Vermont Student Assistance Corporation CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via	Tags
11/03/2016	Yes	Student loan Non-federal student loan	Can't repay my loan Can't get flexible payment options	VT 054XX	Web
This is my 2nd complaint I 'm submitting against Vermont Student Assistance Corporation ( VSAC ). To sum up the unresolved issues : - In XXXX XXXX, I requested to lower my private student loan payments with VSAC to $ XXXX for six months so I could make payments on my federal student loans that quality for loan forgiveness. VSAC denied this request even after I met with them in person and provided a full financial disclosure. - After two months of correspondence ( including my Vermont House and Senate Representatives and filing a complaint with the Consumer Financial Protection Bureau ), VSAC granted this $ XXXX/mo reduced payment plan from XXXX XXXX - XXXX XXXX. However, AFTER I signed and submitted the reduced payment forbearance application, VSAC then told me that they would not allow me to utilize the remaining months of reduced payment forbearance left on my account with the reason given that I did not submit a plan to make full monthly payments after the six month forbearance. I have never submitted such plan with any of my other forbearance requests. - Upon VSAC telling me they would not allow me to use additional forbearances left on my account, I revised my proposal to a higher payment amount of $ XXXX/month provided that they would allow me to utilize the remaining number of months of reduced forbearance ( and no pay forbearance ) on my account. I was going to place my federal student loans again in no-pay forbearance in order to make the higher payments to VSAC, just to ensure I 'd be allowed to utilize the remaining number of reduced payment forbearances left on my VSAC account as I do not think I 'll be able to make full monthly payments ( roughly $ XXXX/mo ) in XXXX and do not want to default - which I 've explained several times to VSAC. This revised proposal was rejected by XXXX XXXX - General Counsel of VSAC as of today, XXXX XXXX. There is no logical reason as to why VSAC can not allow me to utilize the remaining months of reduced forbearance on my account. I have made 93 months of payments on my account and will continue to do so, but need to do so within my financial means. In this complaint, I 'm asking for the following : 1. A response to the questions I 've posed to VSAC several times ( see below ) and, 2. that I be able to utilize all remaining months of reduced and no-pay forbearance left on my account. Questions posed to VSAC that have gone unanswered : 1. Please provide me with the # of months of reduced forbearance and the # of months of no-pay forbearance left on my account. 2. I do not wish to work with XXXX XXXX. I would like the name of another Customer Relations supervisor that I can work with directly on my future questions and issues. 3. Please provide an explanation as to why my previous months of reduced forbearance were approved without a plan to make full monthly payments if this is the requirement for granting forbearance, per your previous email attached. 4. Please provide your regulations/VSAC Standard Operating Procedures 's regarding granting of/requirements for granting a forbearance. 5. Why if VSAC can not agree in advance to grant a 'block ' of forbearances, how can VSAC deny a 'block ' of forbearances as you claim you will do come XXXX XXXX - even though I have repeatedly stated that I will not be able to make full payments at that time, and hence my revised payment proposal of $ XXXX/month from XXXX XXXX - XXXX XXXX with the full use of my reduced payment forbearances left on my account.
09/27/2018	Yes	Debt collection Private student loan debt	False statements or representation Indicated you were committing crime by not paying debt	FL 34243	Web
I am a two year XXXX XXXX, and I have been having trouble with the Vermont Student Assistance Corporation. When I decided to go to college as a high school senior, I went through VSAC for my student loans because I was told how great and reliable they are when it comes to working with low-income students/students in need of help paying for college. I ended up borrowing {$140000.00} ( my current remaining balance ) from them to pay for my education over the course of four years, and now, two years after graduation, they are giving me a very hard time with repaying my loans to them. Through my four years of college, I had apparently been applying for and receiving their private loan, not their federally funded loan -- I had even been in touch with their employees over this process and was never told about it. My father cosigned for me, but he never noticed anything about it either -- we were under the impression that all of their loans were federally funded. I am now to the point where they want me to be paying close to {$1500.00} a month to repay my loans, and I am being told I have no other options as they were the private loans. I work for a small company that only employs 10 people, making only {$16.00} an hour. My rent doesn't even cost as much as what they are asking me to pay. I wanted to be able to split them up and pay them off individually in a way that I could afford on my small salary, and they told me it was not an option. I'm not trying to avoid paying them, I just can't afford my full monthly payment -- the interest alone is almost {$800.00} a month. I am at the end of my rope, having been told for two years now that its all or nothing when it comes to repayment, and I just don't know what to do. I have been putting these loans into forbearance since I graduated, but now the interest just keeps accruing. The more I keep researching the situation, the XXXX lawsuit keeps popping up, and it just seems like what I am going through with VSAC is almost identical to these people who are going through this with the XXXX law suit. I just can't be the only person going through this with VSAC. I just want someone to look into them so badly -- there is no way that a company can legally only give someone one and only one option to repay a loan. As I said before, I want to pay them, I just don't have the money to pay them what they want. The last time I spoke them ( about three months ago -- XX/XX/XXXX ) I asked them what would happen if I didn't make the full payments, as my options for forbearance were becoming limited ( apparently, I'm only allotted a certain number of these ), and they told me my credit score would drop and they would start garnishing my wages. How am I supposed to pay for my necessities if they are garnishing my wages? So now I am frantic, trying to figure out the best course of action, and I am coming up with nothing. It has been two years of this, and they are not willing to bend at all. I can't even count the number of times I have told them all I can afford is about {$150.00} a month, and they've brushed it off with the excuse of " you have limited repayment option. '' I can't be the only one going through this, and I can't be the only one to see that VSAC is d oing the same this as XXXX.
08/09/2017	Yes	Student loan Private student loan	Getting a loan Confusing or misleading advertising	NH 03820	Web
I was going to school for XXXX and had private loans to help me pay for it through the company VSAC. The reason I chose VSAC is because I did not have a co-signer and they still allowed me to take out loans without a co-signer. During my third year I was undergoing XXXX XXXX issues and had an approved leave of absence for one semester by my school and I had told my private loan company ( VSAC ) and they did not object or hint at any issues with continuing my loans when I would return. When I was ready to return the following semester my private loan company refused to lend me a loan. They now said that I needed a co-signer. The original issue being that I did not have a co-signer, which is why I went with VSAC in the first place because I did n't need a co-signer when I took out private loans to go to school. It was during the prime recession and down fall of all private loans. My federal loans did not cover the cost of my schooling and I was unable to afford returning to school. VSAC was still expecting me to pay ridiculously high monthly payments without any degree that would have enabled a job remotely equivalent to the payments they were requesting. I struggled out of school with looming debts working jobs that did not require a degree and thus had lower pay. All the meanwhile VSAC aggressively tracked me and called me wanting payments for loans that they backed out on. It was frustrating, exhausting and demoralizing. They did n't see me as a person struggling to make ends meat without a degree that they originally singed up to help me achieve. They backed out, not me and they still wanted payment. It 's unreasonable. My loans eventually defaulted because I could n't keep up with their payment demands. They sent my loans to a collection company and the process has started all over again. Recently I was lucky enough to be able go to an affordable community college and have gotten an XXXX degree with the help of federal loans. I think it 's irresponsible for a private loan company to back out of funding someones college and still expect payment. Each year from the time of XX/XX/XXXX- XX/XX/XXXX I was able to take out private loans that ranged in amount of $ 20,000- {$30000.00}, this is without a co-signer. I have 4 loans from them with different interest each that still compile interest on top of what is owed. As of today my 4 loans are listed below with interest tacked on because that 's how the company shows me on their website. 1. {$20000.00} 2. {$27000.00} 3. {$32000.00} 4. {$20000.00} Totaling = {$100000.00}. Each month alone {$410.00} goes to just covering interest. Please help. There is no way that this is fair consumerism. Sincerely overburdened, XXXX XXXX
12/27/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Having problems with customer service	VT 054XX	Web
This is my 3rd complaint I 'm filing against the Vermont Student Assistance Corporation ( VSAC ). This is not a duplicate complaint, as VSAC asserted when I filed my 2nd complaint in XXXX XXXX. To note - I have escalated this matter to my State of Vermont Legislators and they were somewhat helpful. My emails reporting this matter to some members of the VSAC Board of Directors went mostly ignored. XXXX XXXX, the General Counsel for VSAC, has stated that VSAC will not allow me to utilize the remaining months of reduced payment forbearance that remain on my private student loan accounts. When I have inquired why not, he has provided the explanation that I have not provided a plan to make full monthly payments as " required '' for forbearances to be granted. When I have questioned this policy, as it was only this past XXXX that I was told by XXXX XXXX that I needed to submit a plan to make full monthly payments with my request for reduced payment forbearance, XXXX XXXX has dodged my question and to this date, has not provided a reasonable explanation as to why I 'm now just being required to submit a plan to have forbearances approved. On XXXX XXXX, in response to a letter I received, I did submit a plan to make full monthly payments starting in XXXX. To note, I had provided a draft of this same plan in a previous email, but it was ignored by XXXX XXXX. The plan provided on XXXX XXXX, provided an outline to resume full monthly payments, is based on my projected income vs. expenses for XXXX, and is based on being able to utilize all remaining months of reduced payment forbearance. XXXX response to this plan submission - which he requested - was an implied no that VSAC will not allow me to utilize my remaining reduced payment forbearance months left on my account. At this point, I believe that XXXX, acting on behalf of VSAC, is purposefully making things difficult for me because I have questioned his contradictory statements over approvals of reduced payment forbearances and pointed out his inconsistencies and delays to responding to my questions. I believe this behavior is not only unprofessional, but unethical. I have reported XXXX continued difficultly to his superiors - the President and Vice President of VSAC. To date, my emails to them have gone unanswered and I still have not received a reasonable explanation as to why I am being told - over a half a year in advance - that VSAC will not allow me to utilize reduced payment forbearances in the future even with a plan to make full monthly payments submitted.
