Consumer complaint received 2020-03-17
Company: SLM CORPORATION
State: CT
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
Its rather important that you know that the student loan provider Sallie Mae is engaging in predatory lending, and because of this there Is an undue hardship brought upon the debtor ( myself ) and the debtors dependents ( my parents ). Predatory lending is defined as an unfair, deceptive, or fraudulent practice during the loan origination process, and specifically defined by the IG of the rDIC as Imposing unfair and abusive loan terms on borrowers. '' Sallie Mae lied to me during the loan application process, stating my monthly payments would be significantly lower than they actually are ( by roughly {$500.00} every month ). Only they have proof of that, as THEY record the conversations on the phone. Not me. On top of that, I understand why student loan interest rates are higher than mortgages or car payments, but the 10 % and 12 % interest rates Im stuck paying on approximately {$110000.00} make the loans unpayable, and Sallie Mae has refused to lower my interest rates. Ive been paying around {$1500.00} per month for over 2 and a half years now, and the total amount due has only decreased by a few thousand. This is not only unfair loan terms for a young adult, but its also abusive. 
Allow me to present my case : Ive already provided how the IG of the FUIC defines predatory lending, although there 15 not a set legal definition, but I would also like to direct your attention to US Code Title ii Section 523 ( a ) ( 8 ) ( b ). That states : " A discharge under section 727, 1141, 1228 ( a ), 1228 ( b ), or 1328 ( b ) of this title does not discharge an individual debtor from any debt - unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtors dependents, for - any other educational loan that is a qualified education loan, as defined in section 221 ( d ) ( 1 ) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual.

I have entered a reduced payment plan, which is an absolute joke. Sallie Mae does not care about making the payments reasonable. I was paying $ XXXX/month, and now its over $ XXXX/month which doesnt help my situation at all. This is the second time Ive filed this complaint, and until something is done about it, I will CONTINUE to submit complaints. Sallie Mae is a PREDATORY LENDER by definition. If the CFPB gives a XXXX about the consumer, then they should legally do something about this. The most I can afford is about $ XXXX/month ( as I have another $ XXXX/month for XXXX, which is entirely reasonable ). $ XXXX/month is the MOST I could afford in the foreseeable future. If nothing is done about this, dont think for a second I wont publicize my story to as many people as possible and do everything I can to tell the truth about Sallie Maes predatory lending practices and the CFPBs inability to actually protect consumers. I have an audience of close to 50k people, and Ill make sure to run a scorched-Earth campaign that stretches far beyond that. I only have one life to live, and at this point Sallie Mae has completely taken it over. If I wont have a life, I might as well dedicate it to diverting millions in student loans from Sallie Mae AND reducing public confidence in the CFPB. Its a shame its come to this, but the CFPB can do their XXXX job and go after predatory lenders.

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