SLM CORPORATION

2017-08-09

Beyersville, TX

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: I obtained student loans from Sallie Mae when I was completing my XXXX education. Everything was alright with the loans until I went into repayment after graduation. I was misled about the type of loan I had and the interest rates. I was told that the interest rates would be capped at a certain percentage, but every month my interest rates increase by 0.25 % and all 4 of my loans are above 10.5 % and still increasing. I tried to call Sallie Mae to discuss this and they told me that the interest rates do not cap at a certain percentage. Sallie Mae told me that I would receive a 0.25 % interest rate deduction due to me being signed up for auto pay, but no deduction is reflected in my loan balances. I 've tried to call Sallie Mae to get my interest rate decreased, but they said the only way that I can have my interest rates reduced is if my loans default. I do n't see why my loans have to default in order to get my interest rate lowered. That 's absurd. I pay over $ 4,000/ month in bills and Sallie Mae refuses to work with me, but continues to scam myself and other consumers with their fraudulent practices. I try to keep up with my loan payments but it 's hard to when every month my loan balance increases instead of decreases because I 'm paying more in interest rates than principal. This is unacceptable and Sallie Mae needs to fix this. I 've tried to call customer service on numerous occasions to assist with lowering my interest rates but get nowhere with their very poor customer service. I have a loan balance totalling over {$25000.00} that I have been having a difficult time paying on because I have other loans and bills to manage but the balance does n't decrease because of the interest rate. Why will Sallie Mae not work with me to lower my interest rates until my loans default? That is ridiculous and this type of practice needs to be looked into.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-09

Milwaukee, WI

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

Timely Response

2017-08-08

Chicago, IL

Dealing with your lender or servicer

Student loan: Private student loan

Trouble with how payments are being handled
Company Response: Company believes complaint is the result of an isolated error Closed with monetary relief

Timely Response

2017-08-08

Ashwaubenon, WI

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 complaint represents an opportunity for improvement to better serve consumers Closed with monetary relief

Timely Response

2017-08-08

MD

Dealing with your lender or servicer

Student loan: Private student loan

Problem with customer service
Complaint: I guess the overall problem I have with Sallie Mae/ XXXX is that when I was at XXXX University the only way for me to afford staying at school was taking out the money and this company made it way too easy for a XXXX to XXXX year-old to take out such large sums. Once I graduated and after the grace period was up I started receiving calls almost daily. I was working as a receptionist and could barely make payments and the customer service reps I talked to knew no ways to help lessen the burden. After waiting on hold for hours at a time multiple times a week to talk to people in the company I was able to stop payments. By then I had moved up in the company I work for and could resume the payments - though it now basically takes an entire pay check away. I read in a recently posted NY Times article that XXXX has a well-established, positive track record of supporting student borrowers to succeed in repayment, and we respect our customers communications preferences, XXXX XXXX, a XXXX spokeswoman, said in an emailed statement. Calls are an important way to help struggling borrowers enroll in federal repayment programs that lower payments based on income and help avoid defaults, she said, adding, The only borrower we cant help is the one we cant reach. Which is just so untrue still receive 3-10 calls a day as well as text messages. Sometimes they are n't even for me, I have been called XXXX, XXXX and XXXX. I find the calls to be spam and if there was a way for me to reduce my loan debt I do n't believe I should have to pay XXXX $ for it. I have also been warned from many parties about the collectors still harassing its people even after the debt was paid. My eye doctors daughter got her student loans paid off, however, Sallie Mae/ XXXX continued to contact them stating they still owed money - to which he advised I keep all email communication from them because they were currently in a lawsuit and it might be needed one day. I have tried reaching out to other lenders in the hopes of borrowing money from banks to be rid of Sallie Mae/XXXX but my credit now is low and my debt to income ratio is out of proportion no one will give me the amount I need - I really am just trying to get out of the extremely high-interest rate. While I believe this company is a gross offender in predatory lending I take the responsibility it taking out the money and will pay it back but the 8/5 % to 10 % interest rates on each of my 4 loans is astounding.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-08

Tampa, FL

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Complaint: I recently graduated college in XXXX and have just about 90,000 in private student loans from Sallie Mae. I have my federal loans under control with an income drive plan and I am hoping for something similar from Sallie Mae. They want me to pay about {$1000.00} a month for the loans, which I have called numerous times to say that it is too much with the amount I make and other expenses I pay a month. Right now they are 2 weeks overdue and I have been trying to get a more realistic payment plan for about a month and a half with them. I have spoken to someone from the collections team many times and they have taken in account all of my expenses and say the lowest they can go is {$370.00} a month. This obviously is much better, but still way over what I can pay at first a month first right out of college. Between all my loans I have 3 co-signers. My nana, who recently deceased is on about 65 % of them. My aunt who is in no way financially stable is on 20 % of them and my girlfriend who makes the same amount as me and we split our bills is on the other 15 %. Sallie Mae keeps trying to reach out to her even though I said there is no way to reach her and I never planned on using any of my cosigners to pay back my loans and let them know that multiple times. I call Sallie Mae and say I want to be in good standing with you and my credit and make these payments on time so I am trying to work out a plan that I can pay you every month, just not that much. They just refuse to go below {$370.00} a month, which I can not do and want to get a payment I can afford out of college and not default on every month.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-08

North Hampton, MA

Struggling to repay your loan

Student loan: Private student loan

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

Timely Response

2017-08-08

Chicago, IL

Struggling to repay your loan

Student loan: Private student loan

Can't temporarily delay making payments
Complaint: Told Sallie Mae I was having trouble making payments. I asked for a month of forebearance and I could continue payments as normal after that. I made a {$50.00} " good faith '' payment and they told me I could continue to make payments the following month. They did not grant me the forebearance and instead added a late fee to what I already owed. Basically told them I could n't make a payment, so they took {$50.00} from me and charged me anyways.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2017-08-07

Pulaski, MS

Getting a loan

Student loan: Private student loan

Problem with the interest rate
Complaint: In XX/XX/XXXX, we started getting loan with Sallie Mae/XXXX the total amount borrowed is over 90,000, The interest rate is from8 % to 10 percent. I was the co-signer because the Representive said my daughter did not have credit and her income was not enough to get a good interest rate at a low rate and suggested that I co- sign with her on the loan. I did with the intention that the instrest rate be low because of my excellent credit. This was not true. They intern charged the highest rates with my good credit. From XX/XX/XXXX through XX/XX/XXXX they continued to use my good credit and still charge the highest rate. I am formally filing this complaint requesting reimbursement for all the interest and the misleading advertising and not using my good credit as a co-signer. The misleading advertising of interest rate. I only co-cosign to help my daughter get a get rate for her loans. But they yet charged a high rate. They used my information with not results. They mislead me and my daughter and caused pain and suffering because we have to pay back on higher interest than other races. This is unfair, misleading and false advertising. Getting a loan was confusing false advertising and they used marketing, high-pressure sales tactics, financial aid services, to recruite my daughter for a fraudulent loan. A resolution for this matter is to give us back pay with the interest they acted on us. My contact information is XXXX XXXX or XXXX XXXX our phone numbers are XXXX or XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-07

Billerica, MA

Struggling to repay your loan

Student loan: Private student loan

Can't temporarily delay making payments
Complaint: I have been struggling to pay back my student loans - sallie mae/XXXX told me that outside of forebearance almost {$600.00} per month is the least I can pay and they do n't have other options. I have since ended up in default. That being said, as one would expect I receive calls everyday and even multiple times a day. Again all of which is expected. What I did not expect is that they have been calling random people that are possibly associated with me that I do n't even know where they got their information! Previously, they have called my mothers house but today they called an old friend who has no knowledge whatsoever of my finances, and left him a message too!! I ca n't believe they would do that! I want this to stop right away! I ca n't pay them because they wo n't even try to work with me and now they are harassing everyone! ****I am attaching a screenshot of my voicemail and a screenshot of the text from my friend so you can see the congruency of information.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-07

Los Angeles, CA

Attempts to collect debt not owed

Debt collection: Private student loan debt

Debt was result of identity theft
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2017-08-04