06/17/2016	Yes	Student loan Non-federal student loan	Can't repay my loan Can't temporarily postpone payments	WA 981XX	Web
For the last 3 weeks, I have contacted VSAC to inform them of a drastic, unexpected change in my personal and economic situation that prevents me from making the same level of payments on my student loans. Each time I contacted them, one person after another failed to help and made inconsistent statements about solutions. The latest email said I am eligible for at least 31 months of payment suspensions but they would not process this request even after I provided explicit documentation that my expenses nearly match my income at the moment and nothing will change in 6 months. I requested the maximum time of forbearance and VSAC has still not processed the request. Instead, they have wasted my time by making me call them instead of engaging in an efficient and effective written dialogue by email. This means that instead of actually solving the problem, they waste my time on a Friday ( a working day ) to have to call them and STILL they do not solve the problem or process the request in a timely manner! On XXXX XXXX, I called them and it took nearly 15-20 minutes before someone answered the phone and even then, they filled out a request that had the WRONG period of forbearance from what was requested and discussed on the phone and the written request I made so many times with supporting evidence. It is beyond frustrating that on top of my own personal and economic hardship issues, I have to deal with VSAC and the level of inefficiency and incompetence in their practices in dealing with me as a borrower. I have consistently made payments over and above what was required and all I need is some help for a longer period of time till I can improve my financial situation and get to a point where I am able to make the SL payments and still survive! I can not do that if VSAC and other agencies such as ACS-Education refuse to work with me reasonably and instead make it more difficult for me and then this impacts negatively on my credit and my ability to improve conditions. I need your help to solve this issue urgently and quickly for a long term solution. I need the maximum forbearance that I am entitled to and eligible to the extent of at least 31-36 months without impacting my credit so taht I can try recover from the drastic change in my economic and personal circumstances. Six months is NOT enought and I need your help to convey that and get a more balanced, reasonable solution to my student loan debt burden. Thank you.
09/17/2017	Yes	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	VT 056XX	Web
XX/XX/XXXX- As my son approaches high school graduation, we start the financial aid process by filling out the XXXX XXXX XXXX , which seemed like the right thing to do. As it turned out more information was required, so both my son and I met with a young lady at VSAC who helped us through this process. At this time, nothing was mentioned by her about my son applying for a federal loan. ( as it would be more appropriate for him and that the payments would be income based and that the allowable deferment would give him time to find employment. ) XX/XX/XXXX- A snag with the loan. I am on the phone with VSAC to find out what the problem is ( as it turns out the school needed to submit required information ). All during this conversation, the VSAC representative never mentioned about us applying for federal loans. XX/XX/XXXX- My son is seeking financial aid to take summer classes. He is told that the application was cancelled because this was the time that VSAC adjusts their rates. Per my son, it was never suggested to him that he seek out applying for federal loans. XX/XX/XXXX approx. ) XX/XX/XXXX- I as the co-signer to my sons loans called VSAC, spoke with a woman in the loan department. She told me that his balance at the time was XXXX and his monthly payments were XXXX. At this time, I asked her, but this is income based correct? No its not, you are thinking of a Federal Loan. You should always go with a federal loan first. This was the first time in two years that we have ever received any suggestion about applying for a federal loan. But still, even after that, there was no guidance on how to pursue this or direction to the appropriate person to assist us with this. Well two years and XXXX later, I discovered from a random phone call that I made, that we should have applied for federal loans from the beginning and thats with working right alongside of XXXX XXXX XXXX XXXX. How could you let this happen? While you are in his account, looking at his balance that is accruing XXXX a day in interest, did it not occur to you to look for and offer alternative suggestions for financing? As a single parent getting their child ready for college I relied on you and you neglected your role. I have lost all confidence in your organization and what I have been led to believe your mission is.
04/07/2021	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	MA 01970	Web
