SLM CORPORATION

2019-11-24

Harrisville, NH

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Complaint: I have graduated from college and am ready to repay my federal and private loans. I work for a XXXX XXXX full-time and a XXXX XXXX part-time and my annual salary totals approximately {$34000.00}. The lender for the federal loans ( XXXX ) has agreed to an income-based payment plan, which I am comfortable paying. When I contacted Sallie Mae, they informed me that they don't have this option. I was told that the only option they offer is a one year plan where I pay the interest-only on the loans. The savings per month was negligible and only puts off the inevitable. Furthermore, the loan rates are variable and my payments are {$730.00} -- an amount I can't afford and will increase as the interest rate fluctuates causing my payments to increase month-to-month. My rent is {$850.00} per month without utilities. In order to pay this amount each month to Sallie Mae, I will have to go bankrupt on my current credit card debt, as it is impossible to pay everyone. My loans with Sallie Mae have been accumulating interest while I've been in school and have now topped {$80000.00}, two of which have interest rates over 9 %. Please understand, I'm not making a complaint so that I can default on my loans, I simply want a payment plan that is based on my ability to pay - something banks require in order to lend you money in the first place. This complaint is being made because no lender should have a right to force me into poverty.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-21

NJ

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: Client is being harassed by Sallie Mae for her daughters account. She is paying her own loan and its current, but they constantly harass her even after shes asked not to be called at that number and that she doesn't know anything about her daughter they continue to call.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-20

Centerton, OH

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: Sallie Mae is constantly calling, multiple times a day. When I tell them Im in a debt modification program and try to provide them with a number to call, they refuse to take the number. Ive asked them to send everything in writting and they refuse telling me that I have to pay and they abuse me verbally over not being able to pay. Im sick and the stres makes the injury worse.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-20

Georgetown, SC

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information belongs to someone else
Company Response: Company can't verify or dispute the facts in the complaint Closed with explanation

Timely Response

2019-11-17

CA

Managing an account

Checking or savings account: Other banking product or service

Banking errors
Complaint: Sallie Mae Bank negligently permitted an unauthorized individual to remove over a half million dollars from my money market account starting XX/XX/2019. This happened over more than a month with huge amounts being fraudulently withdrawn day after day, after day, sometimes more than once a day. They were totally unaware that it was going on for weeks, they never notified me and I had to notify them about the problem. After I notified them, they froze my account, including non stolen funds, and I have not been able to get at my money for weeks. Sallie Mae was very unhelpful, never contacted me to get the account restored, refused to permit me to escalate the matter, and their consumer advocacy arm did nothing. They said they were working hard at it but blamed it on their 'new system '. They did not follow through with what they assured me they would do. They waited weeks to send me needed documents to sign instead of doing so immediately, thus keeping me from my funds now, weeks later. I felt they were totally protecting themselves and looking out only for their interests and had no regard for their customer. Law enforcement and other banks who reviewed the matter could not believe how ineffective their fraud prevention was. Officers of the bank did not respond to me despite numerous emails and calls. I feel no one should feel safe leaving their funds at Sallie Mae. Even trying to contact them was a nightmare with no one answering phones for long periods of time and then telling me only that the account was frozen. I still do not have access to my money and have had no reassurance that I would be fully compensated for their negligence.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-15

Arsenal, PA

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Company Response: In progress

Timely Response

2019-11-15

Concord Twp, OH

Struggling to repay your loan

Student loan: Private student loan

Can't temporarily delay making payments
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2019-11-15

Orangeburg, SC

Closing an account

Checking or savings account: Savings account

Funds not received from closed account
Company Response: In progress

Timely Response

2019-11-14

FL

Dealing with your lender or servicer

Student loan: Private student loan

Received bad information about your loan
Complaint: Sallie mae reps lie about offers to resolve your account, when you tell them to put any offer in writing they claim they cant do that .. thats not truth in lending. The reps are trained liars, they know how to break the law, without punishment,
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-13

