OCCUPY STUDENT DEBT

Student debtor stories submitted by the 99%

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6 posts tagged AES

AES/ Direct loan suck?

Outstanding Balance: $7,904.52 View Payoff Details Scheduled Payment $200.00 on 3/14/2012 Monthly Auto-Debit 108.67 on 9/28/2015 Last Payment:

$2,400.00 on 2/2/2024

Status:

Multiple

Benefits/Details View Loan Benefits and Details

I am paying and paying and paying, came from Poland, study English and Economics in Central Connecticut State University and I am not a deadbeat. I took $14,000 for my Bachelor degree and I have 3 more semesters until I graduate. I will graduate without taking more loans, as I found a way to get grants and scholarships until graduation. Anyway, I borrowed $14K, paid $6,100 so far and still owe $7,900! Why is college so expensive? I pay $200 each week but the balance is moving so slow. Is there any option to get the hell out of the balance?




Last Payment:

$2,400.00

American Education Services: Stop the usury charges & work with us!

My name is Cassandra Coey and the lack of consumer protection currently in existence for the private student lending industry has had a terribly profound, lasting, and all encompassing effect on my life. Like so many of my peers, I was forced to take out both federal and private student loans in order to pay for college. Since I graduated from The Ohio State University in 2010 I have been unable to find gainful employment, forcing me to place my federal student loans into forbearance. Unfortunately, I am unable to do the same with my private student loans which are now held by AES. Originally my loans were through GMAC, but this company, which was a part of GMC, went bankrupt and my loans were sold to AES (where the terms of my loans were changed, and I could do nothing about it).

These changes added an additional $15,320.82 in interest because of a little thing called capitalized interest. My interest rate hovers around 5% of the principal & IS CAPITALIZED EVERY FISCAL QUARTER and then ADDED TO THE PRINCIPAL AMOUNT. Meaning, 5% of both of my loans (no they will NOT combine them) is added to the principal amount every 3 months of the year, starting January 1st. After another 3 months, in June, the higher amount where a previous 5% interest rate was tacked on, gets another 5% interest added onto that amount and compounded to become the new principal amount. So every 3 months my original loan becomes a much larger black hole encompassing more and more of my life.

I am stunned & appalled by this and to add insult to injury I receive countless calls every single day demanding money and threatening legal action. If I had the payment, I would pay it, but AES refuses to work with me and is now telling me that they will sue me for the entire $42,000 borrowed. I incessantly look for full-time work, and although, I do understand what I borrowed, I just want the ability to place my private student loans in forbearance as is allowed with federal student loans.

The Big Picture here is the amount I owe AES with late fees and capitalized interest has now increased to an insane amount, originating at $42,000 and is currently $60,240.60. My credit is destroyed from my inability to make payments. And today with so many employers checking credit scores, it makes it even harder to find full-time work. However, most significantly, within the next few years I would like to marry my boyfriend and start a family but we cannot, as he would inherit my abominable credit. And if we did go ahead it would be like a fish out of water, dying with no foreseeable way out.

Please take a stand with me, asking AES to allow me to place my private student loans in forbearance so I can focus on getting full-time employment, work on rebuilding my credit, and marry the one I love. All borrowers with private student loans must have the same protection awarded to those with federal loans, have the ability to place them in forbearance and in deferment, and have access to interest based repayment.

Source change.org

Can’t get a job with my degree.

I graduated last year with a degree in Medical Assisting. Since then, jobs that are posted require at least one year’s work experience in that field. How do I get the experience if I can’t get the job??

Needless to say, I have not be able to use my expensive college degree and have to work part-time caregiving for less than I would make at McDonald’s. I simply can’t make the payments on my student loans, I feel like I am in bondage. The schools flooded the market with students, there should be a way to stop schools from selling these degrees.

I currently owe $35,000, interest rates from 6.45 % on up. It will take me over 20 years to pay, if I had the money, and, as a student who had to start a second career, I will be in my 70’s. I have loans with American Education Services, Sallie Mae, Federal Loan Servicing and Wells Fargo.

In order to keep working, I also need an engine for my car. Guess what comes first, the car or the loans? Something needs to be done to forgive loans for those of us who have tried and just can’t get into the job market due to such a thing as lack of work experience. There’s just no way around it.

Thanks to all who are working to fight this injustice for those of us who had a dream!

I am staring at a student loan bill from American Educational Services. It says my installment loan is 2,205. behind with a current amount due of 737.00 with 44.00 outstanding late fees and principal and interest due of nearly 3,000. I owe it all now. I took out 33,000. in student loan debt to finish a Ph.D as a single parent with kids who at the time were toddlers. It took about seven years to finish my M.A. and Ph.D and I started a job as an academic at a salary of 32,000. per year in 1992. It has taken me twenty years to earn a salary of 83,000. annually at the same institution. I have always wanted to buy a home, but with the student loan debt I have hanging over my head, I am scared to death to even try to take on a mortgage (and frankly to even apply for one since I am a single-income household in an expensive urban area). I could probably own a small home by now if I were not looking at this bill whose outstanding total balance is 119,750+. I love my job. I had a chance to file bankruptcy and delete this debt several years ago, but chose not to because I felt a moral obligation to pay it back since I am an academic. Now I wish I had. My daughters are now married, self-sufficient, starting families and buying their first homes. I am glad that they will be likely to have something that I wish I could have provided for them during their growing years. Ahhh… depresses me to think about this. I am so competent in so many other areas of my life and I love my job. This black cloud makes me feel like such a failure.

