SLM CORPORATION
Consumer Complaints
There are over 1991 complaints on file for SLM CORPORATION. Dated between 2019-11-26 and 2012-03-06.
Complaints Page 13
2018-09-05
Phoenix, AZ
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Complaint: I have been recently diagnosed with XXXX XXXX, I called XXXX XXXX customer service explaining to them that I will have XXXX and XXXX. I asked if there was anyway if we can lower my payments, since my cosigner is already paying all the household bills. I asked to speak with a manager when customer service said they couldn't help me, they then replied that they couldn't find a manager on hand and that I will receive a call. I still haven't received a call from anyone. I cried twice, first when I was diagnosed and when XXXX XXXX said they couldn't do anything for me.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-09-04
Saint Paul, MN
Managing an account
Checking or savings account: Savings account
Funds not handled or disbursed as instructed
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-27
Orlando, FL
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-26
Bohemia, NY
Dealing with your lender or servicer
Student loan: Private student loan
Keep getting calls about your loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-23
Weston, CT
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Complaint: I have my XXXX XXXX private loan on auto-pay and have made regular on time payments since repayment began. I have also been making extra lump sum payments to my student loans for the past 3 years. I recently discovered that these payments were being applied to outstanding interest THEN principal. I reached out to XXXX XXXX to provide instructions on allocation of these extra monthly payments, so that extra payments are applied to principal first, and they advised that XXXX XXXX can not apply extra payments to principal only. XXXX XXXX is purposefully causing their lenders to incur additional daily interest by not allowing customers to apply extra payments toward principal. See chat with XXXX XXXX below.
Thank you for choosing to chat with us. An agent will be with you shortly.
Info at XXXX, XX/XX/XXXX : You are now chatting with XXXX.
XXXX at XXXX, XX/XX/XXXX : Welcome to our Live Chat service, I am a XXXX XXXX Customer Care Chat Advisor and will be more than happy to assist you today. With whom do I have the pleasure of chatting with today?
You at XXXX, XX/XX/XXXX : Hi- Is there a way to ensure that my extra payments are applied towards principal?
XXXX at XXXX, XX/XX/XXXX : I will be more than happy to provide you information on how your payments are applied. To better assist you, is it okay to ask you some additional questions?
You at XXXX, XX/XX/XXXX : yes XXXX at XXXX, XX/XX/XXXX : May I have your first and last name please?
You at XXXX, XX/XX/XXXX : XXXX XXXX XXXX at XXXX, XX/XX/XXXX : Thank you for that information. Interest accrues daily on the loan. Payments with XXXX XXXX are applied fees, interest, principal. If there are no fees on the account, then the payments get applied interest then principal.
You at XXXX, XX/XX/XXXX : Yes and I want them applied to principal first You at XXXX, XX/XX/XXXX : when I make extra payments You at XXXX, XX/XX/XXXX : I have auto pay taking the monthly payment from my account You at XXXX, XX/XX/XXXX : I have been paying lump sum payments for 3 years XXXX at XXXX, XX/XX/XXXX : All payments get applied fees, interest, principal. Unfortunately, we can not apply it to principal first.
You at XXXX, XX/XX/XXXX : I dont want to continue paying toward the interest You at XXXX, XX/XX/XXXX : what do you mean you can't assist?
XXXX at XXXX, XX/XX/XXXX : As long as the interest gets covered then the rest goes towards your principal.
You at XXXX, XX/XX/XXXX : Do I need to file a complaint with the Consumer Financial Protection Bureau to get my EXTRA payments applied the correct way?
XXXX at XXXX, XX/XX/XXXX : Payments with XXXX XXXX are applied fees, interest, principal. If there are no fees on the account, then the payments get applied interest then principal.
XXXX at XXXX, XX/XX/XXXX : As stated above once the interest is covered the remaining goes towards principal. Interest accrues daily on your loan.
You at XXXX, XX/XX/XXXX : XXXX so I need to change that when paying extra payments XXXX at XXXX, XX/XX/XXXX : That can not be changed. All payments with XXXX XXXX are applied that way.
You at XXXX, XX/XX/XXXX : Ok. Then I will be filing a complaint XXXX at XXXX, XX/XX/XXXX : Alright, besides letting you know how payments are applied with XXXX XXXX , is there anything else that I can assist you with?