Brightwood, NC

Threatened to contact someone or share information improperly

Debt collection: Federal student loan debt

Talked to a third-party about your debt
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-13

Colo Spgs, CO

Problem with a credit reporting company's investigation into an existing problem

Student loan: Private student loan

Their investigation did not fix an error on your report
Complaint: I had a repayment plan with Sallie Mae in which I had auto payment set up with my bank. That payment went out every month with out fail, and as long as I have been with Sallie Mae I had not made a late payment. Well after I graduated, they changed the repayment amount without sending me any notification of the change. I had not worried about the change, as the last documentation I have from them stated that my payment would not change until 6 months after graduation ( with all of my federal loans ). As a result, they marked my accounts as " unpaid '', even though my payment was still being sent ( just not the new amount ). They finally called me in XXXX, and I promptly called them back. The new payment amounts were much more than I could pay, so they worked with me to decrease the interest rate and reduce the payment amount. But, at the same time I called them they reported all of my accounts as " 90 days late ''. The issue with this is that it negatively decreased my credit report causing my revolving accounts to be decreased giving me less options to look for better options than Sallie Mae. On the calls with the people from Sallie Mae, they stated that once I made 3 payments in this new plan, the 90 day late 's would be dropped from my reporting. This was not the case, and it still shows as late. In addition to this, it does not seem right that Sallie Mae can charge higher rates on private student loans, yet they aren't really treated as a private loan ( that could be available for bankruptcy ). I hope that I can continue making the payments to Sallie Mae, although with their negative effects on my credit, and their inability to offer any repayment options like the Federal Loans, I am not sure it is possible.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-12

PA

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Company Response: In progress

Timely Response

2019-11-11

Finksburg, MD

Dealing with your lender or servicer

Student loan: Private student loan

Need information about your loan balance or loan terms
Complaint: I am a co-signer on two Student Loans for my daughter with Sallie Mae. The first loan was not a problem, as we signed up for Deferred Payments. I did the same thing on the second loan and they started to charge Interest only on the second loan. I have not been able to have anyone at Sallie Mae provide me with the documentation from both loans to compare where I signed up for the Interest only loan vs the Deferred payments. I know I did not sign up for Interest Only loan payments while she is still in school and as a matter of fact, tow months ago, they sent a letter saying they were going to start charging her Interest and Principle on the loan while she is still enrolled in school. I have done some background research on Sallie Mae and now see that have a terrible reputation with student loans, the terms associated with the loan, providing clear information on the repayment terms and giving conflicting details on what the loan terms are and which category they are in. I truly believe this organization 's less than stellar process of verifying information and making things clear has lead to their terrible situation. We are not looking for loan forgiveness, but to make it right as far as the payback terms. I want the information to reflect the loan should be Deferred Payments until my daughter finishes college.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-07

Charles A Hayes, IL

Dealing with your lender or servicer

Student loan: Private student loan

Received bad information about your loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-11-06

Leeton, UT

Managing an account

Checking or savings account: Savings account

Deposits and withdrawals
Complaint: Sallie Mae Bank personnel can not give a consistent answer about whether or not funds wired via XXXX to SallieMae Bank from a domestic U.S. bank will be subject to a funds availability hold or not. Two telephone reps that I have spoken with on XX/XX/2019 and XX/XX/2019 have said that inbound wired funds are not subject to funds availability holds. However, I asked the same question via secure message to Sallie Mae, and their response was that a funds availability hold would apply. At best, this is a serious discrepancy in information that Sallie Mae Bank is providing to customers. At worst, this is a deceptive business practice of telling customers that funds wired into new accounts are not subject to holds when, in fact, those funds are subject to holds.
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation

