Teacher's $4M Student Loan Balance An Error, But That's Not All

SHEBOYGAN, WI — When he saw mercurial rise of the balance on his student loan payment statement from a few thousand dollars one month to an unbelievable nearly $4 million figure the next, a University of Wisconsin-Milwaukee graduate was floored — and so were his friends, who joked that even elite schools like MIT don’t charge that for an education.

An error had been made, obviously, and the agencies that handle student loans and wrangle collections admit that. But setting it right for Sheboygan substitute teacher Robert Theis goes beyond simple records housekeeping, because a mistake he had nothing to do with could haunt him for years to come.

“I almost had a heart attack,” Theis told WITI-TV, noting the balance on the statement from Heartland ECSI, which handles collections for UW-M, should have been around $3,000. “I was like, ‘Whoa, what’s going on?’ ”

To find out, Theis called the collections group and asked, "Did I buy a building? Who goes to school for that kind of money?" he told the television station, recalling the inquiry.

Everybody involved — the collection group, UW-M, the federal Education Department — said Thies’ bloated student loan balance was due to a one-time system glitch at Heartland ECSI. It’s since been corrected, so Theis shouldn’t worry, right?

Theis does worry, with good reason. The number Heartland ECSI said he owed was his Social Security number — and he doesn’t know who might have had access to it. For him, the next several months and perhaps beyond mean vigilance as he watches his credit score, credit card transactions and and other financial records.

» Read the full story on WITI-TV.

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