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-20
MS
Dealing with your lender or servicer
Student loan: Private student loan
Received bad information about your loan
Complaint: For several months my monthly payment for my private loans were automatically debited from my bank account. I started to receive bills from a collection agency stating my loans with XXXX XXXX were sold to their company. Since my loans were not in default, they shouldn't have been sold to a collection agency. I have bank statements proving this. Now the collection agency is expecting payments they shouldn't receive. I contacted XXXX XXXX and nothing was done about it.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-17
Seattle, WA
Struggling to repay your loan
Student loan: Private student loan
Can't temporarily delay making payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-12
Arsenal, PA
Improper use of your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Received unsolicited financial product or insurance offers after opting out
Complaint: I was a college XXXX at the time trying to get back in college and i tried to apply for loans that i did not know i had knowledge about back in XX/XX/2017 on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. from XXXX XXXX XXXX. i did not know i was going to get a hard inquiry on my credit and i want the hard inquires removed
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-09
Norfolk, VA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation
2018-08-08
NC
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: I called and asked if there was any way to come up with an affordable payment option and their reply was " We don't offer payment plans or consolidation ''. They said they can't help me. This is unacceptable because my monthly payment is going to be around {$800.00} a month. That's more than my rent and car payment combined.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-07
TX
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: I took a private student loan with XXXX XXXX last fall with my mom as cosigner. I withdrew in XXXX, which was early enough not to affect my transcript. However, no money was refunded to my loan. I have been left owing the full amount for that semester, which was XXXX. That loan has a ridiculously high interest rate for students in the first place, XXXX and they will not budge in order to help someone struggling!! XXXX XXXX will not even reduce the amount owed for a part time worker who is going back to college this fall. I don't feel that I should owe such a huge amount for only 2 months at that university!! XXXX XXXX is a complete ripoff!!! I do not advise anyone to use them!! Even if I pay only on the interest, my payment is still too high and basicly accomplishing nothing!!! I need help desperately wi th someone who will take my loan at a lower interest rate with a manageable payment, or to negotiate with XXXX XXXX to reduce the amount and reduce the interest rate!!!
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-02
Hialeah, FL
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Need information about your loan balance or loan terms
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-02
Key Biscayne, FL
Communication tactics
Debt collection: Private student loan debt
You told them to stop contacting you, but they keep trying
Complaint: On XX/XX/18 at XXXX XXXX I received a call from XXXX XXXX representative XXXX XXXX. I have sent two letters in the past asking that XXXX XXXX only contact me by mail, and to cease other forms of contact. However, XXXX XXXX is continuing to call me. I understand XXXX XXXX has a right to try and collect the debt I owe them, however, they are supposed to respect my right to have contact through the mail, which is stated under the fair credit reporting act. Additionally, I am already sending them what I can afford, and those checks are being cashed monthly.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-08-01
Confusing or missing disclosures
Credit reporting, credit repair services, or other personal consumer reports: Credit repair services
Company Response: Company believes complaint caused principally by actions of third party outside the control or direction of the company Closed with non-monetary relief
2018-08-01
IL
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Complaint: I have contacted XXXX XXXX probably close to 100 times. I have talked with so many different people, customer service, financial representatives, supervisors and I get a different story each time. There is NO consistency. I have been trying to figure out how to lower my monthly payment and/or utilize income base repayment option. They REFUSE to help with any of this. It's beyond frustrating. I have three student loans with them in additional to Federal Student Loans and I can't afford the monthly payment. Working with this company is nothing short of a nightmare.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-31
Tupelo, MS
Struggling to repay your loan
Student loan: Federal student loan servicing
Can't get other flexible options for repaying your loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-30
Philadelphia, PA
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: I graduate in 2015. I didnt start paying my student loans cause i want working i own then XXXX that my private loan debt. When i did get a job they wanted me to pay XXXX monthly but i can afford that i try to reason with them but they wasnt trying to help me. With my private loan i do have a co signer but the person wasnt gon na help me with it so now im on my own at the point theres nothing i can do because they be sending me threating letters and phone calls and i wan na pay then i just dont have to amount that they want because i work part time.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-27
Philadelphia, PA
Struggling to repay your loan
Student loan: Federal student loan servicing
Can't get other flexible options for repaying your loan
