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SLM CORPORATION – CFPB Complaint

By on August 6, 2017

Date Received: 2017-05-19T00:00:00

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I have taken out fou r loans via Sallie Mae to pay for my college tuition. I have made on time monthly payments consistently but in the current state I am in now, I can not financially make the monthly payments .I took out an excess of {$55000.00} and my loans are currently holding interest rates of 11.375 %, 9.5 %, 10 %, and 9.75 %. I have contacte d Sallie Mae ‘s customer service desk to see if I can have my interest rates reduced and they stated I must go into collections in order to receive any type of help for repayment options. Once I went into collections, I received 4 to 5 calls per day from an automated service stating I am past due and need to contact the collections department. Once I called the collections department I got the run around and was told I had to pay my account up to date in order to receive any type of assistance and could only offer a forbearance for my current financial difficulties. The representative, XXXX ID : XXXX , I spoke with put me on hold and forgot to mute herself. I heard her speak with her supervisor and I heard laughter once the representative I spoke with asked her supervisor if they could offer me an interest rate reduction. Before the representative got back on the phone I heard her chuckle and say ” I am going to get him to pay before we are done ”. The level in which they treat customers has completely disgusted me and I still have been unable to receive any type of assistance and currently struggling to meet ends meet.

Company: SLM CORPORATION

State/Zip: OH 439XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

READ  Specialized Loan Servicing LLC - CFPB Complaint

Complaint ID: 2488088

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

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