Consumer complaint received 2018-03-28
Company: SLM CORPORATION
State: TX
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
Before entering repayment, I've attempted to contact various Sallie Mae reps in order to inform them of my current financial status and my inability to afford my projected monthly loan payments. Having recently graduated from college, I've started working professionally in an entry level position with an entry level salary. In addition to this loan, I still have other student loans that I need to pay back along with my general cost of living expenses. I am currently under a burden of loans and am hoping to find a flexible repayment option that I can afford to stay on top of while starting to pay back my debt. I have called numerous times and have only been offered a deferment ( which will make my situation much worse and even further from being affordable in the long run ) and a Graduated Repayment Plan ( which will decrease my loan $ XXXXmonth for the next year but will increase them significantly in one year 's time ). As you can see, neither of these options are logical in my objective to pay back my Sallie Mae loans in a manner that does not endanger my ability to afford to live. I am aware that Sallie Mae offers a rate reduction program but was informed over and over again that I would not be able to discuss that option until I became a delinquent on payments. I am trying my very best to be proactive about paying this loan off as soon as I could possibly afford to but the very nature of this statement hinders that. Before I can even attempt to try to come to a resolution with the servicer, I must start missing payments ; an action that will only push me further into debt and will damage my credit score as well as jeopardize the credit of my co-signers. I have attempted to ask them for help but, having children of their own, they can not afford to help me make this high monthly payments either. I'm hoping to speak to someone about a rate reduction program, income based repayment program, or any other option that will help me make this loan affordable for my current situation. 

I've attached my call log notes from three of my conversations with Sallie Mae reps in the documents field and pasted a copy here : On Wednesday, XX/XX/XXXX XXXX I spoke to a Sallie Mae Representative named XXXX . I requested to speak to someone from the collections department but XXXX informed me that I couldnt do that until Ive missed a payment. I explained my financial situation to XXXX and my desire to figure out how to lower the interest rate or take other means to lower the monthly payments. XXXX, instructed me of two options : Forebearance and a Graduated Repayment Plan that would lower my monthly payments by approx {$150.00}. I inquired about a rate reduction program or any kind of income driven repayment options that might be available to me. XXXX informed me that the only the collections department could exercise those options and I couldnt speak to them until I started missing payments. I thanked XXXX for the information and told him that I would go over the information presented to me and would give them a call back before I entered repayment. Important to note : XXXX informed me that my first bill due was XX/XX/XXXX despite my web profile reflecting a date of XX/XX/XXXX XX/XX/XXXX XXXX XXXX is the name of the rep. Stated I have an option for a Graduated Repayment Plan as an option for a year. Currently my monthly payments are at $ XXXXmonth. Pulled up call log and re-stated the options that were given to me. Asked if it still wasnt enough? Then put me on a brief hold again. Did you reach out to co-signer : Yes, I have. Re-stated options that were already stated. Suggest enroll in graduated repayment and try to make the payments best to my ability and if accounts fall past due and collections rep will reach back out to you. Graduated repayment call service number ( XXXX ). XXXX XXXX number is XXXX XXXX XXXX ext. XXXX. 



XX/XX/XXXX XXXX XXXX XXXX typically cant speak to collections until your account is passed due. Cant speak to collections because my account is in good standing checking to see if theres anything else they can offer. Explained to them my inability to afford high payments and my need to chat with someone about any rate reduction programs that they may offer. Same three options. Rate Reduction Program only with collections department. 
Confirmed existence of rate reduction program. The need to go over finances with a collections agent, etc

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with explanation