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When I first called xpress loan servicing to inquire about student loan consolidation, I spoke with a representative who was adamant that I needed to sign up immediately because the federal interest rates on student loans were due to increase at any moment. (This was in 2007 - the interest rates have not changed a bit since then). He was very pushy and assured me that it would be at least 6 months for all of the paperwork to go through before I would actually have to start making payments. Being a very young graduate and naiive ... I thought he was trying to help me and agreed to move forward. Although this is not my major concern at this time, I believe it's important for you to have the full history of my concern in order to understand the veracity of my complaint.
I told the rep that I was uncomfortable with moving forward, however, he talked me into it anyhow, convincing me it was the best decision. After the paperwork went through, my payments were due within 30 days of the call I made. So, the 6 months I was supposed to have for repayment never happened. I called back and talked with a customer service rep to explain that I didn't feel comfortable with my loan terms, that I had been pressured into doing something I wasn't ready for, and that I felt like I had been taken advantage of. The rep, at the time, seemed very empathetic. Yet, it was STILL never explained to me that I was on a repayment plan that payed interest only, or that there was another option on my loans.
Thanks to the lovely AIG fallout, I was laid off of my job in 2008 due to a trickle-down effect. I called back several times while I was laid off from my job and spoke with reps about my plans to repay, how much I could pay and when, and I always kept my end of the bargain. Of all the times I have called Xpress Loan Servicing, no one has ever mentioned that I was on a 'level 2' repayment plan and that the money I was paying would have no benefit to my principal loan whatsoever.
Two weeks ago (May 20th), I called to speak with a customer service rep because I didn't understand some of the correspondence I had received. For the first time, a representative explained to me that I was paying interest only. I was extremely upset. She promised me that she would speak with her supervisor and that I would receive a call back from her supervisor the next day. I gave her my new cell phone number. It is now June 1st and I have STILL not received a call back from this 'supervisor' who was promised to correspond with me by May 21st. I have made attempts to call back and email - still receiving no way to reach a supervisor.
So, as it sits, my loan is still a 'level 2' (not sure what that means still) and my payments are doing me no good. So, of the thousands of dollars that I have given to to xlservicing, none of it has applied to my loans, leaving me in more debt now than when I started. I feel that they have stolen from me. I know this is not a personal thing, but from my perspective, it feels very personal. Especially now that I'm being completely ignored.
Don't let this happen to you! Shop around and have the companies explain your options. Do not let anyone pressure you into making a rash decision. May you learn from my mistake and never use xpress loan servicing!
I called the number to talk to a representative to this company and got someone who is promoting a business saying I got a $100 walmart card and they WOULD NOT TRANSFER ME TO A PERSON WHO WORKS FOR THE XPRESS LOAN SERVICING COMPANY! I had to HANG UP THE PHONE! What is going on with this company! and I want to talk to someone who works there!
I have also been duped into this awkward relationship with this Xpress Loan Company. In my case, I never even made the initial call. I, out of the blue, received a call from them offering the Consolidation. The agent rushed through with all the benefits the Consolidation would do for my loan payment. I didn't even realize that I was dealing with a completely Private Company; the name Xpress Loan sounded to like the original Federal Express Loan Center that my loan existed with. So, I hurriedly consented to the Consolidation. The next thing I noticed was a pressured repayment of the Loans, contrary to my understanding with the original source that I would not be required to begin repayment until I graduated from College or took some long absence from active Classes. When I called the Federal Source about the transfer, I was told that the Company had informed them that I voluntarily requested that they took over the Loan. Ever since then, my relationship with Xpress Loan has always been frictional. Then I also realized that none of my payment applied to the Principal. That means I can go paying for the Loan forever, so long as they keep manipulating the interest rate to keep the interest ever growing. It is most upsetting and I think the Federal Government should prohibit any private Company to pick up any names with such close resemblance to the Federal Government Agencies or programs. These private Companies deliberately choose such a name to confuse and deceive many unsuspecting Students. And once Students err in giving in to the take-over suggestion, they become stuck with the Companies and subject to their dubious coercion to squeeze undeservingly huge interests from the Students. These Companies also ignore any grace period or genuine excuses to suspend repayment of the Loans, even if the Students are still in School. Now, I have realized the Xpress Loan Servicing Center has transferred Students' Loans to some other Agency in Pennsylvania. And that also is one source of worry to me. Why can our Loans be tossed around so easily without our prior consent only to be subjected to new sets of coercive means to force pay the Loans earlier or at higher interest rates?