Timely Response

2019-11-05

Lewisville, TX

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Complaint: During the application process for a Sallie Mae loan, I was not informed about the type of loan I was going to be receiving nor was I informed on the start date that the repayment would go into effect. Notwithstanding, the repayments went into effect immediately the loans were disbursed. And to settle the loan repayments, I called the company on XX/XX/2019 to attempt to lower my payments and they presented me with a monthly payment option of {$270.00} per month. Unfortunately, I earn less than {$1000.00} a month and when considering my other expenses, being able to cover that monthly bill becomes unrealistic. After I voiced my concerns to the company, they informed me that the only option I had available was to put my account in forbearance. And due to my limited funds available, I agreed and put my account into forbearance until XX/XX/2019. Before it was XX/XX/XXXX, I called the company yet again and they advised me that by not making a payment and waiting until after XX/XX/XXXX when the account is no longer current and calling the collections department, I would be able to lower my monthly payments. After I called the company XX/XX/2019, I was then redirected to numerous departments- customer service, collections, the account manager line, without making headway. While on the phone with the collections department representative, I was commanded to call back tomorrow and to request for the SSGR program that it will lower my monthly payments and that I qualify for it, no questions asked. But when I called in XX/XX/2019, I inquired about the SSGR program and was told that I did not qualify. I even asked it there was something available to me that would lower my payments, being that I am now no longer current, and 2 days passed the payment due date, however, I was once again misinformed, misguided and left without reaching any plausible solution. There was no payment option lower that would fit my financial situation. Whenever I heard this, I asked what else I have available if my payments can not be made and the customer service representative replied and told me that if payments were not made the only thing they could do for me is register a delinquency on my credit report. Thereafter, I asked to speak to a supervisor and she completely shut me off, stating that there was nothing she could do and that moving the payment due dates to a later was impossible. She also stated as with the customer service representative that I did not qualify for the SSGR program.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2019-11-04

Galena, NV

Managing an account

Checking or savings account: CD (Certificate of Deposit)

Banking errors
Company Response: Company believes complaint is the result of an isolated error Closed with monetary relief

Timely Response

2019-11-01

Washington, DC

Opening an account

Checking or savings account: CD (Certificate of Deposit)

Didn't receive terms that were advertised
Complaint: We applied to Sallie Mae for a 1-year CD with an advertised rate of 2.35 % on Monday XX/XX/2019 and initiated the process to fund the CD with funds that were available in our main savings account. We provided our personal financial information, bank account information and accurately responded to security verification questions at that time. And then we heard nothing from Sallie Mae - not an email, phone call or acknowledgment of any kind. We weren't given the opportunity to set up an account, a confirmation number or a way to check on the status of the application. Four business days later - on the evening of XXXX XXXX - we received an email from " XXXX '' requesting additional documents that should have been requested at the time of application. We contacted Sallie Mae twice by phone with time-sucking attempts to understand the status of the application. A lengthy XXXX XXXX phone call earlier in the day had revealed the application hadn't been processed after sitting with Sallie Mae for four business days. We during that call were unable to learn when the application might be processed or get information on why the application was delayed. The Sallie Mae representative said she had no way to send confirmation or other details about the application to us electronically. We on XXXX XXXX canceled the application by email. In our opinion, Sallie Mae is falsely advertising returns that are higher than competitors, gaining access personal financial information in the process, and then suspiciously not following through. We on XXXX XXXX turned to an online competitor and opened an account and CD in 15 minutes, with funding confirmed the next business day. Why Sallie Mae didn't do that, with advertising to open an online account at an attractive rate, is a mystery.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-10-29

VT

Communication tactics

Debt collection: Private student loan debt

You told them to stop contacting you, but they keep trying
Complaint: Sallie Mae has contacted many estranged family members/ friends after being told to stop contacting them. They have called various members 12+ times within the past 60days with the most recent time being today ( XX/XX/29 ). They are contacting my husband and I 8 times a day even after we have told them to stop. I tried to resolve the account and bring it current and they were not willing to try and work with me unless I had full amount.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-10-29

