ACS Education Services Student Loan Complaint

ACS Education Services Student loan department,

Non-federal student loan Can't repay my loan Ohio

In -, 2015, I called ACS, one of my private loan providers, ( note, this is not the original lender and it has been changed during the length of the loan a number of times without my consent ), to ask about options to help me while I am unemployed and without income. At this time, I received a letter which offered the ML ( MGRS Plan ) where for 6 months your monthly payment on the private loans are reduced at - % of level ( fixed ) installment followed by 6 months the monthly payment is at - % of level installment followed by 12 months of interest only payments followed by level repayment for remaining term of the loans ( You must have at least 36 months of term remaining and a principal balance outstanding of $10000.00 or more ). The request for this option is done verbally.


Therefore, the offer was no longer valid. I asked about other options and was informed about forbearance, but this would require me to have a 1 % interest rate increase ( to an already variable interest rate ) for the 12 mos payments following the forbearance. Other than this, no options were available to help me. The man I spoke with was in - and could not connect me to a supervisor, but he would have a supervisor call me within 48-72 hours, as is standard response time. I have - accounts with ACS, have asked for a consolidation, and always have been denied the opportunity. I have asked for lower interest rates and have also been denied. The term of the loan is unclear and when I ask, am unable to get a clear answer. Between the - accounts, the original loan amount was $26000.00. As of - 2015, I have paid a total of $11000.00 in interest and $9300.00 in principal. I also have another private loan and government loan and in total pay $ -/mo for student loans. I have never missed a payment. I am a -, who has worked at - until recently. I have tried to work with banks, Dept of Education, and other repayment companies to identify options, and feel no one is able to help me honestly understand the benefits and burdens of options nor the ramifications of decisions. I feel powerless despite my efforts, education, and patience. Is there anyone who can help? Thank you! I ca n't and wo n't pay these companies forever without some flexibility on their end.