Product: Student loan

Dear Sir/Madam, I would like to file a grievance regarding four student loans below mentioned, that I acquired from Wells Fargo Education Financial Services to attend XXXX XXXX XXXX XXXX parent company XXXX XXXX , on the basis of predatory private lending practices. I believe that the circumstances under which I obtained these loans and the subsequent repayment terms are unjust and indicative of a lending system that took advantage of vulnerable individuals such as myself in seeking higher education. I believe that my personal case with Wells Fargo Education Financial Services is in alignment with a previous ruling by the CFPB that Wells Fargo Education Financial Services student loan servicing practices increased costs and unfairly penalized student loan borrowers. I believe that my personal case with XXXX XXXX  XXXX is in alignment with a previous ruling by the FTC that XXXX XXXX  XXXX lured students in with deceptive advertising. XXXX XXXX XXXXXXXX then passed students on to Wells Fargo Education Financial Services in a partnership that caused more financial harm to unsuspecting student borrowers. I kindly request that you review my case and consider the resolution options I have proposed below. 

1. Loan Number : XXXX ( XXXX ) Disbursement Date : XX/XX/XXXX Loan Amount : {$3500.00} Amount Paid to Wells Fargo Education Financial Services - ( XX/XX/XXXX XX/XX/XXXX ) : {$7800.00} Amount Paid to XXXX XXXX ( XX/XX/XXXX Current ) : {$1800.00} Total amount student has paid on {$3500.00} loan : {$9700.00} Current Outstanding Balance : {$1800.00} Amount student is expected to pay on {$3500.00} loan : {$11000.00} 2. Loan Number : XXXX ( XXXX ) Disbursement Date : XX/XX/XXXX Loan Amount : {$15000.00} Amount Paid to Wells Fargo Education Financial Services - ( XX/XX/XXXX XX/XX/XXXX ) : {$18000.00} Amount Paid to XXXX XXXX ( XX/XX/XXXX Current ) : {$1800.00} Total amount student has paid on {$15000.00} loan : {$20000.00} Current Outstanding Balance : {$16000.00} Amount student is expected to pay on {$15000.00} loan : {$37000.00} 3. Loan Number : XXXX ( XXXX ) Disbursement Date : XX/XX/XXXX Loan Amount : {$1500.00} Amount Paid to Wells Fargo Education Financial Services - ( XX/XX/XXXX XX/XX/XXXX ) : {$2300.00} Amount Paid to XXXX XXXX ( XX/XX/XXXX Current ) : {$740.00} Total amount student has paid on {$1500.00} loan : {$3000.00} Current Outstanding Balance : {$720.00} Amount student is expected to pay on {$1500.00} loan : {$3700.00} 4. Loan Number : XXXX ( XXXX ) Disbursement Date : XX/XX/XXXX Loan Amount : {$10000.00} Amount Paid to Wells Fargo Education Financial Services - ( XX/XX/XXXX XX/XX/XXXX ) : {$15000.00} Amount Paid to XXXX XXXX ( XX/XX/XXXX Current ) : {$1700.00} Total amount student has paid on {$10000.00} loan : {$17000.00} Current Outstanding Balance : {$13000.00} Amount student is expected to pay on {$10000.00} loan : {$30000.00} Explanation and Grievance : In XXXX, I entered into an agreement with Wells Fargo Education Financial Services specifically because XXXX XXXX XXXX  XXXX XXXX were not backed by the federal government. I did not know enough to question this at that time. I was not fully aware of the intricacies of the lending process, and I was coerced into obtaining a co-signer for my Wells Fargo Education Financial Services Student Loans to secure loan approval. I believe that this was also a form of egregious manipulation. Any time I called to put my loans into forbearance, Wells Fargo Education Financial Services would deny me the option to drop my cosigner as a penalty for needing to pause my payments. To this day, I have never been able to drop the cosigner from my loans as XXXX XXXX has also adopted this practice. 

In early XXXX, I was informed that Wells Fargo Education Financial Services was getting out of the student lending business. On XX/XX/XXXX, after re-paying Wells Fargo Education Financial Services a total of {$44000.00}, ( between XX/XX/XXXX and XX/XX/XXXX ) on {$30000.00} total disbursements, Wells Fargo Education Financial Services sold my loans to XXXX XXXX for an amount I do not know, making XXXX XXXX the beneficiary of Wells Fargo Education Financial Services predatory lending practices. At the present time, I owe XXXX XXXX {$32000.00} on a {$30000.00} loan. Given that Ive already paid a total of {$50000.00} towards my student loans, the expectation is that as a student borrower, I must pay {$83000.00} on a loan of {$30000.00}. I would have never agreed to these terms had they been appropriately presented to me as a student borrower. This was an intentional act on the part of Wells Fargo Education Financial Services to deceive student borrowers and manipulate us into making financial agreements that benefitted Wells Fargo Education Financial Services and to the detriment of the student borrower. By pushing me into high cost, high risk loans, Wells Fargo Education Financial Services has caused me great financial distress. As a woman of XXXX, this predatory lending practice further perpetuates the existing gender and XXXX wealth gap in a way that is both harmful and systemic. 

Upon reviewing my loans, I discovered that the interest rate and repayment conditions are significantly burdensome. Since XX/XX/XXXX, I have made consistent monthly payments, diligently fulfilling my obligations as a student borrower. However, it is disheartening to note that despite my payments totaling {$50000.00} on total disbursement amounts of {$30000.00}, my current lender, XXXX XXXX has me on the hook for an additional {$32000.00}. It is evident from the above information that the interest rate and fees associated with my loans are exorbitant, leading to a seemingly endless repayment period. This has impacted me deeply and has left me in a state of financial strain, inhibiting my ability to pursue other life goals such as saving for retirement. 

Given Wells Fargo Education Financial Services and XXXX XXXX XXXX track record of predatory practices, I strongly believe that these loans were granted under those same predatory practices previously ruled on by the FTC and CFPB. The lending terms and interest rates are disproportionate and exploitative, ( attached student loans paperwork obtained from XXXX XXXX on XX/XX/XXXX does not indicate interest rate charged. Paperwork only states when the interest rate cap was reached ), resulting in a cycle of perpetual indebtedness. I request that the CFPB thoroughly review my case, taking into consideration the predatory lending circumstances surrounding my loan agreement and the current financial burden it imposes.