My loan dilemma, I’m a recent college graduate who received a Masters degree in Education. With the many cuts in the public school system, it is hard for me to get a good enough paying job that will one, be willing to pay me equivalent to my experience, or two have any jobs openings available to make a decent living as well as pay off my loans. I have loans with sallie mae (private and federal) and less then two months after I completed my educational courses they were calling me non stop all day every day wondering when I was going to pay them $800.00 a month on my loans. I asked the representative if there was any way i could lower the my payments and I was told they could only be lowered to $695.00. I informed many representatives that I can’t make those payments and still pay my bills. I work in an already low paying profession which required many years of education.So the lack of a job in that profession is not only stressful but difficult to get out of debt. My story is simple, I can’t make the payments that are expected of me due to the lack of jobs in my profession as well as the lack of leniency from my loan providers. I live alone so have one source of income so where is this money going to come from you ask? Only the lord knows, because I have no Idea, and it is a huge stress in my life at the moment!

My loan dilemma,
I’m a recent college graduate who received a Masters degree in Education. With the many cuts in the public school system, it is hard for me to get a good enough paying job that will one, be willing to pay me equivalent to my experience, or two have any jobs openings available to make a decent living as well as pay off my loans. I have loans with sallie mae (private and federal) and less then two months after I completed my educational courses they were calling me non stop all day every day wondering when I was going to pay them $800.00 a month on my loans. I asked the representative if there was any way i could lower the my payments and I was told they could only be lowered to $695.00. I informed many representatives that I can’t make those payments and still pay my bills. I work in an already low paying profession which required many years of education.So the lack of a job in that profession is not only stressful but difficult to get out of debt. My story is simple, I can’t make the payments that are expected of me due to the lack of jobs in my profession as well as the lack of leniency from my loan providers. I live alone so have one source of income so where is this money going to come from you ask? Only the lord knows, because I have no Idea, and it is a huge stress in my life at the moment!

Dear Robert, I appreciate your determination to move forward with getting student loan debt forgiven. However after looking into the possibilities for myself I am quite deterred. I want to share a snippet of how I am not helped by Obama’s forgiveness program. I have been teaching in Borough of Manhattan Community College full-time since February 1994. BMCC of the City University of New York is a public sector employer. According to government authorities my employment would qualify for loan forgiveness. I consolidated my numerous student loans amounting to around $96,000 under the Federal Consolidation Loan program with Key Bank (AES Success is the loan manager) in August 2003. It’s now eight years into paying this Federal Consolidation Loan, and I still have a balance of $72,000. To “take advantage” of the forgiveness program recently enacted I would have to apply for a Direct Consolidation Loan and the clock starts again with ten more years of employment in this or another public sector job. To say that I am frustrated is an understatement. Why has there been no “grand-fathering” for people as myself for years spent in repayment of Federal Consolidation Loans?? Were I to apply for a Direct Consolidation Loan I was told I would have to make monthly payments (tied to my income) of over $840. I am currently paying $600 monthly to AES Educational Services. Not much of a bargain and to boot were I to go for the more costly repayment loan and work another ten years (I would be 75 years old at that time!!) I would be forgiven the remaining amount but receive a 1099 form for the amount forgiven and have the “privilege” of paying federal and state taxes on the amount forgiven as income. Is there anything that you can do to make my case/plight known and press for credit for years paid under the Federal Consolidation Loan Program? Best wishes in our struggle, Jonathan Jonathan Lang, PhD, PHD, MPH Associate Professor, Philosophy and Psychology Borough of Manhattan Community College of CUNY


Dear Robert,
I appreciate your determination to move forward with getting student loan debt forgiven. However after looking into the possibilities for myself I am quite deterred. I want to share a snippet of how I am not helped by Obama’s forgiveness program. I have been teaching in Borough of Manhattan Community College full-time since February 1994. BMCC of the City University of New York is a public sector employer. According to government authorities my employment would qualify for loan forgiveness. I consolidated my numerous student loans amounting to around $96,000 under the Federal Consolidation Loan program with Key Bank (AES Success is the loan manager) in August 2003. It’s now eight years into paying this Federal Consolidation Loan, and I still have a balance of $72,000. To “take advantage” of the forgiveness program recently enacted I would have to apply for a Direct Consolidation Loan and the clock starts again with ten more years of employment in this or another public sector job. To say that I am frustrated is an understatement. Why has there been no “grand-fathering” for people as myself for years spent in repayment of Federal Consolidation Loans?? Were I to apply for a Direct Consolidation Loan I was told I would have to make monthly payments (tied to my income) of over $840. I am currently paying $600 monthly to AES Educational Services. Not much of a bargain and to boot were I to go for the more costly repayment loan and work another ten years (I would be 75 years old at that time!!) I would be forgiven the remaining amount but receive a 1099 form for the amount forgiven and have the “privilege” of paying federal and state taxes on the amount forgiven as income. Is there anything that you can do to make my case/plight known and press for credit for years paid under the Federal Consolidation Loan Program?
Best wishes in our struggle,
Jonathan
Jonathan Lang, PhD, PHD, MPH
Associate Professor, Philosophy and Psychology
Borough of Manhattan Community College of CUNY