Aurora, CO

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2019-10-28

NJ

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Complaint: PLEASE READ IN ENTIRETY I previously filed a complaint for this company but they didnt read my complaint as they referenced the WRONG account. This is NOT about my one XXXX account!!! This is for TWO loans not one. Please see loans : Sallie Mae Smart Option Student Loan - XXXX ( $ XXXXmonth ) and Sallie Mae Smart Option Student Loan - XXXX ( $ XXXX/month ) NOT my XXXX loan. The Sallie Mae loans total $ XXXX/month. I can only afford to pay {$75.00} for payment of BOTH loans each month or {$37.00} for each loan every month. I am not inquiring about my XXXX loan just my two Sallie Mae loans.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-10-24

Bohemia, NY

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: Currently paying around {$500.00} per month for the past 3 or more years. My loan has a co-signer my dad who has since become XXXX. The 3 loans are in forbearance as Im still attending school. I have never missed a payment yet the principle on the loans keep rising and Ive sent them thousands upon thousands of dollars What is the company sallie Mae doing with the money I have sent them for over 3 years, as the saw and n television the other night they are vacationing in Hawaii on my money. I contacted them about 1 year ago because they told me when Im out of school my payments would be over {$1000.00} per month which is impossible for me to make and was told that was how much I had to pay like it or not. I would like to know where all my monies paid have gone towards as I feel like I Am dealing with a loan shark and I would also like to switch companies to one which will accept my $ XXXX monthly payment as that is what I can afford. Sallie Mae is horrible to deal with. Please help
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-10-23

Fairview, WA

Dealing with your lender or servicer

Student loan: Federal student loan servicing

Trouble with how payments are being handled
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2019-10-22

FL

Dealing with your lender or servicer

Student loan: Private student loan

Problem with customer service
Complaint: sallie mae promised forms for my doctor to fill out because I am XXXX and so my husband, the loan can be forgiven, then they took it back, they lied to myself and husband, now threaten to ruin our lives financially, the rude employee XXXX, said she didnt care about helping us they are violating a cease and desist with constant robot calls my son told they work out a payment they want XXXX per month on XXXX at high unsteady if 12 % they loan sharks. The school didnt tell us it was private loan they are predatory, I can pay XXXX per month on XXXX
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2019-10-22

TN

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: Sallie Mae calls us ( me and my cosigners/parents ) numerous times if we are late on a payment. With climbing outrageous interest, I owe Sallie Mae {$120000.00}. After graduating with a XXXX 's, I was unable to get a job with my degree so I had to settle for a {$9.00} hourly wage job as a XXXX XXXX. Knowing my payments were coming up, I called Sallie Mae in XXXX, 2019 and postponed my loans until XXXX, 2019. I eventually got a better job making {$13.00} hourly as a XXXX XXXX ( still not with degree ) and called them again in XXXX to try and negotiate my monthly bill as they were asking for {$1800.00} a month. I don't even make that amount monthly. They told me to wait until my bill was past due so that my account would be " active '' and then I could pay back my bills " based on income ''. I did as they said and called them a few days after my bill was late. I talked to collections at Sallie Mae and they told me that they didn't have an option to pay back my loans on an income-based plan ( even after they told me they did ). They said they could only have me pay off interest which was still too much for me. It finally got to the point where they had to interview my cosigners and myself and ask us what our income was individually along with our monthly bills. We begged the collections lady to help us as my mom was in the hospital and out of work, and my dad was retiring in 2 days. My mom was relying on XXXX for income and my dad was about to take a drastic cut in his income from retirement. The collections lady told us she could only lower my payment to {$800.00} a month which is over half my monthly income. About 60 % of my monthly income. I can barely afford to survive, espcially with other student loans and bills I have to pay. They harrassed us and told us that we could file for bankruptcy. They didn't care that my mom nearly died, or that my dad ( who was diagnosed with possible XXXX XXXX a month prior which is why he was retiring ) had retired and didn't have enough income. We are still scrambling to make payments. My dad can't even pay his own bills right now. Now that I've been paying {$800.00} a month, it says I'm passed due and must pay {$2000.00} even though I have been prompt on my payments since they threatened to kick us out of the {$800.00} program.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response