Consumer complaint received 2020-10-22
Company: WELLS FARGO & COMPANY
State: MI
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't temporarily delay making payments

Complaint:
On XXXX XXXX I received a letter from Wells Fargo regarding a private student loan forbearance request. The letter was dated XXXX XX/XX/XXXX. The letter stated that I was denied the ability to obtain an in-school forbearance request because I had exhausted the maximum amount of in-school forbearance. I was baffled because a Forbearance request had been approved thru XXXX of XXXX, and I simply was asking for an additional Forbearance term to finish the last of outstanding work related to my academic education that was slowed on account of contracting the COVID-19 virus in Late XXXX XXXX of XXXX, and the disruption that all students have faced due to the SARS-CoV-2 pandemic. Now, Wells Fargo extends Forbearance beyond the maximum time, my request thru XX/XX/XXXX was such a case ( See Complaint Number XXXX ) These requests are manually evaluated by their underwriting division. I contacted Wells Fargo and inquired about the denial. The representative reviewed the notes and read them to me. The notes specifically stated that the denial was because " I had reached the maximum forbearance period, had been in-school for twelve ( 12 ) years working towards a degree, for which six ( 6 ) of those years was to obtain a masters degree. '' I was shocked, and offended because no one had contacted me from Wells Fargo for additional information. To be clear, I hold a XXXX XXXX XXXX in XXXX that was conferred in XXXX. I hold a XXXX XXXX  XXXX. The two ( 2 ) final degrees that WF approved thru XX/XX/XXXX were for an additional dual-degree research-based XXXX XXXX XXXX XXXX XXXXXXXX. 

On XXXX XX/XX/XXXX a representative from Wells Fargo named XXXX explained that from an evaluation standpoint a single masters degree is not evaluated any differently than pursuit of dual masters degrees. XXXX further explained that the evaluation would be different if I was pursuing receiving a XXXX. The maximum in-school Forbearance time for private student loans originating with Wells Fargo for masters degrees is around one-thousand ( 1000 ) days. No subsequent time is allotted for additional masters degrees. Thus, a student that may have a learning XXXX, but who may pursue additional advanced degrees is treated differently than a student obtaining n-number of masters degrees because a student without a XXXX  would spend " less '' time pursuing a single masters degree and be able to defer student loans during the pursuit of additional masters degrees within the same time-frame it would take a student with a learning XXXX  to finish a single masters degree. Therefore, Wells Fargo gives preferential treatment to those students who are deemed to have normal brain chemistry and normal brain structure. In my case, the duration of my total academic education is reflective of the struggle I've faced as an individual with a documented learning  XXXX that is on-file with the academic institutions I've attended. 

Not only does Wells Fargo fail acknowledge the extended time a " XXXX '' student may need to complete a single advanced degree, but additionally fails to understand the discrimination that individuals with XXXX  face when pursing their advanced degrees. For instance, I have been on the receiving end of discrimination by faculty and staff members at the institutions I've attended because the request for reasonable accommodations was viewed as " inconvenient '' for certain instructors to implement, despite the protections I am entitled to under the respective University policies and under Federal law as a member of a protected class. for students with documented XXXX, but fails to understand that those with learning XXXX  are subject to discrimination when completing their academic programs. The fact that I am also a XXXX  based upon my XXXX background only magnifies the discrimination. 

Now, Wells Fargo has assumed that an individual will make more money by pursuing a XXXX  rather than two ( 2 ) or more masters degrees. Furthermore, I hold the title of XXXX XXXX when working in industry, and have an earning potential well into six ( 6 ) figures based upon my last salary. In fact, the average salary for a tenured track engineering professor with a PhD is around 125 thousand dollars. To pyt it in perspective my annual base salary with my last employer was XXXX XXXX dollars before quarterly and annual bonuses, stock options, and 401k matching. By the time stock options, quarterly bonuses, annual bonuses, and individuals bonuses are taken into consideration, my last gross income was nearly twenty ( 20 ) thousand above an engineering professor on a tenure track with a XXXX. 

On XXXX XX/XX/XXXX Wells Fargo sent me an electronic message, that in summary was a form letter that insisted I have forbearance options under a declared disaster, but that in contrast to the in-school forbearance any derogatory covering the beginning of the forbearance period would not be backdated to include the time to process the forbearance. This is in stark contrast to an in-school which removes any adverse payment history furnished to the CRAs for backdated to the month the advanced academic program begins. Furthermore, the disaster forbearance may only be applied for a two ( 2 ) three-month periods for each declared disaster, for a maximum of six ( 6 ) months of forbearance due to a disaster. Therefore it is in Wells Fargos best interest to deny my request for an in-school forbearance if they believe they can coerce/force, me into repayment within a smaller amount of time, even if it places me at significant health risk. 

Finally, I am an individual that made a living in XXXX  XXXX   XXXX   prior to returning to academic for XXXX XXXX study. Additionally I am an individual that holds, or has held, a security clearance. That is a life-binding obligation and my finances will be monitored by the Federal Government for the rest of my life. Security clearances are renewed, and modified, on an as-needed basis as determined by my employer and the Federal government. Certain positions require that my outstanding obligations be reported no more than ninety ( 90 ) days past-due. Right now, due to the turn-around time for the initial in-school forbe

arance evaluation my student loans with Wells Fargo are eighty-six ( 86 ) days past-due. Loss of my security clearances would make it highly likely that I would be unable to obtain a position within the fields I am currently pursuing the dual masters degrees in. Wells Fargo, is attempting to do is to compel me to leave my current academic program, obtain suitable employment, and make payments on loans that they hold. That is, WF is attempting to compel me to find employment of some kind during a pandemic. To be clear, the dual degr
ee was under a fellowship and I am thus contractually required to finish it. Wells Fargo has provided no offer, nor mentioned, temporary relief due to the SARS-CoV-2 pandemic when Federal Legislation has instructed private lenders to offer relief to borrowers. As my payments  began in XXXX of XXXX, WF is reporting adverse credit information to compel me, a student of non-traditional age, with a documented learning XXXX, from a minority background, to obtain employment during a pandemic. Again, no temporary hardship relief has been offered, and the forbearance request under in-school deferment was denied. Intentionally or unintentionally, Wells Fargo is discriminating against me as a minority with a " learning XXXX, '' at a time when a significant portion of all United States persons are experiencing hardship due to sickness and loss of employment. It makes no sense to abandon an education that I am contractually required to finish to seek employment to pay WF. Likewise, it makes no sense for me to try and seek employment during a pandemic, especially when my line of work and/or formal education would make it likely that I would have to relocate to states currently marked as pandemic hot spots. I do not expect to be treated like this -- at all. I find it appalling that Wells Fargo would resort to such methods to maintain steady increases in shareholder equity, and to maximize profits in a low interest rate market.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation