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American Education Services AES / lying

United States

Recently, while working with Sallie Mae to bring my defaulted loans current they sold the loan to AES behind my back. When I called in tears to AES the heartless, nasty rep gave me an earful of what I recently investigated and learned were lies!!! The collection reps work on a commission so beware of there threats. I was told they are adding 19% interest to my loan plus penalties etc. according to federal regulations they should not charge more than 18.5%. She also insisted that I HAVE TO pay the minimum (astronomically high) minimum amount due. Again, according to regulation, a rehabilitating loan (which this is..unless I pay $75k within 3 weeks) BOTH parties are supposed to settle on a fair and AFFORDABLE monthly payment!!
MY ADVICE: Investigate your rights before signing any contracts with AES.

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