Product: Student loan

This is a complaint against XXXX and XXXX XXXX. 

I have requested a deferment, from XXXX, under the XXXX XXXX agreement that still governs my loan terms. 

However, XXXX will not grant me a deferment and now, not only has my credit score dropped from XXXX to under XXXX, but I am stressed because the monthly loan amount of {$800.00} ( only for 6 months then goes up to over {$1000.00} then back to {$1600.00} ) is a great hardship and I am barely able to keep up with my other financial obligations. 

I have not passed the bar which would put me in a difference income bracket to pay back this loan but right now I'm not there yet and do not have the sufficient income to pay this loan. 

I have been making payments but they have been small and XXXX stated that the payments are not enough and I will be put in default. If that is the case, then it could affect my career as an attorney when I do pass the bar. 

I'm asking for a deferment which is allowed under the XXXX XXXX agreement and which governs the loan terms. XXXX can not point to anywhere in my agreement where requesting deferments is limited. 

In XXXX, I contacted XXXX XXXX and inquired into consolidating my loans, I was told if I consolidated my loans at that time, it would put me in re-payments status. I was then told by a XXXX XXXX representative that when I graduated and my loans become due, I could then consolidate my loan. 

In XXXX XXXX I learned that XXXX XXXX was exiting the Student Loan business and was selling all of its student loans to other companies. I contacted XXXX XXXX and requested to consolidate my loan. I was told that it was too late and I missed the deadline. I told XXXX XXXX that I never received any notice. XXXX XXXX confirmed that they had an incorrect address for me but that it was still too late since the transfer was taking place in a few months but that the same terms apply and I could consolidate with the loan servicer once my loan was transferred. 

From XXXX to XXXX, I was granted XXXX deferments. 

In XX/XX/XXXX, I requested another deferment for a few more months but was told I couldnt have XXXX. I told the representative that I wasnt aware there was a limit and that nowhere in the XXXX XXXX XXXX there was any clause on the number of deferments I could request. This is the first time I was told there was a limit to deferments but I couldnt find it anywhere in the XXXX XXXX agreement which governs my loans. 

On XX/XX/XXXX I called XXXX and spoke to XXXX. She confirmed that the student loans I have with XXXX XXXX were still governed by XXXX XXXX and not XXXX, since XXXX was only XXXX XXXX XXXX. Also, this is the first time Im told that XXXX can create its own guidelines and they are limiting the forbearances and deferments. However, I did not agree to this my XXXX XXXX agreements before transfer stated that XXXX XXXX will govern the loan even after transfer and there is nowhere in the agreement that states deferments are limited. 

In XX/XX/XXXX, I called XXXX and again requested a forbearance and/or deferment. I was told by the representative that I am no longer eligible for any since I only had XXXX. I told the representative that the XXXX XXXX agreement which still governs my loan, does not state the number of times I can receive a forbearance and/or deferment. Further, I cant afford the {$800.00} a month modified amount. 

In XX/XX/XXXX, I received a call from a XXXX representative who told me I was behind in payment. I told the representative thats because XXXX will not work with me and my XXXX XXXX is dropping. She was understanding but she couldnt help me with another deferment. I told her I pay what I can but I am not making the money I should be to pay back the loan because I havent passed the bar yet. 

On or about XX/XX/XXXX, XXXX called a few times and told me I was behind in payment and I told the representative that I really need a deferment but she told me that I have exhausted all of them. I told her that my XXXX XXXX agreement does not state the limit and that I am really in need of a deferment. By the way, my credit scored dropped from XXXX to around XXXX. 

In XXXX, I called XXXX a few times to again request an additional deferment. I have been making small payments but I cant catch up. Im told again that I cant get a deferment event though my XXXX XXXX agreement does not limit me to deferments. My credit score has dropped below XXXX. 

In XXXX and XX/XX/XXXX, I received several phone calls from XXXX and I have called them to try to negotiate a deferment or lower my payments. Most of representatives understood but I was told XXXX cant get a deferment. Also, a representative again stated that XXXX can create their own guidelines and that is probably whey I am not eligible for any deferments. 

On or about XX/XX/XXXX, I spoke to a XXXX representative who told me that there are no more deferrals or forbearances to use for the life of the loan. I reminded him that the XXXX XXXX agreements governs the loan, as specified in the notice transferring the loans to XXXX, and that there was no way of me knowing that I was limited on the amount of deferrals because it does not state in the XXXX XXXX agreement. I also told him that my credit went from a near XXXX to a below XXXX in less than 5 months because they reported late payments to the credit bureaus. I also let him know that paying my loans would have been no problem had I passed the bar but since I havent I cant afford the {$800.00} a month modified loan payment ( the monthly loan payment is {$1600.00} and will jump back up to over {$1000.00} and then back to the {$1600.00} after that 6 month period ). I told him that it was not fair that I can not get another deferment especially since its provided for in my XXXX XXXX agreement and that the XXXX XXXX agreement still governs my loan. On a side note, he also said that XXXX XXXX does not own my loan but a bunch of investors. This is in conflict with what previous XXXX and XXXX XXXX representatives relayed to me. My credit score is now below XXXX. 

FROM THE XXXX XXXX XXXX ( THERE IS NO LIMIT ON DEFERMENTS ) : D. TERMS OF REPAYMENT 4. Deferral/Extension and Other Repayment Modifications ( a ) Alternative Repayment Term You may from time to time, at your discretion, offer alternative repayment options on this loan. Any Cosigner under this Credit Agreement agrees that you may permit the Student Borrower to select any such alternative option without notice to, or consent from the Cosigner, and that such selection shall not release the Cosigner from his/her obligations under this Credit Agreement.

( b ) Deferral You may, at your absolute discretion, grant a deferral/extension which will suspend principal and/or interest payments during a short-term hardship period pertaining to the Student Borrower. I understand that ( i ) during a deferral/extension period, interest will continue to accrue and I will remain responsible for paying such interest, and ( ii ) unpaid interest that accrued during my deferral/extension period will be capitalized ( see Section C.4 ). If I have multiple education loans you hold, I understand and agree that ( i ) you may, in your sole discretion and without notice to me, apply an administrative deferral to align the payment due dates of all such loans when they enter repayment ( ii ) during this deferral period, interest will continue to accrue on the loans included in the deferral and I will remain responsible for paying such interest, and ( iii ) unpaid interest will be capitalized ( see Section C.4 ). Any Cosigner of this credit Agreement agrees that ( i ) any in-school deferral/extension will be based on the enrollment status of the Student Borrower, and ( ii ) the Student Borrower may agree to any deferral or other modification of the repayment schedule and that such agreement will not release the Cosigner form his/her obligation under this Credit Agreement.

C. INTEREST ( Section C.4 ) 4. Capitalization I understand that you will add all accrued and unpaid interest to the Final Loan Amount ( capitalized interest ) on the last day of the Interim Period and at the end of any deferral/extension period. In all cases, the sum is thereafter considered the Final Loan Amount, and interest will accrue on this new Final Loan Amount. 
F. LATE PAYMENT AND OTHER CHARGES 1. I will pay a late charge of {$28.00} if I fail to make any part of an installment payment within 10 days after it becomes due. I will pay only one late fee for any payment, regardless of the number of days late.