Consumer complaint received 2019-09-09
Company: SLM CORPORATION
State: IL
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:
I currently have six loans with Sallie Mae. It is difficult for me to remain cordial while submitting this complaint due to the incredible weight of stress this company has caused me ( and many others ) throughout the student loan process. Thank you for taking the time to review this submission. 

It took me months of self-educating and dead-end calls to finally enroll myself into a graduated repayment plan with Sallie Mae. At the start, I was set up to be paying almost {$900.00} PER MONTH to Sallie Mae simply to stay out of delinquent status. The lowest I could get it was {$460.00}, which I am slated to begin paying in XX/XX/XXXX. This also-high payment will only cover my interest, which ranges on each of the six loans up to a ridiculous 12.8 %. 12.8 % on a STUDENT LOAN. ( This alone is cause for complaint. ) {$460.00} is still incredibly high, as I am already struggling to pay rent. I have called Sallie Mae to try to both reduce my monthly payment and reduce my interest loan, and they seem completely incompetent, restricted under regulations and protocols. 

Today, I called yet again and was told that I can not submit a complaint or receive help/guidance/options/information UNTIL I AM DELINQUENT. I was essentially told to call back in two months, once my payments are behind and I am in poor standing with the company. This means that I can not be proactive, or work ahead to make sure I am in good standing credit-wise. It also means that I will be the one " at fault, '' even though I have worked tirelessly to resolve the issues BEFORE they arise. Perhaps this is the way of student loan lenders, but if so, something needs to change. I find it absolutely appalling that a person can not advocate or be responsible for their financial situation in advance of things being destructive. On top of that, Sallie Mae is basically communicating that they do not care about the stability or financial stress of their borrowers. As of now, I can not plan or foresee what challenges I will face in XX/XX/XXXX. I have no idea if I will actually even be helped once that time comes. And based on my previous experience with Sallie Mae, whatever alternatives are offered to me will likely NOT be helpful. It is deeply concerning that I am only one of MANY recent graduates experiencing this type of stress under major greedy lenders such as Sallie Mae. 

I am not sure what can be done, as I have been trying desperately to be proactive for the last nine months, and still things are in horrible condition. However, I do hope that this submission can be taken seriously, and that we as a culture and society can begin to realize the weight of student loans and the adverse effects of that weight on our entire economy. In just three years, I have already accumulated nearly {$4000.00} IN INTEREST ALONE with Sallie Mae. Each month, more than {$400.00} of interest is added to my debt -- not counting my federal loans. This is CRIMINAL. The fact that this is acceptable needs legitimate consideration. 

Thank you for your time, and I do sincerely hope that changes can be made.

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