I have been really struggling with Vermont Student Assistance Corporation on having my payments be accurately applied across my series of loans. Between the second half of XXXX and early XXXX, I made several payments to try to bring my balances down. Even though the previous month " statement dates '' had already passed by, they applied these payments towards a previous month, and towards just one loan - they did not count towards my XX/XX/XXXX due date. Effectively they just went towards principal and interest without effecting my monthly payment amount. I was able to have them re-apply the loans for that month luckily. Now, it is XXXX. I made a {$200.00} payment on XX/XX/XXXX. My typical amount due per month is {$470.00} and it is typically due on the XXXX of every month. The payment was deducted from my bank account on XX/XX/XXXX. When i log in to VSAC 's web portal, i am told that i still have {$470.00} due. The {$200.00} payment shows as having been made in a seperate section - but to what? How do i know which loan series it was applied to, and how do i know what VSAC expects as the remainder of my monthly payment now? Short answer : I don't. I have emailed and called them and have received two different amounts that will be due on XX/XX/XXXX. One representative told me i have credits this month of {$390.00}, meaning i have just about {$80.00} left to pay by XX/XX/XXXX ( i have this in writing ). That's extremely confusing to me because i know only {$200.00} has been paid. I do not know where the other balance paid is coming from. A different representative told me on the phone that I have {$270.00} left to pay ( which is what i would expect, as XXXX XXXX. All of this while their website still says i have to pay {$470.00} by the 14th. Every other time i make a payment towards a debt from another institution, if it's not the full amount for the month it will reflect in the online account how much i need to pay to satisfy the monthly payment requirement. I am so utterly confused as to how VSAC applies my payments. I have no idea what i need to pay to avoid being late or entering default now. VSAC representatives are utterly unhelpful and appear to not know what is going on, either.
05/05/2021	Yes	Student loan Private student loan	Struggling to repay your loan Can't get other flexible options for repaying your loan	VT 056XX	Web
I attended Vermont XXXX XXXX obtaining a XXXX XXXX and a XXXX XXXX XXXX in XXXX XXXX from XX/XX/XXXX - XX/XX/XXXX with funding provided through federal and private loans through VSAC. I wasn't aware of the Public Service Loan Forgiveness option when I first became a public servant in XXXX, so all of my payments made prior to consolidating all of my loans with XXXX in XX/XX/XXXX were part of PSLF, but not the public service period which covers 36 additional payments not being counted for PSLF. So, that is one problem. The other issue is with the private loans through VSAC - Vermont Student Assistance Corporation. The original private loan was for {$61000.00} in XXXX when I graduated. I have currently made {$53000.00} in payments. So, assuming the APR was low, I would only have {$8100.00} remaining to pay. But, the VSAC statement sent to me on XX/XX/XXXX has a balance of {$51000.00}, which means if I paid off the current balance, I would be paying {$100000.00}, which is {$43000.00} MORE than the original loan amount. So, VSAC would be earning {$43000.00} in interest on these loans. When I realized this was just a losing game and I couldn't pay any longer, I stopped paying during the Pandemic, and I offered {$15000.00} in settlement of the remaining debt, but they refused to accept a debt settlement amount and stated my only option was to participate in their " Private Loan Rehabilitation Program '', which means no reduction in my overall balance, it just means I have to pay the same balance, which has been growing every month as they add more and more interest, and it just takes longer to pay it off. This not sustainable at all. I can not keep paying more and more every month for a debt that should be paid off with less than {$10000.00}! Please help. I am drowning with the VSAC private loans. I want to do the right thing and have tried to pay these loans off, but it just feels like a neverending process. Thanks, XXXX
08/01/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Trouble with how payments are handled	VA 232XX	Web
VSAC 's standard practices with respect to its XXXX/autopay system have resulted in ( 1 ) an unwanted forbearance, on XXXX occasion ; and, on a separate occasion, ( XXXX ) {$72.00} in overdraft fees. This is what happens. A borrower can elect to use the XXXX/auto pay system. When he or she wants to add an additional amount of payment that will be debited from his or her account, it takes three days to process that change. VSAC DOES NOT ALERT THE CUSTOMER TO THAT WAITING PERIOD at the time he or she enters the change. If ( as was the case with me ) the next regular scheduled payment falls within those three days, VSAC has done one of two things with me. The first time this happened, it triggered an unwanted forbearance so that the system could catch up with the change over the course of the next month. I would have obviously rescheduled the change to avoid that forbearance. When I called, I was shocked to hear that there was " nothing they could do. '' Well, that artificially EXTENDED THE LIFE OF MY LOAN, due to no fault on my part, and due to their failure to warn me of the three day waiting period. The second time I changed my amount ( also within the three day period ), rather than trigger a forbearance, VSAC accessed an older checking account that I have not used for payments in years. Because there was no money in that account, I incurred XXXX overdraft fees. THIS IS RIDICULOUS. I want my overdraft money back, and I want any interest that accrued on my loan to be paid back. If, on a national level, and as a standard practice, they are not warning folks of such issues with changing the payment amount on autopay within three days of the next regularly scheduled payment, then they ( potentially ) are costing borrowers thousands or millions of dollars in overdraft fees, and are ( definitely ) extending such borrowers loans by triggering the unwanted forbearances.
01/18/2018	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Trouble with how payments are being handled	VT 058XX	Web
