I have the misfortune of being a victim of AES student loan services. My story begins in 2004-2005 school years. I co-signed for my daughter's student loans to a private college. The master promissory note gave great terms-4.3% $230/month fixed for the life of the combined loans. At some point AES acquired the loans and we have been bombarded with outrageous rate increases for no apparent reason. In approximately February of 2011 the loans were split into two separate loans, each $131/month but still remained with AES. We have paid on both loans, and resolved any issues prior to this incident. Without warning in December of 2011 my daughter received a notice stating her monthly payment will increase to $231/month in March of this year. In addition the balance would increase from 32,000 to 44,000 approximately $12,000 added to interest! This makes the total amount of both loans from the original borrowed $40,000 to approximately $76,000!! They have also threatened to add another $5,000 to the total balance with an additional $100 which would increase the total monthly payment to $350/month! When we pressed AES for an explanation to this ridiculous increase we were told, via phone and email, "...the terms of the original contract have been changed..." What does that mean?! Who gave the authority to add $12,000 to the total sum?! At no time did either of us give permission to increase a loan. This loan has been in good standing and was not delinquent, so how can they do this to us?!
I truly believe we are not the only victims of AES unscrupulous practices. PLEASE POST IN THE COMMENTS SECTION YOUR EXPERIENCES WITH AES, OR OTHER FINANCIAL INSTITUTIONS WHICH PREY ON UNSUSPECTING STUDENTS AND CO-SIGNERS.
I would like to gather information and possibly post further blogs on this company, as well as other student loan companies, with unethical practices.
Thanks
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