Complaint: XXXX XXXX is the loan service I got my student loan for XXXX from and though I did not continue my education at XXXX for my own person reason which I will not disclose, I am not responsible for paying off the loan. My mother cosigned on the loan for me at the time and I am not quite sure of the date that I called XXXX XXXX is check what I would pay every single month once my grace period was over but I do remember the female telling me about {$25.00} or {$50.00} a month after the grace period. I was fine with that because not only do I owe other loan services money, I work two part time jobs that don't pay as well as I'd like and I have to pay my credit card bill along with my phone bill. So {$50.00} was good enough for me and from the way the lady spoke to me she seemed as if that would work well for her as well. I was unaware that from the month of XX/XX/2017, accrued interest was being put on my loan and has been, to this day that I am reporting this, it's still being put on there. When I first checked the loan to start paying it off in XXXX on the XXXX of {$50.00} the loan was at {$12000.00} and now, the time that I am writing this the loan is at {$13000.00}. Any money I am putting towards the loan for XXXX XXXX means nothing when the accrued interest rate bumps it back up dramatically. I am unable to do anything and if I go too long without paying it because it's in my mother 's name and I have to make 12 payments to finally release her as the cosigner, she's worried about her credit score decreasing. I am only XXXX year old, I am trying my hardest to work two jobs so I can do what I promised and pay my loans off. Getting a job at my age is hard enough but it's even harder when any money I do earn from my jobs goes straight to XXXX XXXX but it's not making any difference in the loan itself.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-27
Tualatin, OR
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-26
Logan, WV
Dealing with your lender or servicer
Student loan: Private student loan
Problem with customer service
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-24
TN
Getting a loan
Student loan: Private student loan
Denied loan
Complaint: A Loan was approved by XXXX XXXX on XX/XX/2018 Account # XXXX ; Application ID : XXXX for XXXX XXXX XXXX ; Cosigner XXXX XXXX XXXX, for loan amount {$12000.00}. XXXX thought she had the wrong amount in and called XXXX XXXX, who told her to just cancel the loan and redo it. She did this and after talking to school advisor, found out that it was a little less and she refiled it. XXXX XXXX turned it down and told her that she needed a new cosigner. We called XXXX XXXX and was told just file a lesser amount of {$12000.00}. We did so and it was kick back with the same answer, to get another cosigner. 3 times a hard credit check was done on my credit. Lowering my credit each time. First approved then not so, twice. Sincerely XXXX XXXX XXXX, XXXX and XXXX XXXX XXXX age XXXX.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation
2018-07-23
MN
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: I currently get my private loans through XXXX. I got these loans when I started my 2nd year of college. At the time, I figured it was the best option for me to help me get through my years at school since I wasn't getting enough through XXXX and wasn't getting help from my parents. I graduated in XXXX of XXXX. In XXXX of XXXX, I was suddenly hit with a big amount of money that I was suppose to pay monthly that I was not going to be able to pay. I was able to bring it down at the time to {$490.00}. By XXXX of XXXX, it had gone up to {$500.00}. XX/XX/XXXX thru XX/XX/XXXX I was paying {$500.00}. When a year had gone by, the amount jumped and I was paying {$660.00}. As of right now, I am paying {$670.00} a MONTH ( its slowly going up each month )! I tried calling and asking for a way to make my payments easier for me to pay and they said there was nothing they could do except get me in forbearance, which for me was NOT an option that I wanted nor did I agree with. I am literally using a single paycheck to pay for this loan. Three of my loans interest rates are 11 % and the lowest one being 7.1 %. The other two are at 9 %. I am to the point where I am not going to be able to afford daily life because this loan is taking half of what I make from one job a month. ( This isn't the only loan payment I pay, but I haven't had issues with Federal Loans at the moment ).
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-23
PA
Getting a loan
Student loan: Private student loan
Problem with the interest rate
Complaint: OnXX/XX/18, I applied for a student loan at XXXX. I was immediately approved, with a cosigner ( my brother ) at rates that varied between 7.8 % and 8.8, depending upon my repayment terms.
I was told by my school, online websites, and the Consumer Financial Protection Bureau, to shop around and compare student loans, so over the next two days, I applied for 3 more student loans in order to compare rates with XXXX XXXX.
When I realized that the original XXXX XXXX loan was the best rate, as compared to the comparing loans I applied for, and were approved for, I went back and completed the loan documents again at XXXX XXXX. My approved interest rate on the second XXXX XXXX application was 10.2 % to 11.2 %.
When I called XXXX XXXX, and explained that I wanted to original interest rate I was quoted on XX/XX/XXXX, I was told that my " shopping around for the best rate '' actually impacted my, and my cosigners, credit score and I would not qualify for the original rate they offered me.
None of my ( or my cosigner 's ) financial circumstances have changed in two days. I should be able to obtain the original loan terms that were offered to me. Students should not be told to shop for the best rate, when this practice will only increase their rate with every comparison.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-07-18
TN
Dealing with your lender or servicer
Student loan: Private student loan
Problem with customer service
Complaint: XXXX XXXX has been very difficult to deal with! My dad took loans out on himself and paid off two of my three student loans. The second loan we paid off, XXXX XXXX added a charge of {$5.00}. We paid that amount just so we can clear the loan. After I contacted XXXX XXXX and they claimed that the amount was a mistake and will put that amount paid towards the loan that still has a balance. I also got an email saying the loan is paid in full. One week after, instead of removing the balance from the loan as they were supposed too, they added the {$5.00} to the loan that was paid off again! Also, they still haven't sent us a statement once we paid off two loans ; which we requested about three weeks ago. Please help us, we are beyond frustrated by dealing with XXXX XXXX and their customer representatives.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation
2018-07-18
Charlotte, NC
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