Hello! This is a short complaint and may mirror many other complaints concerning the APR on repaying student debt. I did forbear my loan now and then when my wife was in law school. This was many years ago and now I am turning XXXX and still have XXXX of my original XXXX to repay. I have paid the Vermont Student Assistant Corporation ( VSAC ) over 30K in interest since I graduated in XXXX. My fixed high interest loan pays more to the high rate per month than what goes on the principle amount. In XXXX, I paid over {$5800.00} in interest on my loans. I have complained before and only got a phone call from a worried VSAC about the complaint. The conversation did not lend any help. It was, instead, management at VSAC again blaiming me while I pay more than my monthly payment per month. The management was not able to assist in any manner. I asked that they assist in lowering the already front loaded high rate. No answer. I asked if they would help me since I am a XXXX employee, but I make too much to qualify for income based, 10-year repayment. I expect this complaint will be met with the same uncaring, inept managers that are covering their bottom line and hold on to me as long as they can. VSAC is no longer a lender, and appear to be less able to assist than they did back when they were a lender. My Senators and Congressman 's office all agree and contacted the Department of Education for me. Further, they assured me that they are drafting ways to help graduates pay for the high interest, front loaded loans. At this rate I will most likely carry school debt along with me when I retire. Thank you XXXX XXXX
05/23/2017	Yes	Student loan Private student loan	Struggling to repay your loan Can't get other flexible options for repaying your loan	FL 32792	Web
I got my loans from an institution called the Vermont Student Assistance Coorporation. First of all, they never specified to me before my freshman year of college which of their loans was private and which one was federally funded, as they offer both -- I applied for the private loans without even knowing that it was. I also believed -- because one of their loan officers told me -- that I would n't have to start paying my loans until 6 months after I graduated. I graduated 1 year ago, and I received my first bill before I even graduated. They had stacked all my payments so that my monthly bill was almost {$2000.00}, and they wanted the first payment the day of my graduation. Now, 1 year later, I 've been trying to get VSAC to lower my payments or separate them back into individual loans to pay them in a way that is more practical for me. I 've had to defer these loans almost every month of this last year. I have been told my multiple loan officers at VSAC that my stacked loans can not be separated, and I have no other option then to make the full payment every month -- they tell me that is the only thing I can do. Having only gotten a full time job for the first time after graduating 1 month ago, there is no way I can pay close to {$2000.00} a month -- I do n't know how they can expect anyone to make a payment like that. I am reporting this not only because it is making my life very difficult, but I ca n't be the only person who has their student loans through VSAC who is going through this. I would like this investigated, not only for myself, but also for others who may be going through the same thing.
08/14/2015	Yes	Student loan Non-federal student loan	Can't repay my loan Can't get flexible payment options	VT 050XX	Web
I am a cosigner on an XXXX. The load has gone into collections because none of the benefits of VSAC loans are attached to this loan. There are no reduced payments, no deferments and I am not allowed to consolidate this loan because it is a private loan. I filed for bankruptcy a few years back and the loans were not discharged even though they are private loans. The loans have gone into collections and I was told that I would be allowed to have a hearing based upon hardship. VSAC placed an offset on my tax return that I had intended to use to pay my Federal taxes. I was expecting to receive a property tax rebate that is based on my income and my ability to pay my property taxes. This money has been used to offset my VSAC loan. VSAC sent me a letter telling me they had confiscated my tax rebate and that I had a right to a hearing upon request. I sent a letter to them requesting a hearing and was denied. I rely on this money to pay my property taxes to my town. I have not been able to work out any arrangements with the collection agency. When I spoke to a representative from VSAC on the phone she told me to speak with the collection agency eventhough VSAC is sending me correspondence. I would like some help with working this out with VSAC. I would like a hardship hearing and I would like to know why private loans are not being discharged in bankruptcy. I still have bills that need to be payed before my loans.
07/20/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Trouble with how payments are handled	VA XXXXX	Web
I attended college XX/XX/XXXX at XXXX at XXXX and I have been paying off loan since XX/XX/XXXX and have not made a dent in the amount owed. A matter of fact, I often questioned the amount owed and asked for copies of my promissory note, which I have never received. Through the years, my loan was transferred from one entity to the next and the outcome for me was increased in the amount owed. I continued to get hidden cost and the amount seems never to go down. It has been {$60000.00} owed for a long time and I have been paying anywhere from {$500.00} to {$400.00} a month. Lately, it shows {$58000.00}, which they continue to say it is only towards the principal. I would like to see my signature of what I actually borrowed and paid ; not just printouts of what I have paid. I feel I have been ripped off by XXXX and now the State of XXXX and the student loan industry. Where is my actual promissory note for the XXXX. They tell me that this is what they received from other lenders. What is the amount and why does it take years for the amount go down. A mortgage is cheaper than a student loan. I can not get legitimate information about the real amount borrowed so that I can validate the amount owed, which seldom goes down. This should be illegal. School - XXXX in XXXX, XXXX. I also attended XXXX XXXX XXXX XXXX in XXXX XXXX, XXXX XX/XX/XXXX.
