Complaint / review text:
I graduated from college in 2002. I decided to consolidate through ACS a few years after graduation because of their amazing interest rate at the time. I locked in what I thought was a great rate and began my repayment. My approximate total of repayment was around $37,000. With a few times having to go into forbearance for job-related reasons, I have now been paying this loan on time for about 8 years. That is 8 years x $240 a month. Please tell me how my loan total is still above $33,000??? I asked for a total print out of my payment history and come to find out that many times ACS applied a majority of my payment to the interest instead of the principal. I asked why they were doing this when mostly all of my payments have been on time and the representative had no idea why it was happening.
I have tried to contact lawyers about taking this case. I am not looking for a total loan forgiveness. I went to a great school I expect to pay back what I owe. However, I feel as though I am a slave. I cannot get the loan down and it is because many of my payments are not being applied correctly. If anyone has a similar story or circumstance I am very interested in trying to get into a class-action lawsuit against this company. Again, I am not looking for total forgiveness but I added up my payments over the last 10 years and my loan should be around MAYBE $18,000. Not still in the 30's! This company is a fraud and a scam and financial corporations should NOT do business with them. I feel as though I am in an eternal payment scam. Any help or advice is appreciated!