Reply
New Visitor
rur2
Posts: 1
Registered: ‎02-20-2012

Re: KeyBank Private Education Loan Charge-Offs

I think it is criminal what Key Bank has done to us.  They have charged off loans in excess of $75000, which cannot and will not be paid in full for at least another 10 years or so.  So in the meantime how am I to buy a home or even a car with a credit score that says I am "irresponsible with dept"   As far as I understand it, it will take 7 years after the charged off accounts have been paid in full, for my credit to return to what is deemed responsible.  If anyone has any answers on how to fix this injustice let me know please. 

New Visitor
aktindall
Posts: 1
Registered: ‎03-12-2012

Re: KeyBank Private Education Loan Charge-Offs

I am having the same issue!! I just got a call from a collection agency telling me that my 10K loan amount is due in full by the end of the month. I NEVER received any notices/bills from Key Bank. My dad co-signed on the loan and he never received anything either. How can they DEMAND I pay the total amount in full when this is the first time I have even heard from them.

 

I tried calling Key Bank directly and they wouldn't give me any information and said I will be contacted by the collection agency. Can they do that? My husband and I have 8 student loans between the 2 of us and pay $1100 a month for those, and have never missed a payment. I dont understand why they wont work with me. I am 100%responsible for the amount, I know that, but for them to not even work with me on a payment plan is absolutely unreal. Especially when this is the first time I'm hearing about the amount even being due.

 

Has anyone had any luck with getting through to Key Bank or working out a debt through collections?

New Visitor
mverg001
Posts: 1
Registered: ‎11-08-2012

Re: KeyBank Private Education Loan Charge-Offs

I am fairly new to this so I hope someone replies to me...

 

i also got my loan charged off with NO notification until i checked on of my credit cards...they won't reverse it..

 

i said that i sent an in school deferrment to all my loans and i am almost certain that i sent it to keybank as well.  Now, i am at a total loss...im only 24...going on a 2nd bachelors...and i have no help from keybank...so i've been doing online research as to what to do...keep paying off the charges...but how do i talk to these people?? they're jerks!!  

 

any help would be appreciated

New Member
ler12012
Posts: 1
Registered: ‎08-22-2012

Re: KeyBank Private Education Loan Charge-Offs

[ Edited ]

I have 6 private education loans through Key Bank. What a nightmare. I went through the whole deferment process when I lost my job a few years ago, telling me that I was approved and that I'd be getting paperwork in the mail in 30-60 days. After 60 days, and nothing.. My father (cosigner) receives notice that all 6 accounts have been charged off. This really was devastating to my family. They never called me, mailed me, nothing. Just demanded $50k in full from my father. This caused a huge divide in our relationship and ruined my credit. They have been a nightmare to deal with, I have been in repayment since, paying $200 a month for now. They won't be removed for years. They certainly partake in shady business practices to get these off their books. I feel your pain!

New Member
Relheok
Posts: 2
Registered: ‎02-06-2013

Re: KeyBank Private Education Loan Charge-Offs

I am having the same problems. I know this thread is old but it still applies. I owe two loans to Key, 12K and 13K and they charged off my accounts without notice when I was in deferment for my federal loans. My federal loans are still active but these guys are horrible, horrible!

New Visitor
mccarthy29
Posts: 1
Registered: ‎02-13-2013

Re: KeyBank Private Education Loan Charge-Offs

wow! I just learned that I have 7 charged off loans with Key Bank.  They haven't contacted me in 3 years, no phone calls, emails or letters.  There answer was that they couldn't do anything unless I paid $350 a month.  Well I work part time as a school counselor, not a money making job.  I told the lady, who was very rude, that $350 is basically half my salary and I won't be able to eat.  They have never even tried to contact me.  They even said that they had called me 1/27/10 to tell me, when in reality I called them to put my loans in deferrement while I was in S. Korea to make money teaching English.  I had updated my address and number to my mom's house so I would be able to know if anything happened. They decided not to update my info and now blames me that I didn't update my info.  This is a racket and it needs to stop, there has to be something we all can do. 

Community Leader<br> Established Contributor</br>
Community Leader
Established Contributor
SCF
Posts: 828
Registered: ‎06-09-2008

Re: KeyBank Private Education Loan Charge-Offs

Are these federal student loans?  Are they currently in default?

 

Per the terms of the rehab program, if they are, the collection agency has to work with you so that you can make 9 reasonable payments to rehabilitate the loans and get them out of default.  Call the collection agency back and explain that you cannot pay what they asked.  I've read here that people have had success with asking them to send a worksheet where you can detail your income and monthly expenses, then you can both use that as a starting point in determining a payment amount.  If they really won't budge, it might be time to contact the Student Loan Ombudsman and ask for their assistance.  That said, the experience around here seems to be that with a little firm pressure, the CA will adjust the payments to a reasonable amount.