10/06/2022	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	NY 11772	Web
The Company VSAC uses an equation to determine their interest accrual. [ ( I x P ) / XXXX ] x XXXX. I = interest rate P= principal balance N= number of days since last payment. Given : Interest rate stays the same and every XXXX days I have a constant amount directly withdrew. Does the interest amount that accrues go up or down every XXXX days? Mathematically it should go down. Correct?! Not VSAC, every week I am paying higher and higher accrued interest.. Making it almost impossible for me to pay the loan off. I can not make a dent into the principal balance. Then they capitalize the interest back on to the loan. I had communicated this to the company an they do not want to help or give a good answer. This company also did not let me pay off my interest AT ALL when I had my Federal loans with them. I would make HUGE payments back in like XXXX to try to pay of this loan and they would not pay the interest off. It is stated on ALL their literature that they pay interest FIRST. But not with me.. Then when the interest was not paid they capitalized all of it back to principal at the end of the year. I had to consolidate to get out of that. I have documents to prove that also but have to dig through files. I attached a document showing payments made and interest accrued. This just recently is happened again..
10/04/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Trouble with how payments are handled	OH 440XX	Web
My student loan was in default status. In XXXX of 2016, I started the process of bringing the loan out of default, by submitting payments and filling out the default application by Vermont Student Loan Assistance. I began officially in the program in XXXX. Every month the invoice came in and I paid it. In XXXX I began getting phone calls and received one letter indicating that I had missed a payment. When I was able to get out of work early enough to return their phone call, I discovered they applied the payment I sent in for XXXX in XXXX because it was TOO early. Thereby making it look like I had not sent in a payment for XXXX. Because of a change in finances and having my banking information breeched, I was unable to make a payment in XXXX. When I was able to make contact and explain the situation thoroughly I was advised that due to non-payment, I was being place BACK in collection and that I had to start the entire process over. I have been working diligently to pull this student loan out of default status and I feel that despite my due diligence and doing my best to work within their perimeters, I am being punished for unforeseeable problems. I live paycheck to paycheck and have worked hard to make sure that for the last 10 months the payments were made either on time or early and am being punished for this.
03/13/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Trouble with how payments are handled	CO 80503	Web
I have a student loan debt with Vermont Student Assistance Corporation ( VSAC ) and have been increasing my number of payments from monthly to weekly for several months as well as paying more than the monthly minimum payment. I worked with VSAC to set this up and they have allowed any extra payment over minimum per month to be applied to principal on my highest interest consolidated loan. This has been working very well and I am able to make more of an impact on paying the loans off. I received a call last week for a VSAC employee informing me I would no longer be able to do this because it puts an administrative burden on them to process payments this way ( ie, they do not want to process weekly payments instead of monthly with extra going to principal ) AND I would have to now make a phone call to them each month to have the extra applied to principal on the highest interest consolidated loan. I believe this goes against their stated policy that " You may prepay all or a portion of your loan ( s ) at any time, without penalty. '' Bottom line, by not being able to have weekly payments applied the way I have been, I believe they are preventing me from paying my loans faster.
05/23/2016	Yes	Student loan Federal student loan servicing	Can't repay my loan Can't temporarily postpone payments	FL XXXXX	Web	Older American
Vermont Student Assistance Corp ( VSAC ) ignored my deferment request and has garnished my Social Security deposit and my IRS tax refund. My deferment request was valid based on 1 ) an existing deferment for another student loan and 2 ) economic hardship. In addition to the garnishment, VSAC harasses me with daily phone calls and letters. It is pressuring me to enter its repayment program with higher interest rate. I am single, retired and live on a fixed income. Prior to the garnishment, my monthly income was {$1200.00}. After the garnishment, my monthly income is {$1100.00}. My income consists of Social Security and a small pension. I am unable to work and hope to receive XXXX but am afraid to apply because VSAC will take it. I am in extreme financial distress because of this garnishment. I have XXXX cents in my bank account. I had to sell books to buy my last monthly prescription. I had to borrow money to pay my utilities after having them cut-off 2 weeks ago. I live under daily XXXX because of this which affects my medical condition ( XXXX ).
03/30/2021	Yes	Student loan Private student loan	Dealing with your lender or servicer Don't agree with the fees charged	CO 80501	Web
