulted on their loans, which resulted in wage garnishment to collect the debt. In that way, some of their loans were paid in full, but their credit report was not updated and continued to report the loans.
After the borrower disputed the report, more false information appeared. They also claim that one of the loans is reported twice on the report, giving the impression of bigger debt. Borrowers in forbearance — a status that allows them to pause payments without penalty — were being reported as delinquent on their credit reports. Here are a couple examples of that:.
Another person claimed to have been disputing a loan with AES for 11 years. They believe an application for a loan was used to fraudulently take out a different loan with different terms. This person has called many times, written letters, and filed a fraud packet. They continue to receive calls, emails, and letters attempting to collect on the loan. One borrower noticed a loan they never took out on their credit report. To dispute it, they did their due diligence and followed suggested actions to remedy the matter.
They assembled and submitted a fraud packet. AES rejected it. Sounds exhausting. Both the financial and emotional toll from spending weeks, months, and even years trying to set the record straight about a false report on your credit is enormous. What about when you receive bad information straight from your servicer? Communication through customer service is a big part of loan servicing. Failing to communicate important information to a borrower is an obvious mistake by a servicer like AES, but communicating wrong information is just as bad, if not embarrassing.
Communication is king. If a loan servicer is reporting bad information to outside companies, you lose out. If they are communicating bad information to you, you also suffer. While these stories are anecdotal evidence from AES customers, they might reflect bigger trends with communication and customer service in the company as a whole. If you're not quite sure where to start or what to do, consider hiring a CFA to help you with your student loans.
It was established as a Pennsylvania state agency but is now run privately, with limited legislative oversight within its board of directors. FFEL was a program that permitted private lenders to provide federally guaranteed student loans and allowed the government to mandate specific interest rate levels for those loans.
AES can help you with anything regarding student loan payments. Access to your account: You can update your account information, get tax forms, and view billing and interest statements.
Repaying your student loans: You can set up autopay, sign up for income-driven repayment, change payment preferences, move your due date, and pay ahead. Applying for financial hardship programs: You can apply for deferment and forbearance , reduced payments, postponing payments, and federal loan consolidation.
Loan forgiveness: You can see if you qualify for loan discharge, teacher loan forgiveness, the Public Service Loan Forgiveness PSLF program, and any benefits for service members. Borrowers can easily access their account at AESSuccess. You can also pay through the AES mobile app , by phone at , or by mailing a check or money order payable to American Education Services to:.
American Education Services P. Box Baltimore, MD Direct Debit is the easiest method for making payments to AES. Direct Debit sets up an electronic deduction from your checking or savings account on your due date each month, ensuring that your payments are on time, provided there are sufficient funds in the account.
You can contact AES by sending a secure email from within your account or by phone at , Monday through Friday, a. You can also send letters to:. Box Harrisburg, PA All received a timely response, and most were closed with an explanation—two resulted in monetary relief from the company, and two yielded non-monetary relief.
Many of the narratives cited dissatisfaction with the company's responsiveness to customer issues or a lack of flexible repayment options as the primary problem. Refinancing your student loans through a private lender can potentially get you a lower interest rate, reduce your monthly payment, and help you pay off your loans early. It also changes your loan servicer. Investopedia has reviewed all of the best student loan refinance companies to help you find the right fit for you.
All Rights Reserved. You are using an outdated and unsupported browser. Please upgrade your browser to improve your experience. Loan Forgiveness and Discharge See if you qualify to have your loan debt reduced or eliminated, depending on your professional or personal situation. Forgives part or all of your educational loan debt, provided you fulfill certain work-related requirements Loan Discharge Your school: Closed Falsely certified your ability to benefit from education Signed your name without your authorization Failed to pay a tuition refund Dismisses your monthly loan payments and refunds payments you have already made Total and Permanent Disability You can't work for pay when the work involves significant physical or mental activities.
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