Product: Student loan

Complainant Information Name : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Pennsylvania XXXX XXXX Number : XXXX Email Address : XXXX Dear Sir/Madam, I am writing to file a formal complaint regarding a series of high-interest student loans that I, XXXX XXXX, obtained under circumstances that I believe were exploitative and highly detrimental to my financial and mental well-being. These loans, which originally amounted to {$210000.00}, have ballooned to a staggering {$280000.00} due to exorbitant interest rates. As a result, I am now facing severe financial hardship and emotional distress, which I believe were exacerbated by improper loan origination practices and predatory lending. 

Background : Loan Amounts : {$210000.00} Current Loan Balance : {$280000.00} Issues Leading to the Complaint : 1. Uncertainty During the Pandemic : During the COVID-19 pandemic, when many were in a state of uncertainty, I was led to believe that acquiring a loan through a certain financial institution would help alleviate my burden. I was not given a clear understanding of how these loans would affect my long-term financial health. 
2. Exploitation of Family Circumstances : The lender took advantage of my familys perceived ability to contribute to the loan, particularly my mothers financial situation, despite her limited ability to do so. This assumption about her contribution was misleading, creating a false sense of security about the loan repayment process.

3. Marital Instability : At the time, my co-signer was going through marital instability, which further complicated my ability to make informed decisions regarding the loans. The lender failed to offer any understanding or accommodations for these personal circumstances, and I was pressured into accepting terms that were not suitable for my financial situation.

4. Lack of Experience and Knowledge Regarding Student Loans : As a recent graduate with little to no experience managing large debts or understanding the full scope of loan terms, I was not adequately educated on the long-term impact of these high-interest loans. The lender did not provide sufficient guidance or support to ensure I understood the full risks involved in the loan terms. 
XXXX. Excessive Interest Rates : The loans I was offered carried interest rates that were excessively high, far above the federal loan rates or typical private loan terms for someone in my situation. These high rates have caused the original debt of {$210000.00} to balloon to {$280000.00}, regardless of making regular payments.

6. Limited Refinancing Options : Due to the size of the loans and the high-interest rates, refinancing options are slim to none. I have explored various refinancing opportunities, but my loans remain unmanageable. The lack of viable alternatives has left me in a situation where the debt continues to grow, further impeding my ability to repay. 

Impact : Financial Distress : The escalating loan balance has created significant financial strain, preventing me from achieving financial stability. My ability to save for the future, invest in my career, or even manage day-to-day expenses has been severely compromised. 
Emotional Distress : The constant pressure of an insurmountable debt, combined with the knowledge that I am paying excessively high interest rates, has caused significant emotional distress. I feel trapped and overwhelmed by the financial burden, which has adversely affected my mental health. 
Inability to Pay : Due to the ballooning loan balance and my financial instability, I am now in a position where I can not make the required payments, further exacerbating my situation. The loan terms and conditions have left me unable to meet my obligations, which is putting me at risk of default and damaging my credit.