SLM CORPORATION – CFPB Complaint 2019-01-18

Date Received: 2019-01-18

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: In XX/XX/XXXX, I applied for one of the two loans from XXXX XXXX for my daughter ‘s college tuition. In the beginning when I inquired about different aspects of the loan, before signing any document, I made several phone calls, and realized that the interest rate changed throughout the day which I thought was only for international currency exchanges. I also asked at least twice if I paid more than the monthly amount due, that the additional money would be used to pay down the principle and at least twice I was told yes.

On XX/XX/XXXX, I called XXXX XXXX because I realized that the extra money I had sent in was not being applied to the principle of the one loan. After being kept on hold 10-15 minutes the person came back and said that the money had been put aside for future payments. I asked to speak to a supervisor more than once and I was never able to speak to one. I was told that ” the supervisor would allow the money to be paid towards the principle of the one loan this time, but it could not be done in the future. ” I thought that this may be considered predatory lending with the amount of the interest, the misrepresentation of facts, and the inability to speak to a supervisor as if I was being put off and felt as if the company was involved in a scheme. This has affected credit reports for both myself and my daughter.

Company: SLM CORPORATION

State/Zip: MI 480XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3128510

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