Consumer complaint received 2023-09-09
Company: SLM CORPORATION
State: PA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I am a cosigner for 2 of my daughters student loans through Sallie Mae. I paid interest on both loans during her schooling. The one loan was on auto payment through my checking account. I NEVER received by mail or email a copy of these accounts or did my daughter. Never even knew the account numbers ( ony last 4 digits ). After graduation my daughter started paying the 2nd loan. Her loan payment was rejected in XX/XX/2023. ( I was not notified in any way ). On XX/XX/2023, I was notified by phone that she missed her XXXX payment. Her payment was rejected. Incidentally, I received an email that my auto payment was rejected on my checking acct in which I had over XXXX in the account and the payment was withdrawn out of my account. When I questioned why I received a rejection notice, and it was withdrawn from my account they have no answers. I was informed by the agent my daughter owed XXXX. ( Normal monthly payments are XXXX ). I made the payment immediately on my credit card on XXXX XXXX. My payment on my credit card ( attached ) was XXXX and the agent posted XXXX on loan # XXXX to make current. The other monthly was paid towards her other regular monthly payments. How could this loan be 60 days behind in XXXX when a payment was made in XXXX as directed by the agent? I have asked Sallie Mae to listen to the recording of the agents call. When speaking with multiple agents regarding this loan on why I was not contacted or why I never received a statement ( they basically said I am lying, and I am receiving them ). I received multiple inaccurate information from agents. I asked them to document that I called and to find out there was no documentation when I would call back. I have a credit score of over XXXX and have NEVER been late on a payment or missed a payment. I had to call them asking for the pay off and account numbers because I wanted to refinance. To find out they reported me to the credit bureau of being > 60 days for both XXXX & XXXX. This is NOT accurate. How can someone be late when a payment is documented in XXXX that I paid. I provided the documentation of payment in XXXX. I wrote 2 letters to Sallie Mae in which they never responded by mail. It was on the online account in which I needed assistance to find. They ignored me like I was Lying. I contacted a lawyer in which he helped me draw up letters to all 3 credit bureau reports. One credit bureau changed my report. I am emotionally distraught over this now for months. I do not want this to happen to any other parent/grandparent or cosigner. I never refinanced because of the rejection and " serious of being 60 days late '' which is NOT TRUE. I have both student loans auto deducted from my checking account. Sallie Mae has the one account at 12 percent interest. My daughter has 4 personal student loans ( 3 accts with greater than 12 percent interest ). I was a cosigner to one with an XXXXcredit score and still high interest. This is taking advantage of these vulnerable graduates. Since I kept calling them regarding no statements, I finally started receiving statements in XX/XX/2023. ( I even called them to tell them I received my first statement ). I have NEVER had issues with a financial institute in my life. They seriously lacked communication to me. Their financial system needs to be corrected stating that payments are rejected, and they are withdrawn from the checking account. I am so mentally distraught over this. I want my credit bureau reports corrected. Again, you will not find one negative impact on my credit report in my lifetime. I feel the credit bureau just listens to the financial institute reports but does not get the entire picture. Again, they have caused me serious mental distraught.

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