Consumer complaint received 2019-08-03
Company: SLM CORPORATION
State: NY
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I graduated XX/XX/XXXX and in XXXX of XXXX my monthly payments started. The loans are : Sallie Mae Smart Option Student Loan # XXXX current balance $ XXXX@ 10.125 %, monthly payment is {$160.00}, Sallie Mae Smart Option Student Loan # XXXX current balance $ XXXX@ 10.625 %, monthly payment is {$160.00}, Sallie Mae Smart Option Student Loan # XXXX current balance $ XXXX@ 4.875 %, monthly payment is {$100.00}, Total current balance {$16000.00}, current monthly payment {$430.00}. 

I have federal loans thru XXXX XXXX ( # XXXXXX ), current balance is {$35000.00}, fixed rate of 5.375 %, monthly payment for two years was {$11.00} based on my income. I recently got a new job and they increased the payment to {$370.00} which I could not afford so they reduced it to {$220.00}. If I have financial issues I call them and they work with you. 

For all of XXXX, XXXX and XXXX we have been calling Sallie Mae to reduce increasing monthly payments. Sallie Mae only offered " Forbearance-can be authorized up to three months at a time, up to 12 months over the life of the loan. '' On their website under repayment options, payment difficulties page, they list " Delinquency and default '' " you can lose any interest-rate reduction programs for which you were eligible. '' Sallie Mae does not offer a reduction in the interest rate otherwise I could get a lower payment that I could manage! Last item they list is " If youre considering bankruptcy '' - " Its important to understand many student loans are not discharged through bankruptcy. '' " In cases where a loan is discharged, we remove the filing party from responsibility for the loan. The non-filing party remains responsible for the loan, no matter which type of bankruptcy is filed. '' So if I am forced to file bankruptcy - the student loans will still be due! And if I am granted bankruptcy, my parents who co-signed would still owe on the loans! 
Under repayment options they only list, " If youre experiencing financial difficulty, please call us at XXXX ( XXXX ), so we can discuss any options that may be available for your loan. '' There AREN'T any options to discuss as they offer you nothing to help you be able to make the monthly payments. 
Each month my payment would increase as they increase the interest rate. Most month 's I would make a phone call or use the internet online chat but they don't make the time to discuss " options that MAY be available for your loan. '' I have been delinquent several times, each time my parents have assisted to get me caught back up and they currently pay the full amount out of their checking account and bill me for half. 
I am XXXX years old and because of Sallie Mae I may be forced to file bankruptcy but ( as pointed out to me numerous times ) my parents as co-signers will still be responsible for the full amount due. 
If you read on Sallie Mae 's XXXX account, the numerous complaints from people that are in the same boat wishing they had never heard of Sallie Mae! The XXXX XXXX  XXXX has many complaints filed against Sallie Mae but it seems to me that filing that complaint does nothing. Something needs to been done to help me and many, many others out there in the same situation! Filing bankruptcy, at our age, is not the answer but I can appreciate the anger, fear and desperation at trying to find a solution!

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation