AES/PHEAA Student Loan Complaint

AES/PHEAA Student loan department,

Non-federal student loan Dealing with my lender or servicer Need information about my balance/terms Michigan

The interest rate on my private student loans have been steadily rising every quarter. They have risen more than 1 % in the past year, with the largest now sitting at more than 12 %. At most, they should have only gone up by .25 % to correspond with the Federal Reserve interest rate hike. In reality, the interest on a loan that ca n't be discharged should never increase. I have never missed a payment, and there has been no change to my income or credit score. I have contacted my servicer twice to inquire as to why they are rising, and have received no response other than " we have received your communication and will be in touch. '' Raising the interest rates on massive student loans for no discernible reason should be against banking regulations.