CFPB Complaint


Consumer Complaint Submission

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.


State/Zip: OH 439XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A


Complaint ID: 2488088

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