 

Going forward, it will be very important for you to be proactive about knowing your loan status, and ensuring that your lender always has your up-to-date contact information, because as you've learned, mistakes happen and the borrower often suffers the consequences.  I'd reccomend making an account on the lender's website and checking it at least once per month to make sure your payment has posted, and that everything else seems correct.

New Visitor
sbnc
Posts: 2
Registered: ‎10-01-2013

Re: KeyBank Private Education Loan Charge-Offs

I feel your pain wholeheartedly.  If I would have known about private loans vs. Federal loans, I would never have signed up for a private loan.  My husband decided to go back to school about 11 years ago to get a degree in bio-infomatics (to help cure alzheimers).  He decided to leave a field of making $70,000 a year to making a difference in the world.  We basically lost 2/3's of his pay while he went back to school.  To make a long story short, in the last 8 years my husband has been afflicted with 3 medical conditions.  So, naturally we have many backed up medical bills from all of the dr. visits.  After my husband graduated with 3 degrees 3 years ago (2 Masters and 1 Ba degree) the only job he was able to get was a government job working 5 hrs. from our primary residence.  I also lost a good job in 2008 and it has taken me 4 years to obtain a part time and a full time position also 5 hrs from our primary residence.  In the last 2 years, Key bank has hounded us to pay off the balances of 5 accounts that we have with Key bank TOTALLING $110,000.  As of right now we can only pay them $60.00/month.  I have written them a hardship letter, I have asked for statements on how the payments have been applied and I have received nothing except letters with the las 4 digits of account numbers-no amounts.  I just keep getting calls.  My husband and I have tried to talk to them to work things out and we never get anywhere with them.  I am the co-signer on these Key amounts for my husband.

 

Every creditor that I owe money to is willing to work with me and my husband to get our debt paid off.  Key bank will not budge, but they continue to cash our $60.00 checks which tells me they do accept out terms.

 

I don't know what else to say or how to handle Key.  I know one thing, I will never deal with them again and I recomment no one else deal with them either.

 

Thanks.

 

 

New Visitor
sbnc
Posts: 2
Registered: ‎10-01-2013

Re: KeyBank Private Education Loan Charge-Offs

I decided to stop talking to Key bank because I nor my husband never got anywhere with them.  We documented every time we talked to them and noted the conversation. I am paying them $60.00/month and I know they are cashing my checks and I send them a hardship letter each time with each payment and I know that if they agree to cashing my checks they must be accepting my terms.  I realize this gives us bad credit, but there is nothing I can do to help that because Key Bank has made that impossible.  My husband and I are trying to go to a cash basis or Debit card basis for everything we buy.  Keybank has made me not want to trust any loan company because there is always a catch with the small print.  Anybody who has a loan outhere with Key Bank, I would look at your budget and include everything in that budget and figure out income and expenses and figure exactly what you can pay Key. Create a hardship letter and then continue to pay the amount you agree on.  I am not sure this is the right or best answer, but it is the right one for us at the moment.  If things get better financially in our lives and I can pay off the $110,000 I would be glad to do it.  

New Visitor
shivenbhatt
Posts: 1
Registered: ‎11-27-2013

Re: KeyBank Private Education Loan Charge-Offs

[ Edited ]

Hi!

 

 

PLEASE HELP WITH ADVICE!  What should I do next?

 

I was dealing with AES servicing a Keybank student loan of about 36000, AES also has a couple fed loans as well which they promptly put on deferrment since I'm in graduate school at the moment.  The problem arose this semester when they wouldn't place me student loan with keybank on deferrment/forebearance until the received some proof from the school that I'm enrolled, mind you they have national clearinghouse data which they applied to my other loans...and they have already verified that I'm in school.  Ok, so they sent me the forms to fill out which were incorrectly sent to me by their representative, which were some economic hardship forms, not in school forbearance forms like they were supposed to send me.  Fine, so I found the forms I thought I was supposed to send and had the university sign them and send them in along with an official letter of my enrollment.  They told me they would take 7-10 business days to process.  I called back about 8 business days later to verify if they received everything, they said they were still processing the forms and that it should be applied in the next day or two, and that they have all the info they need.  So naive that I was, I didnt call back nor did they call me, and I thought everything was fine.  

 

About a month passed, and I get a call from key bank recovery payment stating that I defaulted, and AES no longer has control of my loan and that I would most likely have to pay the full payment of the entire loan.  I'm sitting here thinking that I provided all the proof for an in school forebearance.  AES tells me that they applied for the loan to come back to them a day after the loan was defaulted, and the next person tells me that the form was filled out wrong so the forbearance was rejected.

 

Are these things easily reversed?  What should I do next?  I sent in the in school papers (AES rejected them apparently)  I'm not sure what else I can do, or is this the end of my credit history that I have to spend the next 20 years of this haunting me?

 

Thanks guys


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+