Evesboro, NJ

Dealing with your lender or servicer

Student loan: Private student loan

Problem with customer service
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with monetary relief

Timely Response

2017-08-03

MI

Dealing with your lender or servicer

Student loan: Private student loan

Don't agree with the fees charged
Complaint: I 'm not exactly sure who is or should be servicing my loan at this time, XXXX or Sallie Mae. My first disbursement date was XX/XX/XXXX in the amount of {$1200.00}. I may have received some false or misleading information when I expressed financial hardship to Sallie Mae in XX/XX/XXXX, I 'm not sure if I should take the suspension since I 'm still able to make payments, I 'm just wondering how often they 're going to change the interest rates. They told me that my only option was a temporary suspension of payments. In earlier months ( not sure when ) I was told to call XXXX, either way, I feel like I 'm being taken advantage of, please help
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-03

ME

Dealing with your lender or servicer

Student loan: Federal student loan servicing

Need information about your loan balance or loan terms
Complaint: I sent CFPB a complaint on X/X/17 stating that I did not agree to cosign a student loan for my granddaughter. Sallie Mae responded X/XX/17 stating that they could not provide a call recording because it is proprietary information. They attached the Application, Promissory Note and Final Disclosure. On the promissory note, page 4 it states " Your signature on this Note is binding ... '' The Note is 7 pages and there are no signatures on any of the 7 pages, nor are there any signatures on the Final Disclosure.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-02

Chicago, IL

Dealing with your lender or servicer

Student loan: Federal student loan servicing

Don't agree with the fees charged
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-08-01

Garrett Park, MD

Dealing with your lender or servicer

Student loan: Private student loan

Received bad information about your loan
Complaint: This is a CLEAR breach of contract and a clear acting in bad faith by the financial institution, Sallie Mae. Dealing with this institution has been emotionally draining and I have incurred debt in reliance on a promise from Sallie Mae to have my disbursement on time. This is prejudicial behavior by a financial institution taking advantage of students who have no other means than to rely on false information to continue schooling. I was approved for a bar prep loan with Sallie Mae with my first disbursement scheduled for XXXX XXXX, 2017. I was informed that I would receive my check within 7-10 business days after XX/XX/XXXX. I called on XXXX XXXX, 2017, exactly 10 business days after XX/XX/XXXX, and was told it was sent to the wrong address. I received my first disbursement on XXXX XXXX, 2017, 14 days after my disbursement date. I was told over the phone that my XXXX XXXX, 2017 would be on time without any issue since my address has since been updated. I informed Sallie Mae, that unlike most of its students, I have a young son ( 15 months ) that depends on me. It was imperative I receive my disbursement on time. My first interest incurred was XX/XX/XXXX, when I did NOT yet receive my disbursement. This is illegal in and of itself. On XXXX XXXX, 2017, I called Sallie Mae to verify that I would receive my disbursement on time. I was told that it was mailed to the correct address and that I should receive the disbursement check no later than XXXX XXXX, XXXX. I called Sallie Mae on XX/XX/XXXX after I did not receive my check. I spoke with 3 different supervisors and each supervisor provided different information. I called again on XX/XX/XXXX, and was told that another check would be disbursed in 2-3 business days and would take another 7-10 business days. When asked why it was not sent priority mail, I was told my disbursement was fine being mailed out regular mail. This was the third malicious misrepresentation on the part of Sallie Mae. I called Sallie Mae, again, on XX/XX/XXXX, 10 days from the XX/XX/XXXX disbursement date. I was told by a supervisor in the Florida office that I was given incorrect information up until this point and that supervisors continued to pass my call around simply to get me off the phone. I was also informed that it is not Sallie Mae policy for a supervisor to call me back, despite being told by 4 other supervisors that I would receive a call. I never received a call. I finally receive my XX/XX/XXXX disbursement check on XX/XX/XXXX. I deposited the disbursement check the same day. The check cleared on XX/XX/XXXX. On day 1 of the XXXX bar, XX/XX/XXXX, my debit card declined and I had a - {$5800.00} balance. The disbursement check I received on XX/XX/XXXX was stopped. It is now XX/XX/XXXX and I do not have a disbursement check. Further, Sallie Mae has fraudulently accrued interest on my account for funds that are not in my possession. This is illegal and further demonstrates Sallie Mae 's intentional acts of bad faith. As previously stated my first accrued interests was XX/XX/XXXX. My next accrued interest rates are as follows : XXXX XXXX, 2017 and XXXX XXXX, 2017. Sallie Mae has made it very clear, through its representatives, that it is not permitted to accrue interest for funds that a student has not received. I have brought it to 3 supervisors attention but interest still accrues. I spoke with 2 managers and 5 representatives again tonight and was given the run around again to avoid my situation being handled. All in all, my overdrawn bank account is subject to being closed and my balance going to collections ; I have XXXX late rent payments due to funds I did not receive. I have completed the bar exam but still do not have a full disbursement. This is a breach of contract and Sallie Mae continues to misrepresent the material fact of when I will receive my disbursement. I have relied, to my detriment, on the guarantee that I would receive my disbursement check on time. Furthermore, Sallie Mae continues to act in bad faith in my attempts to have this issue resolved.
Company Response: Company believes complaint is the result of an isolated error Closed with monetary relief

