Consumer complaint received 2022-01-21
Company: SLM CORPORATION
State: TX
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't temporarily delay making payments

Complaint:
Hello, I am writing this letter to explain a difficult matter I am dealing with a private student loan provider, Sallie Mae and to get some assistance in finding a possible solution. 

In XX/XX/XXXX, I was a new student who was accepted at the XXXX XXXX University to pursue a XXXX XXXX XXXX degree within the state of New York. This was an exciting opportunity I worked very hard for and having to move to a whole different state was what it meant for me to make it happen. Though as I transitioned and began my studies, I realized I had faced the unexpected. The high cost of tuition and the cost of living was difficult to manage with not enough financial support or resources. I had maxed out on my federal student loans that only covered partial of my tuition. Therefore, this had me taking many trips to the financial aid office where they would only tell me my options were minimal and would most likely need to apply for a private student loan. I was not familiar to what it was but because I believed this was a great opportunity for myself I decided to follow their advice, I found a cosigner and applied. It turned out I did not qualify the first time which left me stuck with a large balance and accumulated late fees. I immediately began to start working to come up with school payments and to help sustain my living. Given that a XXXX program follows an intense curriculum that requires a lot of time, I struggled to keep up with my studies due to work, personal challenges, and having to live from a distance. 

On XX/XX/XXXX I was approved for the Smart Option Student Loan with Sallie Mae for {$27000.00} that covered both Fall XXXX and Spring XXXX semesters. Surprisingly, I was not able to qualify enough to sustain my living expenses so I had to continue working. After a few weeks I noticed I was receiving letters from Sallie Mae requesting to submit a payment. I called and they informed me I was enrolled in an In-school interest repayment option and need to pay while Im in school. I asked if I could change it to deferment and they told me no, that once I agree to these terms they can not be changed. Though In the confirmation letter I originally received it stated that if I needed to make changes to these terms I would need to call, so this left me with confusion. But regardless I began to make those monthly payments. 

At the end of Spring XXXX semester I realized the struggles and challenges I had faced were not getting easier for me so I decided I needed to take a leave of absence from school to figure out a better way to succeed in my studies, manage my living arrangements and to pay off some debt. But when I returned to school in XXXX XXXX I faced another set of challenges that impacted both my studies and my employment. 

On XX/XX/XXXX I was approved for another Smart Option Student Loan with Sallie Mae for {$14000.00} this time I made sure to set myself for a Deferred Repayment Option so that I wouldnt have to struggle with my monthly payments again. But when the COVID-19 pandemic occurred I eventually lost employment and my personal experiences had challenged me again during school. Unfortunately, under a lot of stress during this time I failed a course and was academically dismissed from the program in XX/XX/XXXX without having the option to appeal my dismissal. 

My compliant is now I am left with a massive amount of student loan debt from a school that I was not able to complete a degree from and now my cosigner and I are getting harassed by Salle Mae to make payments during this difficult time. I have tried my best to make on time payments for as long as I could and although I am still set under an in-school interest repayment option on one loan for {$180.00} monthly, I am not able to make one single payment. My account is now under delinquency that has negatively impacted both mine and cosigners credit report with a past due balance of {$930.00} and an overall total current balance of {$48000.00}. 

We receive endless letters, emails, phone calls, voicemails, text messages from Sallie Mae requesting for a payment yet while offering to help. Though each time I call I try to explain such matters to them informing them that I am currently unemployed and I am struggling to come up with payments, they keep telling me they do not have other options for me and need to make payment before my account goes into default. 
My cosigner too has his own financial struggles as well in which is why he is unable to make payments at this time. He has also tried calling them himself to figure out a solution but as usual they do not offer any help and have only repeatedly asked for payments. Though even after submitting a payment we still receive these endless calls, emails, ect. on a daily basis. As of now I am told my account is on a thin line before it goes into default therefore I have had to continuously beg to borrow money from family and friends which has now left me desperately seeking for other help. 

Under these unfortunate circumstances I would like to receive any guidance or help on how to possibly get private student loan debt relief, forgiveness, dispute, deferment or forbearance with Sallie Mae. I look forward to hearing from you soon. Thank you in advance for your time and help. 

Sincerely, XXXX.

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