I'd like to bring to your attention.- the equivalent of pay day loans. The Vermont Student Assistance Corp has zero moral compass. They are greed driven and have no true interest in helping students with their education. I am the parent of a student that attended XXXX XXXX out of state ) I was forced/extorted in to co-signing a loan in 2008 so my son could continue his studies. The Original loan Amount {$4900.00} - they skim off the top $ XXXX leaving {$4200.00} for the student. As the cosigner i have been making payments for years. Currently as of XXXX statement, I have paid a total of {$4200.00} to VSAC ... .. and the outstanding balance is still @ {$3500.00}. If i were able to pay this amount today- I will have paid @ {$7700.00}. to pay back a net loan of {$4200.00}. So the criminal XXXX will profit {$750.00} + {$3400.00} = {$4200.00} on a {$4200.00} loan. This is beyond criminal maybe you can address this. I would love to hear back from your office on any action taken. XXXX XXXX XXXX XXXX
08/05/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Don't agree with fees charged	VT 057XX	Web	Older American
I was unable to make the payments due to low wages for my job choice. I defaulted, brought the loan out of default paid on and off, took many forebearances, adding interest to principal. Since I was unable to make the payments, I believe the lender ( VSAC ) should not have provided all these ( 17 years worth ) forebearances, making my debt even less affordable. I borrowed {$30000.00}, paid back the expected total amount of the loan, but not on the originally anticipated schedule. I now owe, according to the nonprofit lender, an additional amount over {$60000.00}. But, I did make enough payments to pay the total amount I would have paid had I paid on time. I feel this type of situation is not much different from what payday lenders and their ilk do- force people into further debt. Somethings should be done to stop this and allow me at XXXX years old to get this " debt '' behind me.
04/24/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Trouble with how payments are handled	WA 980XX	Web
I attended college, earning a XXXX degree back in 2001. I 've been making payments on my loans ever since with the exception of a couple periods of forbearance when I was having a hard time financially. It is now 15 years later and I am still making my monthly payments on time every month ( $ XXXX/month ) and my total balance is INCREASING due to interest. I can not afford to make bigger payments and every time I call the company, they will not help and threaten to take the money from my paychecks if I stop paying. I 've never threatened to stop paying. I just want the obvious problem fixed. I think that most of my loan could have been paid off by now. I have suffered immense stress over this issue. I can not save for retirement and every month that I make a payment is like throwing {$290.00} in the garbage. I feel that this is a case of predatory lending. PLEASE HELP.
11/28/2017	Yes	Student loan Private student loan	Struggling to repay your loan Can't temporarily delay making payments	VT 053XX	Web
We received a letter on XXXX XXXX from Vermont Student Assistance Corp. stating that my daughters loan was deferred to XXXX/XXXX/XXXX. we then a week later get a later stating that she is over due on paying that months payment. She is doing program ( that includes a masters in business management at the XXXX University XXXX XXXX with a company starting on XXXX. XXXX, XXXX. The documents alluding to this case are all attached. because of the email stating the loans were deferred to XXXX XXXX we stopped investigating a refinancing loan until after the Holidays. We have requested that they grant a forbearance until the end of XXXX XXXX on XXXX/XXXX/XXXX if they are not going to honor their letter dated XXXX and they have not responded. After contacting VSAC once we got another bill they said that the letter granting forbearance was a mistake and to disregard it.
04/28/2015	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Trouble with how payments are handled	VT 054XX	Web
I have serveral loans through the Vermont Student Assistance XXXX or VSAC. I am currently ahead on payments ; however, after several attempts to have the overpayment and/or ahead payments applied to the principal balance. Accorday to VSAC it is against their policy to put the overpayment to the highest principal balance, rather they mandate that the overpayment be put towards the lowest interest loans. If this was my home mortgage i would be able to make an over payment towards interest, escrow or prinicpal. Since when does a non profit have the ability to tell me how to use my money when I am over a year ahead on my loans. It seams that it lines their pockets more because instead of paying off the highest interest loans, they tend to funnel my payments to the lower interest ones.
12/22/2015	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Trouble with how payments are handled	NH 032XX	Web
Private " XXXX '' loans offered by VSAC requiring filling out a paper deferment eligibility form every 3 months which requires a phone call to VSAC to request and several weeks to wait for arrival. However, as I 've repeatedly notified VSAC, I am full-time student as the student national clearinghouse reports until XXXX 2016 with {$0.00} in annual income. Regardless, VSAC requires this form be completed every 3 months for this loan only, while other loans do not require this. This puts an undue burden on the borrower, and requires that I continually call into VSAC every 3 months to go through the same process repeatedly, increasing the likelihood of missed and/or late payments on my part.
01/10/2017	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Received bad information about my loan	VT 058XX	Web
I have worked for the Federal Government for 17 years and the XXXX XXXX XXXX says that I do not work for a qualifying agency. I work under XXXX. XXXX XXXX XXXX for XXXX XXXX and XXXX XXXX. It IS a qualifying federal agency. I have made over XXXX qualifying payments. It is obvious that the legislation is not backdd by proper funding. It will be a war to make them forgive my loans.
10/06/2023	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Don't agree with the fees charged	CO 80949	Web	Older American

