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Parent Plus Student Loan / Misleading

1 NY, United States Review updated:

Dependant daughter needed another loan to attend college in PA and asked me to apply for the Parent Plus Loan it sounded like a great ideal at the time, but turned into the worst nightmare I ever had and I know my daughter has other outstanding loans with these people and that scares me! They calim to have authority by the federal law but I think they are loan sharks in disguise. When we applied for the loan the one of the terms and conditions was that as lond as the dependent child was in school at least part time it could be defered. So we assumed it would be deferered until she seperated from school in 2008, but six months after the loan originated in 2003 it became due and they refused to defer it based on myself being the parent no in school, I tried for years to get them to correct this, now they say that all PP loans come due in 6mnths and if the parent isnt in school parent must pay! This is misleading in their terms and conditions and I'm in a long battle as we try to pay back almost double the loan to these rude uncaring federal agency sharks! PARENTS BEWARE OF THIS AGENCY!!

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Comments

  • Bu
      18th of Jun, 2009
    0 Votes

    I have been dealing with AES for 8 months now related to my son's death. The cooperation, sympathy, and customer service from these folks is deplorable.



    I had provided them with death certificate shortly after his death. The Federal Loans came through just fine. These were th eones AES serviced, but I paid the US Department of Education. Forgiveness of the loans was prompt, and an unexpected refund from the US Treasury came.



    Then I began getting calls from bill collectors for the private or professional and graduate loans. The first came from India. That I couldn't believe. Then I would get calls from collectors oseing cell phones. Finally they began billing me, versus my dead son. It was like revisiting his death with every call.



    Having been killed by a cab, we had a law suit progressing. I requested documentation that the co-signed loans were originally in his name and he was the primary borrower. It was complicated due to another family member having co-signed as well. I provided documentation again of death and the court paperwork designating me as the administrator of his affairs. That got me no where. AFter several calls and connecting with a supervisor I received a letter from a Vice President stating that such loans were not forgiven. Then I received a refund check drawn on an AES account stating my son's account had been forgiven.



    Not trusting this, I called and was told the account was not forgiven. Also, I provided a Power of Attorney for the other family member. It took them over an hour on the phone togo through and verify who I was and that I had the right to information regarding my son's accounts. I am still waiting for a response from them.



    AES also really screws up the ability to track loans. Each person, borrower and co-signer is given seperate loan numbers. To track or connect the loans is a feat in bookkeeping. This gets further complicated when you have multiple children that you are helping with loan payments.



    Then when you get through their matrix of customer service reps you think you may be able to get a direct dial line to a supervisor when trying to resolve problems. But, no, they have to verify who you are each time you call. The customer service reps are rude, smart mouthed, and totally dispassionate. I would advise anyone looking for a company to consolidate loans with to try at all cost to find another than AES.

  • Re
      8th of Sep, 2009
    0 Votes

    to Bubba, I feel for the loss of your son. God be with you.

    To defer this: You are trying to screw with the United States government here. They took a loan from a bank in your name. That is the Parent Plus. You did not have to take the loan, but you clearly did without reading the fine print. Would you buy a house and just assume that the first 6 months of mortgage would be included?

    CMon man, before you borrow thousands, do your homework.

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