Product: Student loan

When I began in college, I had hopes of a career and a better life with more opportunities. When I was offered financial aid while in school, I was told that loans were available to help me achieve these goals. I was also told that these loans did not require repayment while in school because the loans were intended to help with finances while I focused on my studies. They were an investment in my future. This investment included a six month grace period following school that allowed me to settle into my new job and buy, perhaps, some furniture or make a first and last month payment on the rent. But this was not the case with Wells Fargos student loan lending practices. Wells Fargo put my private student loans into repayment while I was a XXXX XXXX XXXX and they demanded that I pay 75 % of my incomewhich was a small stipend from my research grant. Wells Fargo made it impossible for me to avoid defaulting on my school loans. This is unethical and is not within the spirit of lending money to students. Wells Fargo, instead, has ruined my credit and my career opportunities by putting my loans into default, reporting this on my credit, and making it impossible for me to refinance my private student loans. Because of Wells Fargo I may never get my dream job ( which requires security clearance ) and I may never be able to buy a home ( because my credit is ruined ). Wells Fargo has stolen my dreams. 

When I borrowed the money for school, Wells Fargo did not inform me of crucial differences between their loans and other student loans. One such difference included a clause that terminates in-school deferment after four years if at anytime a year was taken off of school. This is misleading because the school loans were designated as student loans for medical studies and it is common practice to take a year off between school and medical school ( called the glide year ). Furthermore, all other student loans ( both public and private ) allow in-school deferment even if the student has returned to school after a break. As a consequence, I found myself in the middle of my XXXX studies earning $ XXXXmonth when Wells Fargo asked me to pay nearly $ XXXXmonth. Wells Fargo would not compromise. I tried several things to keep my loans from defaulting. First, I reapplied for in-school deferment ( twice, thinking the first rejection was a mistake ). Wells Fargo rejected that. Second, I tried to declare my grant and stipend as part of an internship and apply for a deferment based on that. Wells Fargo rejected that. Third, I tried to consolidate the loans, but did not have a co-signer and so that was not possible. Fourth, I then used my current school loan to make a one-time payment while Wells Fargo recalculated my payments in search of something affordable. But Wells Fargo said that you do not earn enough money to lower your payments. Thus, Wells Fargo rejected that also. I considered dropping out of school to find a full-time job to payback my school loans. But no job would pay me enough to make monthly payments of approximately $ XXXX/month without more education. 

I have many school loans from several banks. All of them are in good standing ( and have been throughout the life of the loans ). I am now working and making payments on them. But holding on to that job requires security clearance and that may be rejected because of my Wells Fargo student loans that are in default. Wells Fargo is the only bank that has put my loans into default. Wells Fargo is the only bank that made it impossible for me to avoid default. Wells Fargo is the only bank who obviously does not care at all about harming its customers. Wells Fargos unethical practices have ruined my future.