05/19/2022	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Problem with a credit reporting company's investigation into an existing problem Their investigation did not fix an error on your report	RI 02886	Web	Older American

11/01/2021	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Received bad information about your loan	CO 80020	Web

03/23/2021	Yes	Student loan Private student loan	Struggling to repay your loan Can't get other flexible options for repaying your loan	MA 02215	Web

01/15/2019	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Received bad information about your loan	CT 06480	Phone

01/01/2019	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	VT 05440	Web

10/19/2018	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Incorrect information on your report Account information incorrect	ME 04530	Web	Older American

08/17/2018	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Received bad information about your loan	TN 37692	Web

03/06/2018	Yes	Debt collection Other debt	Written notification about debt Didn't receive enough information to verify debt	NY 11217	Referral

06/22/2017	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Keep getting calls about your loan	VT 05446	Web	Servicemember

02/08/2017	Yes	Student loan Non-federal student loan	Can't repay my loan Can't decrease my monthly payments	NY 13207	Web

10/04/2016	Yes	Student loan Non-federal student loan	Can't repay my loan Can't get flexible payment options	OH 43351	Web

09/27/2016	Yes	Student loan Non-federal student loan	Can't repay my loan Can't decrease my monthly payments	VT 05477	Web

07/22/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Don't agree with fees charged	VT 05148	Web

07/21/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Don't agree with fees charged	NH 03820	Web

07/14/2016	Yes	Student loan Federal student loan servicing	Can't repay my loan Can't decrease my monthly payments	NJ 08724	Referral	Older American

07/01/2016	Yes	Student loan Federal student loan servicing	Can't repay my loan Can't decrease my monthly payments	GA 30326	Web

06/23/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Having problems with customer service	CA 94606	Referral

05/26/2016	Yes	Student loan Federal student loan servicing	Dealing with my lender or servicer Having problems with customer service	CA 95742	Web

08/04/2015	Yes	Student loan Non-federal student loan	Can't repay my loan Can't decrease my monthly payments	TX 77807	Web

07/13/2015	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Having problems with customer service	VT 05351	Phone

03/03/2015	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Keep getting calls about my loan	VT 05446	Web

10/16/2014	Yes	Student loan Non-federal student loan	Can't repay my loan Can't get flexible payment options	NH 03431	Web