Timely Response

2017-07-31

Salton City, CA

Struggling to repay your loan

Student loan: Private student loan

Problem lowering your monthly payments
Complaint: On XXXX XXXX , 2017, I contacted Sallie Mae using their phone number ( XXXX ). I asked to be transferred to their Collection Department. I was hoping to speak with their collection department in the hopes of lowering my current monthly payment ( {$2100.00} ), which is beyond my means. I was hoping to hear options regarding how to lower, how much may be lowered, or any option available. Unfortunately I was told that the collections department could not help me until my account was delinquent. I do not understand why my account has to be delinquent in order to be provided payment lowering options. I do not wish to have my credit score, or the credit score of my cosigner impacted by letting my account go delinquent just so I can hear options to lower my payment. In short, I would like to hear options in lowering my payment, but Sallie Mae WILL NOT work with me until my account is delinquent.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-07-31

Cocoa, FL

Improper use of your report

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

Credit inquiries on your report that you don't recognize
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-07-30

Evansville, IN

Struggling to repay your loan

Student loan: Private student loan

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

Timely Response

2017-07-26

Nyc, NY

Getting a loan

Student loan: Private student loan

Fraudulent loan
Complaint: my son who will be XXXX years old this XX/XX/XXXX, made this loan with out my consent and now he is struggling to make payments and now 1st time I am hearing about this through Sallie mea loan. calling me. instead of them calling me to verify if all the information my son put through on his computer was rite then maybe. but he added my social security number, cell phone, address and mailing address and emails. why did n't sallie mae call or email before approving my sons loan .that simple now there harassing me all day during my work hours.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-07-26

Sparta, NJ

Incorrect information on your report

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

Account status incorrect
Company Response: Company believes complaint relates to a discontinued policy or procedure Closed with non-monetary relief

Timely Response

2017-07-19

Mc Farland, WI

Dealing with your lender or servicer

Student loan: Private student loan

Don't agree with the fees charged
Complaint: In XXXX I placed a loan that was past due into hardship forebearance with sallie Mae. At that time I was told they needed a {$50.00} good faith payment and were only able to do one month but to call back after 48 hours and they would be able to extend it out to the 3 months total. I did that and everything was good. In XXXX, the same situation arose, I did the 50 good faith payment and was this time told to call back before XXXX to do an extension. On XXXX, o called back. Suddenly, that can not be done and they want another {$50.00} to do a forebearance this time for 3 months. I had to pay it to get the forebearance but have now paid them XXXX dollars for forbearances on this loan. Which according to their website is the maximum I should have to pay on this loan, yet I have 5 months of forevearance left should I need it and I was told it would be an additional 50 each time I request forebearance in the future. That would equal XXXX dollars not XXXX. Furthermore, there is information out there that states back in XXXX the company stopped asking for the 50 payments at the time forebearance was requested.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Untimely Response

2017-07-14

Scottsdale, AZ

Getting a loan

Student loan: Private student loan

Problem with the interest rate
Complaint: My name is XXXX XXXX ( da ughter- XXXX ), we called Sallie Mae on XXXX / XXXX / XXXX and applied for a Smart Option Student Loan and was approved for {$10000.00}, which aligns to my daughter 's school obligations. We chose the Fixed-Deferred option with an interest rate of 9.827 %, which we were quoted and told that would be on the document when we went online to e-sign/accept the terms. Nothing was mentioned of APR during this conversation, at all! When we finished the call, my daughter and I signed onto our accounts to each complete the acceptance/e-signing process. I noticed right away that the Deferred-Fixed option was chosen, but the interest rate indicated a 10.38 % and no mention of an APR. I called customer service back and asked why I was seeing on screen the 10.38 %, and not the 9.827 % I was quoted/accepted over the phone. Neither the representative on the phone nor their supervisor ( when I asked to speak with after th e 3rd time being put on hold because she did n't understand, nor could explain why I was seeing the differe nce ) could explain why this was happening. The supervisor was very empathetic saying that he totally understood what I was asking and agreed, but when I asked why this was he could n't explain it! I 've accepted the current rate, because he reassured me that the true rate was 9.827 % ( only because we are at the deadline of having to secure my daughter 's spot at school ), and that I was going to be contacting the CFPB to intervene. I asked the supervisor if the 9.827 % was the rate with the 10.38 % being the APR, and he said he could n't tell why, but that they had to show the 10.38 % online due to a law. This does n't make any sense at all and need help in this matter! I do n't want my daughter having to overpay on a rate that was quoted but misrepresented.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2017-07-14

PA

Struggling to repay your loan

Student loan: Private student loan

Can't get other flexible options for repaying your loan
Complaint: I cosigned a student loan for my grandson through Sallie Mae. Although I co-signed the loan, his parents filled out some of the paper work and thought that they would be helping him by paying the interest on the loans while he was in school. He graduated XXXX XXXX of this year ( 2017 ) and is currently setting up interviews for a job but, as of this date, is not employed. Since he graduated, his parents thought he would have a 6 month grace period before he would have to start paying back his loans. However, we found out today that is not the case and Sallie Mae expects an interest payment during his 6 month grace period. Unfortunately, since my grandson graduated, his father lost his job and they can no longer pay the interest. I called Sallie Mae today ( X/XX/17 ) and explained the situation to a representative who said he would connect me to the Loan Modification Department but, the call was disconnected. I called back and talked to another representative who was not at all helpful, nor sympathetic and REFUSED to connect me to the Loan Modification Department, so I asked to talk to her supervisor. The supervisor was also not sympathetic and ALSO refused to let me talk to the Loan Modification Department and was very condescending. After searching online to see if there was any options available for their situation, I found a different phone number for Sallie Mae and a quote that saidIf you are experiencing financial challenges, whatever the reason, at the first sign of a difficulty dont ignore it. Call us at XXXX ( XXXX ). We know you dont want to be in this situation, and were committed to working with you to help you get back on track. So, for the third phone call I called this number and, although the representative was at least kind, she said there was not much that could be done. After I complained more, she said she could give him a forbearance but he would have to pay {$150.00} for that and then he would have to begin paying the interest next month. He does n't yet have a job and, although I co-signed his loans, I am retired and can not possibly pay this amount each month either. I asked Sallie Mae if I could pay {$100.00} per month until my grandson got a job and could start repayment, but that was not an option according to them. Additionally, although my credit score is excellent, his student loan interest rate for each of the four years was between 11-12 % which I did not understand. When I called each year to see if somebody would tell me how they came up with that rate, I was never given an explanation. So, his parent 's paid around {$20000.00} in interest over the four years and they still could n't do anyything to modify his loan so he could take advantage of the so called " grace period '' to begin repayment.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2017-07-14

Springfield, OR

Getting a loan

Student loan: Private student loan

Denied loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response