SLM CORPORATION – CFPB Complaint 2018-12-03

Date Received: 2018-12-03

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I have been dealing with XXXX XXXX XXXX as my student loan provider for several years now. I went with XXXX XXXX as I did not feel I had a choice. My issues with them first started in my senior year of college, spring of 2017. XXXX XXXX repeatedly called and demanded I begin to pay back one of my loans, despite the fact that I was still in school. I explained this was not possible due to that fact, and that I had chosen deferment until after graduation for all my loans. XXXX XXXX claimed I did not, and continued to harass me. They stated there was 1 loan, out of 5, that I had selected to pay while in my last semester. I told them that was a mistake, and that it didn’t make sense given my other loans would not be touched until after graduation. They refused to work with me, and the loan started to build interest. After graduation, I began to pay as I could. I started working, but not a well paying job. I have made {$35000.00} a year since graduation in upstate New York. I still live at home with my parents due to this. Since graduation, XXXX XXXX has been nothing but uncooperative. They have raised the interest rates on each of my loans over 2.5 % over the past 18 months, and have set payment at 60 % of my monthly income. They demanded I pay {$1200.00} a month, despite the fact I only made {$2000.00} after taxes. This did not include the fact that I live an hour away from where I work ( 40 miles ) and was often stuck working weekends with no extra pay, therefore gas costs also piled up along with my monthly car payment of {$400.00}. I have repeatedly asked XXXX XXXX to work with me, and they have refused. It has reached a near crisis point several times, with me falling into delinquency and them repeatedly asking me to pay more than I even make at that point ( i.e. asking me to pay all {$3500.00} I owe at once ). It reached its worst point yet this month when I learned I was losing my job at the end of the month. I called and requested to work with XXXX XXXX, when I told them I was losing my job on XX/XX/XXXX they said ” how will you continue to pay us? ” and ” why are you calling if not to make a payment? ” They did not offer to work with me. This is reaching a crisis point, I do not want my debt to continue to pile up. I have paid at least something just about every month, but I can not afford {$1200.00} a month plus rising interest rates.

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State/Zip: NY

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3090267

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