CFPB Complaint


Consumer Complaint Submission

Date Received: 2018-11-07

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am writing for assistance with a private student loan vendor, Citizens Bank. I have two private student loans totaling $ XXXX with high interest rates around 11 %. This results in monthly payments of about $ XXXX that represents over 27 % of my take home pay — and that is just interest – none of these payments are actually touching principal.

I reached out to the servicer, XXXX XXXX who offered a 2 month deferral of payments but that the interest continues to accrue. They report the only option is a refinance. But I have exhausted all options for a Refinance.

Citizen ‘s Bank tells me I don’t qualify to refinance through them, this is probably due to an old bankruptcy from about 2 and a half years ago. I don’t have a co-signer available to me either.

I have called all different parts of Citizen ‘s bank and they have told me they will not modify the loan terms in any way. I’m told the only time that starts being discussed is once I fall into default.

I’m trying to be proactive and reach a good solution on these loans without falling into default, but I won’t be able to do this for long.


State/Zip: OR 972XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3068514

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